Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) (Dollars) (Dollars) 1 7 7.00 2 10 5.00 3 18 6.00 4 28 7.00 5 40 8.00 6 54 9.00 The price of a pie is now $11. At a price of $11, pies are sold in the market. Each producer makes pies, so there are producers in this market, each making a profit of $
Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) (Dollars) (Dollars) 1 7 7.00 2 10 5.00 3 18 6.00 4 28 7.00 5 40 8.00 6 54 9.00 The price of a pie is now $11. At a price of $11, pies are sold in the market. Each producer makes pies, so there are producers in this market, each making a profit of $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
100%
The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: (first picture)
(I already began filling out the first table, but I am not sure about those answers either)
Please help!!
Transcribed Image Text:Demand Schedule
Price
Quantity Demanded
(Dollars)
(Pies)
1
1,200
2
1,100
3
1,000
4
900
800
6.
700
600
500
9
400
10
300
11
200
12
100
13
Each producer in the market has a fixed cost of $9 and the following marginal cost:
Quantity
Marginal Cost
(Pies)
(Dollars)
1
2
4
3
6
4
8.
10
12
Transcribed Image Text:Complete the following table by computing the total cost and average total cost for each quantity produced.
Quantity
Total Cost
Average Total Cost
(Pies)
(Dollars)
(Dollars)
1
7
7.00
2
10
5.00
3
18
6.00
4
28
7.00
40
8.00
54
9.00
The price of a pie is now $11.
At a price of $11,
pies are sold in the market. Each producer makes
pies, so there are
producers in this market, each
making a profit of $
True or False: The market is in long-run equilibrium.
True
False
Suppose that in the long run there is free entry and exit.
In the long run, each producer earns a profit of $
The market price is $
At this price,
pies are sold in this market, and
each producer makes
pies, so there are
producers operating.
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