CARLOS 4. A firm in a purely competitive industry is currently producing 1,500 units per day at a total cost of $500. If the firm produced 1,000 units per day, its total cost would be $325, and if it produced 500 units per day, its total cost would be $175. a. What are the firm's ATC at these three levels of production? b. If all firms have the same cost structure, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?

CARLOS 4. A firm in a purely competitive industry is currently producing 1,500 units per day at a total cost of $500. If the firm produced 1,000 units per day, its total cost would be $325, and if it produced 500 units per day, its total cost would be $175. a. What are the firm's ATC at these three levels of production? b. If all firms have the same cost structure, what is the highest possible price per unit that could exist as the market price in long-run equilibrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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