Anumber of stores ofter fim developing as a service to their customers Suppose that each store offenng this service has a cost function (C) C(q) = 50 + 0.20g +0.0800g? and a marginal cost (MC) of MC(g) = 0.20 + 0.160g. If the going rate for developing a roll of fim is $8.50, is the industry long-run equilibnum? No Find the price associated with long-run equilibrium The market will be in long-rum oquilibnum when the price is $ 4.2 (Enter your response rounded to two decimal places) Suppose now a new technology is developed that will reduce the cost of film developing by 25 percent. Assuming that the industry is in fong-run equilibrium, how much would any one store be willing to pay to purchase this new tochnoiogy? Assuming that the market price remains at the above long-run equilibrium level, a firm would be willing to pay S for the new technology (Enter your response rounded to hwo decimal places)

Anumber of stores ofter fim developing as a service to their customers Suppose that each store offenng this service has a cost function (C) C(q) = 50 + 0.20g +0.0800g? and a marginal cost (MC) of MC(g) = 0.20 + 0.160g. If the going rate for developing a roll of fim is $8.50, is the industry long-run equilibnum? No Find the price associated with long-run equilibrium The market will be in long-rum oquilibnum when the price is $ 4.2 (Enter your response rounded to two decimal places) Suppose now a new technology is developed that will reduce the cost of film developing by 25 percent. Assuming that the industry is in fong-run equilibrium, how much would any one store be willing to pay to purchase this new tochnoiogy? Assuming that the market price remains at the above long-run equilibrium level, a firm would be willing to pay S for the new technology (Enter your response rounded to hwo decimal places)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 3P

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