f. Suppose the market demand data for the product are as follows:Total QualityDemanded17,00015,00013,50012,00010,5009,5008,000Price$ 26323841465666What is the equilibrium price? $What is the equilibrium output for the industry?For each firm?unitsunitsInstructions: Enter positive values for the reported profit or loss?What will profit or loss be per unit? (Click to select) ✓per unit = $Per firm? $Will this industry expand or contract in the long run? (Click to select) Assume that the cost data in the following table are for a purely competitive producer:AverageVariable CostAverageTotal CostTotalProduct01234567910AverageFixed Cost$ 60.0030.0020.0015.0012.0010.008.576.676.00$ 45.0042.5040.0037.5037.0037.5038.5740.6343.3346.50$ 105.0072.5060.0052.5049.0047.5047.1448.1.50.0052.50MarginalCost$ 45403530354045556575

The entire amount of a specific commodity or service that consumers in a given market are willing…

f. Suppose the market demand data for the product are as follows: Total Quality Demanded 17,000 15,000 13,500 12,000 10,500 9,500 8,000 What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? Price $ 26 32 38 41 46 56 66 units units Instructions: Enter positive values for the reported profit or loss?

f. Suppose the market demand data for the product are as follows: Total Quality Demanded 17,000 15,000 13,500 12,000 10,500 9,500 8,000 What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? Price $ 26 32 38 41 46 56 66 units units Instructions: Enter positive values for the reported profit or loss?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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