1) Assume the pizza market is a perfectly competitive constant cost industry, and all firms have identical costs(i.e., homogenous firms). The market demand and market supply functions for this perfectly competitiveindustry are given below.ML01234567889q=TP0102030405060708090TC1002052803404307209301190a) Fill in the missing values in the table.P = 30.5-.005QP = 1.7+.003QTFC TVC1000100105100100100100100100100ATC180AVC20.50 10.5012.257.259.336.008.503308.604459.0862010.29 8.8617.5083011.6310.38 21.001090 13.22 12.11 26.00MC6.607.4210.503.506.009.00

Production and cost are the two fundamental economic principles that influence company decisions and…

1) Assume the pizza market is a perfectly competitive constant cost industry, and all firms have identical costs (i.e., homogenous firms). The market demand and market supply functions for this perfectly competitive industry are given below. L 0 1 2 3 4 5 6 7 8 9 9=TP 0 10 20 30 40 50 60 70 80 90 TC 100 205 280 340 430 720 930 1190 a) Fill in the missing values in the table. P= 30.5.005Q P= 1.7+.003Q TFC TVC 100 0 100 105 100 100 100 100 100 100 100 180 330 445 620 830 1090 ATC AVC 10.50 7.25 6.00 20.50 12.25 9.33 8.50 8.60 6.60 9.08 7.42 10.29 8.86 11.63 10.38 13.22 12.11 MC 10.50 3.50 6.00 9.00 17.50 21.00 26.00

1) Assume the pizza market is a perfectly competitive constant cost industry, and all firms have identical costs (i.e., homogenous firms). The market demand and market supply functions for this perfectly competitive industry are given below. L 0 1 2 3 4 5 6 7 8 9 9=TP 0 10 20 30 40 50 60 70 80 90 TC 100 205 280 340 430 720 930 1190 a) Fill in the missing values in the table. P= 30.5.005Q P= 1.7+.003Q TFC TVC 100 0 100 105 100 100 100 100 100 100 100 180 330 445 620 830 1090 ATC AVC 10.50 7.25 6.00 20.50 12.25 9.33 8.50 8.60 6.60 9.08 7.42 10.29 8.86 11.63 10.38 13.22 12.11 MC 10.50 3.50 6.00 9.00 17.50 21.00 26.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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