Suppose the book-printing industry is competitive and begins in a long-run equilibrium.
a. Draw a diagram showing the average total cost, marginal cost, marginal revenue, and supply curve of the typical firm in the industry.
b. Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What happens to Hi-Techâs profits and the price of books in the short run when Hi-Techâs patent prevents other firms from using the new technology?
c. What happens in the long run when the patent expires and other firms are free to use the technology?

If you were running a company, what are at least two things you could do to improve its productivity.

Joe finally found a house for sale that he liked. which factor could increase the price of the house he likes? a. both he and the seller each have a real estate agent. b. a home inspector finds faulty wiring in the house. c. the house has been for sale for almost a year. d. several buyers all want that same house.

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.