26 Jun Jason, a college student, mows lawns for families in his neighborhood. The going rate is $20 for each lawn-mowing service. Jason would like to charge $3
- Jason, a college student, mows lawns for families in his neighborhood. The going rate is $20 for each lawn-mowing service. Jason would like to charge $30 because he believes he has more experience mowing lawns than the many other high-schoolers who also offer the same service. What would happen if Jason raised his price if the market for lawn mowing services were perfectly competitive? Do the participants in the market agree that their experience is relevant if the market is perfectly competitive?
- Refer to the graph below of a perfectly competitive market. How many units will the firm choose to sell, and at what price? In the short term, what will be the firm's total revenue, cost, and profit? If, at some point in the future, the market price fell below $6 (for example, where Point A is), what would the firm do?
- Ed produces table lamps in the perfectly competitive desk lamp market.
- Fill in the missing values in the following table.
- Suppose the equilibrium price in the desk lamp market is $50. How many table lamps should Ed produce, and how much profit will he make?
- If next week the equilibrium price of desk lamps drops to $30, should Ed shut down? Explain.
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