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c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be produced.) (1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) Total (8) Total Quantity Supplied 2 Total Total Profit(+)/ Loss(-) ($) Quantity Demanded Price($) Output Revenue ($) Cost($) 4 -8 672 21 24 -3 360 576 9 4 36 32 4 480 480 11 55 42 13 600 384 13 78 54 24 720 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills' Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity: Firm profit: $ |: Industry profit: $ g) As a result of your answer in (f). will firms enter or leave this industry? Enter

c) Given the prices shown in column 1 of the following table, complete columns 2, 3. 4, and 5. (Assume that partial units cannot be produced.) (1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) Total (8) Total Quantity Supplied 2 Total Total Profit(+)/ Loss(-) ($) Quantity Demanded Price($) Output Revenue ($) Cost($) 4 -8 672 21 24 -3 360 576 9 4 36 32 4 480 480 11 55 42 13 600 384 13 78 54 24 720 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills' Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity: Firm profit: $ |: Industry profit: $ g) As a result of your answer in (f). will firms enter or leave this industry? Enter

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) (8) Total Total Quantity Demanded Total Total Profit(+)/ Loss(-) ($) Quantity Supplied 2 Price($) Output Revenue ($) Cost($) 4 -8 672 21 24 -3 360 576 4 36 32 4 480 480 11 55 42 13 600 384 13 6 78 54 24 720 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills". Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity [ Firm profit: $ |: Industry profit: $ g) As a result of your answer in (f). will firms enter or leave this industry? Enter
Transcribed Image Text:c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (1) (2) (3) (4) (5) (6) Total Quantity Supplied 1 (7) (8) Total Total Quantity Demanded Total Total Profit(+)/ Loss(-) ($) Quantity Supplied 2 Price($) Output Revenue ($) Cost($) 4 -8 672 21 24 -3 360 576 4 36 32 4 480 480 11 55 42 13 600 384 13 6 78 54 24 720 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills". Show the total supply in column 6 of table(b). e) If the market demand for barley is as shown in column 7. what will be the equilibrium price and quantity traded? Price: $ Quantity traded: 480 f) At the equilibrium price, what quantity will Farmer Mill produce, and what will be her profit? What will be the industry profit? Quantity [ Firm profit: $ |: Industry profit: $ g) As a result of your answer in (f). will firms enter or leave this industry? Enter
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