# Microeconomics

posted by .

Suppose rampant fears of Mad Cow disease cause a decrease in demand for beef. What will be the short-run effects of the declining demand for beef on the firm and the market? What will be the long-run effects? Explain in words and graphs. ---Try this first assuming the beef industry is a constant cost industry. Then try it assuming the beef industry is an increasing cost industry.----

I will be happy to critique your thinking on this.

## Respond to this Question

 First Name School Subject Your Answer

## Similar Questions

1. ### Microeconomics

6.) "Since peaking in 1976, per capita beef consumption in the United States has fallen by 28.6 percent... [and] the size of the U.S. cattle herd has shrunk to a 30-year low." a.) Using firm and industry diagrams, show the short-run …
2. ### economics

This is going to be really long, but I want to see if my answers are correct. This is problem number 10.10 in my Intermediate Microeconomics book. A perfectly competitive painted necktie industry has a large number of potential entrants. …
3. ### Micreoeconomics

1. Assume a perfectly competitive constant cost industry, currently in long-run equilibrium. Market demand in the industry is given by Q = 1500 - 25P. The short-run market supply curve is given by: Q = 15P - 100 for P B 10 = 0 for …
4. ### Economics

Assume the demand for beef is given by Qd = 22 + 0.1 Y – 10Pb + 5 Pc And the supply of beef is given by: Qs = -400 + 500Pb – 200 Pf where Qd denotes quantity of beef demanded, Qs denotes quantity supplied, Pb denotes price, of …
5. ### microeconomics

32. Firm X is a typical firm in a market characterized by the model of monopolistic competition. Suppose that the market is initially in long-run equilibrium, and then there is an increase in demand for services. We can assume that …
6. ### microeconomics

The short-run cost curve for each firm's long run equilibrium output is C=y^2-20y+400. Calculate the short-run average and marginal cost curves. At what output level does short-run average cost reach a minimum?
7. ### Economics

Suppose a monopolistically competitive firm’s demand is given by P = 100 – 2Q And its cost function is given by TC = 5 + 2Q a. Find the profit maximizing quantity, price, and total profit level. b. Is this a long-run or a short-run …
8. ### micro economics

1) Assume that the gold-mining industry is competitive. a) Illustrate a long-run equilibrium using diagrams for the gold market and for the a representative gold mine. b) Suppose that an increase in jewellery demand induces a a surge …
9. ### Microeconomics

A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long run average cost is minimized at an output of 10 units (qi=10 ). The minimum average cost is R5 per …
10. ### Advanced MicroEconomics

Construct a short-run supply function for a firm whose short-run cost function is C= = 0.04q^3 – 0.8q^2 +10q+5 3. The long run cost function for each firm is C = q^3 – 4q^2 + 8q. Find the industry’s long run supply curve. If …

More Similar Questions