Question 6: The following table contains information about the Price (P) and Total Cost (TC) for Barry's Baseball Manufacturing. Al the data are per hour. Complete the first group of columns that correspond to Barry's production if Price (P) = 2 (Note: TR= Total Revenue; P/L = Profit or Loss; MR = Marginal Revenue; MC = Marginal Cost) 0 1 2 3 4 P 5 $2 $2 $2 $2 $2 TR $2 TC $1 $2 $4 $7 $11 $16 A: Is $2/baseball a long run equilibrium price in the market for baseball? Why? Why not? Explain your answer B: Describe the slope of the short-run supply curve for the market. C: Describe the slope for the long-run supply curve of the market. P/L

Question 6: The following table contains information about the Price (P) and Total Cost (TC) for Barry's Baseball Manufacturing. Al the data are per hour. Complete the first group of columns that correspond to Barry's production if Price (P) = 2 (Note: TR= Total Revenue; P/L = Profit or Loss; MR = Marginal Revenue; MC = Marginal Cost) 0 1 2 3 4 P 5 $2 $2 $2 $2 $2 TR $2 TC $1 $2 $4 $7 $11 $16 A: Is $2/baseball a long run equilibrium price in the market for baseball? Why? Why not? Explain your answer B: Describe the slope of the short-run supply curve for the market. C: Describe the slope for the long-run supply curve of the market. P/L

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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