12. Consider a perfectly competitive market in which each firm's short-run total cost function is C=64+10q + q2, where q is the number of units of output produced. The associated marginal cost curve is MC = 10 + 2q. (Enter your response as a real number rounded to two decimal places.) In the short run each firm is willing to supply a positive amount of output at any price above $ If the market price is $31, each firm will produce | Each firm earns a profit of $ In the long run, firms will (1). 10 units in the short-run. (Enter your response as a real number rounded to one decimal place.) (Enter your response as a real number rounded to two decimal places, and use a negative sign if the firm has a loss rather than a profit.) the industry. Suppose the short-run cost function given above [C = 64+10q + q2] is the one that all firms would use in the long-run, because the corresponding SAC curve is tangent to the LAC curve at the minimum point on the LAC curve. In the long run, each firm will produce units. (Enter your response as a real number rounded to one decimal place.) The long-run equilibrium price in this market will therefore be $ (1) O neither enter nor exit enter exit. (Enter your response as a real number rounded to two decimal places.)
12. Consider a perfectly competitive market in which each firm's short-run total cost function is C=64+10q + q2, where q is the number of units of output produced. The associated marginal cost curve is MC = 10 + 2q. (Enter your response as a real number rounded to two decimal places.) In the short run each firm is willing to supply a positive amount of output at any price above $ If the market price is $31, each firm will produce | Each firm earns a profit of $ In the long run, firms will (1). 10 units in the short-run. (Enter your response as a real number rounded to one decimal place.) (Enter your response as a real number rounded to two decimal places, and use a negative sign if the firm has a loss rather than a profit.) the industry. Suppose the short-run cost function given above [C = 64+10q + q2] is the one that all firms would use in the long-run, because the corresponding SAC curve is tangent to the LAC curve at the minimum point on the LAC curve. In the long run, each firm will produce units. (Enter your response as a real number rounded to one decimal place.) The long-run equilibrium price in this market will therefore be $ (1) O neither enter nor exit enter exit. (Enter your response as a real number rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![12. Consider a perfectly competitive market in which each firm's short-run total cost function is C=64+10q + q2, where q is the number of units of output produced. The associated marginal cost curve is MC = 10 + 2q.
(Enter your response as a real number rounded to two decimal places.)
In the short run each firm is willing to supply a positive amount of output at any price above $
If the market price is $31, each firm will produce |
Each firm earns a profit of $
In the long run, firms will (1).
10
units in the short-run. (Enter your response as a real number rounded to one decimal place.)
(Enter your response as a real number rounded to two decimal places, and use a negative sign if the firm has a loss rather than a profit.)
the industry.
Suppose the short-run cost function given above [C = 64+10q + q2] is the one that all firms would use in the long-run, because the corresponding SAC curve is tangent to the LAC curve at the minimum point on the LAC curve. In the long run,
each firm will produce
units. (Enter your response as a real number rounded to one decimal place.)
The long-run equilibrium price in this market will therefore be $
(1) O neither enter nor exit
enter
exit.
(Enter your response as a real number rounded to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7690580e-7b07-450c-ba78-4e4d5319bcca%2Ffb0b8968-6d0a-4153-960d-3dceb9033c8c%2F1ctyke_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. Consider a perfectly competitive market in which each firm's short-run total cost function is C=64+10q + q2, where q is the number of units of output produced. The associated marginal cost curve is MC = 10 + 2q.
(Enter your response as a real number rounded to two decimal places.)
In the short run each firm is willing to supply a positive amount of output at any price above $
If the market price is $31, each firm will produce |
Each firm earns a profit of $
In the long run, firms will (1).
10
units in the short-run. (Enter your response as a real number rounded to one decimal place.)
(Enter your response as a real number rounded to two decimal places, and use a negative sign if the firm has a loss rather than a profit.)
the industry.
Suppose the short-run cost function given above [C = 64+10q + q2] is the one that all firms would use in the long-run, because the corresponding SAC curve is tangent to the LAC curve at the minimum point on the LAC curve. In the long run,
each firm will produce
units. (Enter your response as a real number rounded to one decimal place.)
The long-run equilibrium price in this market will therefore be $
(1) O neither enter nor exit
enter
exit.
(Enter your response as a real number rounded to two decimal places.)
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