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1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.

1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.

Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
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1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.
Transcribed Image Text:1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.
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