I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS Quantity of Output Total Cost Marginal Cost Average Total Cost 0 $100 1 $120 2 $135 3 $145 4 $160 5 $180 6 $205 7 $240 8 $285 9 $350 10 $440 Approximately where do you think the price will end up in this market over the long run? Explain your answer. Last, instead of assuming a given price, how would you go about finding the equilibrium price if you were given information on market demand? Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.
I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS Quantity of Output Total Cost Marginal Cost Average Total Cost 0 $100 1 $120 2 $135 3 $145 4 $160 5 $180 6 $205 7 $240 8 $285 9 $350 10 $440 Approximately where do you think the price will end up in this market over the long run? Explain your answer. Last, instead of assuming a given price, how would you go about finding the equilibrium price if you were given information on market demand? Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS
| Quantity of Output | Total Cost | Marginal Cost | Average Total Cost |
|---|---|---|---|
| 0 | $100 | ||
| 1 | $120 | ||
| 2 | $135 | ||
| 3 | $145 | ||
| 4 | $160 | ||
| 5 | $180 | ||
| 6 | $205 | ||
| 7 | $240 | ||
| 8 | $285 | ||
| 9 | $350 | ||
| 10 | $440 |
Approximately where do you think the
Last, instead of assuming a given price, how would you go about finding the
Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.
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