Please solve parts c and d BBAWEEKDAYSOFESSOutput TFC012345678910150Table 1TVC TC AVC ATC040100180280400560760100013001850a) The above problem traces the relationship between firm decisions, market supply, andmarket equilibrium in a perfectly competitive market. Complete table 1 for a firm in theshort-run.b) Using the information in the table 1, fill the following supply schedule for this individualfirm under perfect competitive and indicate profit at each output level.Price4070110140180220260400Pricec) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill inthe market quantity supplied at each price in the market.4070110140180MCQuantity ProfitSupplied220260400MarketQuantitySuppliedMarketQuantityDemanded1700150013001100900700500300d) Fill in the blanks: From the market supply and demand schedule in c; the equilibriummarket quantity is ---------. Each firm will produce a quantity ofand earn a(profit/loss) equal to_

When there are no monopolies and neither buyers nor sellers have any influence over commodity…

Output TFC 0 1 2 3 4 5 6 7 8 9 10 150 TVC TC 0 40 100 180 280 400 560 760 1000 1300 1850 a) The above problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete table 1 for a firm in the short-run. Price b) Using the information in the table 1, fill the following supply schedule for this individual firm under perfect competitive and indicate profit at each output level. 40 70 110 140 180 220 260 400 AVC ATC Price MC 40 70 110 Quantity Profit Supplied c) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill in the market quantity supplied at each price in the market. Market Market Quantity Quantity Supplied Demanded 1700 1500 1300

Output TFC 0 1 2 3 4 5 6 7 8 9 10 150 TVC TC 0 40 100 180 280 400 560 760 1000 1300 1850 a) The above problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete table 1 for a firm in the short-run. Price b) Using the information in the table 1, fill the following supply schedule for this individual firm under perfect competitive and indicate profit at each output level. 40 70 110 140 180 220 260 400 AVC ATC Price MC 40 70 110 Quantity Profit Supplied c) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill in the market quantity supplied at each price in the market. Market Market Quantity Quantity Supplied Demanded 1700 1500 1300

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please solve parts c and d

B
B
A
WEEKDAYS
OF
ESS
Output TFC
0
1
2
3
4
5
6
7
8
9
10
150
Table 1
TVC TC AVC ATC
0
40
100
180
280
400
560
760
1000
1300
1850
a) The above problem traces the relationship between firm decisions, market supply, and
market equilibrium in a perfectly competitive market. Complete table 1 for a firm in the
short-run.
b) Using the information in the table 1, fill the following supply schedule for this individual
firm under perfect competitive and indicate profit at each output level.
Price
40
70
110
140
180
220
260
400
Price
c) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill in
the market quantity supplied at each price in the market.
40
70
110
140
180
MC
Quantity Profit
Supplied
220
260
400
Market
Quantity
Supplied
Market
Quantity
Demanded
1700
1500
1300
1100
900
700
500
300
d) Fill in the blanks: From the market supply and demand schedule in c; the equilibrium
market quantity is ---------. Each firm will produce a quantity of
and earn a
(profit/loss) equal to_

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