Answer the following questions based on the data provided below for the competitive firm. Assume that fixed cost is equal to $100. All figures are in dollars. q AVC ATC MC 0 - - - 1 17 117 17 2 16 66 15 3 15 48.33 13 4 14.25 39.25 12 5 14 34 13 6 14 30.67 14 7 15.71 30 26 8 17.50 30 30 9 19.44 30.55 35 10 21.60 31.60 41 11 24 33.09 48 12 16.67 35 56 If P = $44 and there are 2,000 firms in this industry, what is total industry supply (S)?
Answer the following questions based on the data provided below for the competitive firm. Assume that fixed cost is equal to $100. All figures are in dollars.
q
0 - - -
1 17 117 17
2 16 66 15
3 15 48.33 13
4 14.25 39.25 12
5 14 34 13
6 14 30.67 14
7 15.71 30 26
8 17.50 30 30
9 19.44 30.55 35
10 21.60 31.60 41
11 24 33.09 48
12 16.67 35 56
If P = $44 and there are 2,000 firms in this industry, what is total industry supply (S)?
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