Question 34Consider a firm in a perfectly competitive market. The long run average total cost is described by the equation:ATC = Q² - 160Q + 6600.What is the market equilibrium price in the long run?20080100150

In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Consider a firm in a perfectly competitive market. The long run average total cost is described by the equation: =Q²-160Q + 6600. What is the market equilibrium price in the long run? O200 O 80 O 100 O 150 ATC=

Consider a firm in a perfectly competitive market. The long run average total cost is described by the equation: =Q²-160Q + 6600. What is the market equilibrium price in the long run? O200 O 80 O 100 O 150 ATC=

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm produces a product which it sells in a perfectly competitive market. The price of the product is R120 per unit and the firm's cost structure is given in the table below. Use the table below to answer the question Units Fixed cost Variable cost Total cost Average cost Marginal cost produced (Q) (FC) (VC) (TC) (AVC) (MC) 48 0 1 2 3 4 5 6 100 564 216 88 How many units must the firm produce in order to maximise profits? a) 6 units b) 2 units c) 5 units d) 4 units 32 104
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