d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and Indicate the profit or loss incurred at each output (column 3). (1) Price $27.00 (2) Quantity (3) Profit (+) or Supplied, Single Firm Loss (-) (4) Quantity Supplied, 1,500 Firms 33.00 39.00 42.00 47.00 57.00 67.00 Show Transcribed Text e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the table above). f. Suppose the market demand data for the product are as follows: Price Total Quality Demanded $ 27.00 17,000 33.00 15,000 39.00 13,500 42.00 12,000 47.00 10,500 57.00 9,500 67.00 8,000 Show Transcribed Text What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? units units Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? (Click to select) per unit = $ Per firm? $ Will this industry expand or contract in the long run? (Click to select)
d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and Indicate the profit or loss incurred at each output (column 3). (1) Price $27.00 (2) Quantity (3) Profit (+) or Supplied, Single Firm Loss (-) (4) Quantity Supplied, 1,500 Firms 33.00 39.00 42.00 47.00 57.00 67.00 Show Transcribed Text e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the table above). f. Suppose the market demand data for the product are as follows: Price Total Quality Demanded $ 27.00 17,000 33.00 15,000 39.00 13,500 42.00 12,000 47.00 10,500 57.00 9,500 67.00 8,000 Show Transcribed Text What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? units units Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? (Click to select) per unit = $ Per firm? $ Will this industry expand or contract in the long run? (Click to select)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and Indicate the profit or loss incurred at
each output (column 3).
(1) Price
$27.00
(2) Quantity (3) Profit (+) or
Supplied,
Single Firm
Loss (-)
(4) Quantity
Supplied, 1,500
Firms
33.00
39.00
42.00
47.00
57.00
67.00
Show Transcribed Text
e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost
data shown in the table. Complete the industry supply schedule (column 4 in the table above).
f. Suppose the market demand data for the product are as follows:
Price
Total Quality
Demanded
$ 27.00
17,000
33.00
15,000
39.00
13,500
42.00
12,000
47.00
10,500
57.00
9,500
67.00
8,000
Show Transcribed Text
What is the equilibrium price? $
What is the equilibrium output for the industry?
For each firm?
units
units
Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss.
What will profit or loss be per unit? (Click to select) per unit = $
Per firm? $
Will this industry expand or contract in the long run? (Click to select)
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