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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

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 11PA: Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2...
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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) O 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 P/L 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.
Transcribed Image Text: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) O 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 P/L 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.
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