Please answer D A firm in a perfectly competitive industry is currently producing 1,400 units per day at atotal cost of $450. If the firm produced 1,200 units per day, its total cost would be $300,and if it produced 900 units per day, its total cost would be $275.Instructions: In parts a and c, round your answers to 2 decimal places. In part d, roundyour answer to 1 decimal place.a. What are the firm's ATC per unit at these three levels of production?At 1,400 units per day, ATC = $0.32).At 1,200 units per day, ATC = $ 0.25)At 900 units per day, ATC = $ 0.31).b. If every firm in this industry has the same cost structure, is the industry in long-runcompetitive equilibrium? Noc. From what you know about these firms' cost structures, what is the highest possibleprice per unit that could exist as the market price in long-run equilibrium? $ 0.25).d. If the price in part c ends up being the market price and if the normal rate of accountingprofit is 10 percent, then how big will each firm's accounting profit per unit be? (centsper unit.

A perfect market, also known as an atomistic market in economics, is defined by several idealising…

A firm in a perfectly competitive industry is currently producing 1,400 units per day at a total cost of $450. If the firm produced 1,200 units per day, its total cost would be $300, and if it produced 900 units per day, its total cost would be $275. 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 1,400 units per day, ATC = $0.32). At 1,200 units per day, ATC = $0.25). %3D At 900 units per day, ATC = $_ 0.31). b. If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium? (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? $_0.2). 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? per unit. cents

A firm in a perfectly competitive industry is currently producing 1,400 units per day at a total cost of $450. If the firm produced 1,200 units per day, its total cost would be $300, and if it produced 900 units per day, its total cost would be $275. 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 1,400 units per day, ATC = $0.32). At 1,200 units per day, ATC = $0.25). %3D At 900 units per day, ATC = $_ 0.31). b. If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium? (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? $_0.2). 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? per unit. cents

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.

Question

Please answer D

A firm in a perfectly competitive industry is currently producing 1,400 units per day at a
total cost of $450. If the firm produced 1,200 units per day, its total cost would be $300,
and if it produced 900 units per day, its total cost would be $275.
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 1,400 units per day, ATC = $0.32).
At 1,200 units per day, ATC = $ 0.25)
At 900 units per day, ATC = $ 0.31).
b. If every firm in this industry has the same cost structure, is the industry in long-run
competitive equilibrium? 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? $ 0.25).
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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