Initially in this market, quantity demanded was 400. After trade is restricted, quantity demanded moved to 100. How much did the average cost of production change as a result of the change in the quantity demanded? Write the exact answer. Do not round. 4
Initially in this market, quantity demanded was 400. After trade is restricted, quantity demanded moved to 100. How much did the average cost of production change as a result of the change in the quantity demanded? Write the exact answer. Do not round. 4
Chapter6: Elasticities
Section: Chapter Questions
Problem 12P
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![Consider the following table.
Average Cost of Production
50
46
43
41
40
40
40
40
40
40
Quantity of Production
100
200
300
400
500
600
700
800
900
1,000
Initially in this market, quantity demanded was 400. After trade is restricted, quantity demanded moved to 100. How much did the average cost of production change
as a result of the change in the quantity demanded? Write the exact answer. Do not round.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2f6d3cc-48e3-407c-8287-bbcc3fcd5db0%2F3661d5a2-075a-4d68-abab-eb8b62ce2653%2Fx0accg5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following table.
Average Cost of Production
50
46
43
41
40
40
40
40
40
40
Quantity of Production
100
200
300
400
500
600
700
800
900
1,000
Initially in this market, quantity demanded was 400. After trade is restricted, quantity demanded moved to 100. How much did the average cost of production change
as a result of the change in the quantity demanded? Write the exact answer. Do not round.
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