ume the pizza market is a perfectly competitive constant cost industry, and all firms have identicalhomogenous firms). The market demand and market supply functions for this perfectly competitstry are given below.L0123456789q=TP0102030405060708090TC1002052.452803404305457209301190P = 30.5-.005QP = 1.7+.003QTFCTVC100010010520.5010.50100 14512.257.251001809.336.001002408.506.001003308.606.601004459.087.4210062010.298.86100830 11.63 10.381001090 13.2212.11ATCAVCMC10.504.603.506.009.0011.517.5021.0026.00 h) Show your solution graphically using one graph for the market and one graph for the representativefirm. Place the graphs next to one another. Use a straight edge.3What will happen to the price of the product in the long-run? Explain how the industry will transition

There are many businesses producing the same items in a completely competitive constant cost…

Answered: h) Show your solution graphically using…

h) Show your solution graphically using one graph for the market and one graph for the representative firm. Place the graphs next to one another. Use a straight edge.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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