A firm in a perfectly competitive industry is currently producing 1,000 units per day at a total cost of $600. If the firm produced 800units per day, its total cost would be $400, and if it produced 500 units per day, its total cost would be $375.Instructions: In parts a and c, round your answers to 2 decimal places. In part d, round your answer to 1 decimal place.a. What are the firm's ATC per unit at these three levels of production?At 1,000 units per day, ATC = $At 800 units per day, ATC = $At 500 units per day, ATC = $b. If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium? (Click to select) vYes or Noc. From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the marketprice in long-run equilibrium? $d. If the price in part c ends up being the market price and if the normal rate of accounting profit is 10 percent, then how big will eachfirm's accounting profit per unit be?cents per unit.

A firm in a perfectly competitive industry is currently producing 1,000 units per day at a total cost of $600. If the firm produced 800 units per day, its total cost would be $400, and if it produced 500 units per day, its total cost would be $375. nstructions: In parts a and c, round your answers to 2 decimal places. In part d, round your answer to 1 decimal place. . What are the firm's ATC per unit at these three levels of production?

A firm in a perfectly competitive industry is currently producing 1,000 units per day at a total cost of $600. If the firm produced 800 units per day, its total cost would be $400, and if it produced 500 units per day, its total cost would be $375. nstructions: In parts a and c, round your answers to 2 decimal places. In part d, round your answer to 1 decimal place. . What are the firm's ATC per unit at these three levels of production?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

A firm in a perfectly competitive industry is currently producing 1,000 units per day at a total cost of $600. If the firm produced 800
units per day, its total cost would be $400, and if it produced 500 units per day, its total cost would be $375.
Instructions: In parts a and c, round your answers to 2 decimal places. In part d, round your answer to 1 decimal place.
a. What are the firm's ATC per unit at these three levels of production?
At 1,000 units per day, ATC = $
At 800 units per day, ATC = $
At 500 units per day, ATC = $
b. If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium? (Click to select) v
Yes or No
c. From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the market
price in long-run equilibrium? $
d. If the price in part c ends up being the market price and if the normal rate of accounting profit is 10 percent, then how big will each
firm's accounting profit per unit be?
cents per unit.

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