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{"ops":[{"attributes":{"bold":true},"insert":"1.\u00a0\u00a0\u00a0\u00a0\u00a0The Hamilton Company is a member of a perfectly competitive industry. Like all members of the industry, its total cost function is \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02 marks"},{"insert":"\n\n\n\nwhere "},{"attributes":{"italic":true},"insert":"TC "},{"insert":"is the firm\u2019s monthly total cost (in dollars) and "},{"attributes":{"italic":true},"insert":"Q "},{"insert":"is the firm\u2019s monthly output.\na.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0If the industry is in long-run equilibrium, what is the price of the Hamilton Company\u2019s product?\nb.\u00a0\u00a0\u00a0\u00a0\u00a0What is the firm\u2019s monthly output?\n\n"},{"attributes":{"bold":true},"insert":"2.\u00a0\u00a0\u00a0\u00a0\u00a0In 2012, the box industry was perfectly competitive. The lowest point on the long-run average cost curve of each of the identical box producers was $4, and this minimum point occurred at an output of 1,000 boxes per month. The market demand curve for boxes was\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02 marks"},{"insert":"\n\n\n\nwhere "},{"attributes":{"italic":true},"insert":"P "},{"insert":"was the price of a box (in dollars per box) and "},{"attributes":{"italic":true},"insert":"Q"},{"attributes":{"italic":true,"script":"sub"},"insert":"D"},{"attributes":{"italic":true},"insert":" "},{"insert":"was the quantity of boxes demanded per month. The market supply curve for boxes was\n\n\n\nWhere "},{"attributes":{"italic":true},"insert":"Q"},{"attributes":{"italic":true,"script":"sub"},"insert":"S"},{"attributes":{"italic":true},"insert":" "},{"insert":"was the quantity of boxes supplied per month.\na.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0What was the equilibrium price of a box? Is this the long-run equilibrium price?\nb.\u00a0\u00a0\u00a0\u00a0\u00a0How many firms are in this industry when it is in long-run equilibrium?\n\n"}]}

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