53 Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below) The price is $18. Price/Cost $60 r $50 $40 $30 $20 $10 MC ATC AVC A 0 10 20 30 40 50 60 Quantity Instructions: Enter your answers as a whole number. a. The firm output quantity at the equilibrium price is: b. The market output quantity at the equilibrium price is: units units. Save & Exit Submit
53 Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below) The price is $18. Price/Cost $60 r $50 $40 $30 $20 $10 MC ATC AVC A 0 10 20 30 40 50 60 Quantity Instructions: Enter your answers as a whole number. a. The firm output quantity at the equilibrium price is: b. The market output quantity at the equilibrium price is: units units. Save & Exit Submit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![53
ces
Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below).
The price is $18.
Price/Cost
$60
$50
$40
$30
$20
$10
0
10
20
30
MC
Quantity
40
ATC
AVC
50
60
Instructions: Enter your answers as a whole number.
a. The firm output quantity at the equilibrium price is:
b. The market output quantity at the equilibrium price is:
units.
units.
Save & Exit Submit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbd214627-2ece-4863-8550-f4375b9de9e0%2F9531d60c-29e8-4235-9edb-fbccde1a88cc%2Fxshnyyc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:53
ces
Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below).
The price is $18.
Price/Cost
$60
$50
$40
$30
$20
$10
0
10
20
30
MC
Quantity
40
ATC
AVC
50
60
Instructions: Enter your answers as a whole number.
a. The firm output quantity at the equilibrium price is:
b. The market output quantity at the equilibrium price is:
units.
units.
Save & Exit Submit
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