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)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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)?

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