There are two competitive markets, one with relatively elastic demand and one with relatively inelastic demand. Suppose marginal costs rise the same amount for all firms in both industries and at all levels of firm production. what will happen in each market to the price and quantity traded and also what will happen to an individual firm's price, quantity traded and profit? I drew diagrams for both elastic and inelastic markets and firms as well, and I have got same results for both (supply decreases and quantity decreases) is that correct?
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