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Explain how the diagram for a perfectly competitive firm demonstrates static efficiency.

Productive efficiency can be demonstrated by the firm's price relative to the Short Run Average Total Costs curve. By selling output at P 1 , (where MR=MC), it is selling at the minimum point on the SRATC cu...
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Answered by Reubin B. • Economics tutor
5410 Views

Why might a perfectly competitive firm make abnormal profit in the short run but only normal profit in the long run?

In the short run there is a lack of firms in the industry as it is still new and firms have little incentive to enter it yet. This low supply of firms in the market means the market ruling price will be grea...
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Answered by Reubin B. • Economics tutor
27967 Views

What's the difference between meiosis and mitosis?

They are both cell divisions but there are major differences betwenn them. First of all, meiosis only happens in sex cells (egg cells in women and sperm cells in men) and is a reduction diviosion, i.e. the a...
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Answered by Magdalena T. • Biology tutor
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If i'm planning an essay for a question on regeneration in a specific area, how would I organise my paragraphs?

This is a case study focused question, you therefore need to include specific factual infomation about that case within every paragraph.Generally for long answered questions, you can divide your paragaphs in...
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Answered by Natalie C. • Geography tutor
6813 Views

There are 7 white socks and 4 black socks in a drawer. Two socks are taken out at random without replacement. Work out the probability that the two socks are the same colour

The probability of pulling out two socks of the same colour is n/m*(n-1)/(m-1) where n is the initial number of that type of sock and m is the total number of socks in the drawer. The reason that we take 1 a...
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Answered by James B. • Maths tutor
13505 Views