Explain Carefully The Incentives That Drive The Market To A Long Run Equilibrium - Science Assignment Help

Assignment Task

Question: 1.Answer the following question considering perfect competition market structure. (Please put some thought into these)
a) Describe the factors that drive profits to zero in perfectly competitive markets in the long run. Explain carefully the incentives that drive the market to a long run equilibrium.

b) Why would a firm choose to operate at a loss in the short run? Explain carefully.
c) When do firms decide to shut down production in the short run? Explain carefully.
Question: 2.You own and operate a dry-cleaning business. You are the only dry-cleaning service in the area and your goal is to maximize profits. You clean a business suit for 8 customers per day, each with a reservation price shown in the table below. The total cost of cleaning each suit is $4.25.

a) Find the profit-maximizing price and quantity using both conditions, and your resulting profit, if you charge a single price to clean suits.

b) Suppose consumers A, B, C and D are women and consumers E, F, G, H and I are men. If you charge a different price for cleaning suits to men and women, what will the price and quantity be for men and women?

c) What would prevent you from charging different prices to customers based on sex?

Question: 3. Using the given datafrom 1990-2019 for Pakistan. Calculate the GDP deflator, GDP growth rate and inflation rate for each year.
 

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