Harolds' Is One of Many Identical Firms in the Highly

question 48

Essay

Harolds' is one of many identical firms in the highly competitive egg hatching industry. Its cost function is given by: TC = (1/4)y² + 1
i)Give an equation for the firm's short- run supply curve.
ii)Give an equation for the industry's long- run supply curve.
iii)If the demand for egg hatching is given by Q = 108 - 12p how many firms will there be in the egg hatching industry in the long- run competitive equilibrium?
iv)How much profits will a typical firm make in the long- run equilibrium? How much producer's surplus?

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Definitions:

Humanistic

An approach in psychology emphasizing personal growth, self-awareness, and the concept of self-actualization.

Social-Cognitive Perspectives

Theoretical viewpoint that focuses on how people learn by observing others, emphasizing the interaction of our thought processes, behaviors, and the environment.

Self-Discipline

The ability to control one's feelings and overcome one's weaknesses; the ability to pursue what one thinks is right despite temptations to abandon it.

Narcissism

A personality trait characterized by a grandiose sense of self-importance, a need for excessive admiration, and a lack of empathy for others.