shows the short-run cost curves of a toy producer. There are 1,000 identical toy producers. Price and cost (dollars per toy) 27- IT Price (dollars per toy) 24 Quantity demanded (thousands of toys per week) 1,000 24- MC 21 1,500 2,000 2,500 3,000 18 21- 15 12 ATC 18- AVC At what market prices would the firm shut down temporarily? What is the market price of a toy in long-run equilibrium? How many firms will be in the toy market in the long run? 15- The firm will shut down temporarily if the market price is below s per toy. 12- The market price of a toy in long-run equilibrium is S 9- 2000 Quantity (toys per week) 500 1000 1500 2500 When the market is in long-run equilibrium, there will be firms. >> Answer with a whole number.

ENGR.ECONOMIC ANALYSIS
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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shows the short-run cost curves of a toy producer. There are 1,000 identical toy
producers.
Price and cost (dollars per toy)
27-
Quantity demanded
(thousands of toys per week)
Price
(dollars per toy)
24-
MC
24
1,000
21
1,500
18
2,000
21-
15
2,500
12
3,000
ATC
18-
AVC
At what market prices would the firm shut down temporarily? What is the
market price of a toy in long-run equilibrium? How many firms will be in the toy
market in the long run?
The firm will shut down temporarily if the market price is below S per toy.
15-
12-
The market price of a toy in long-run equilibrium is S
9-
1000
2000
1500
Quantity (toys per week)
500
2500
When the market is in long-run equilibrium, there will be
firms.
>>> Answer with a whole number.
of
Transcribed Image Text:shows the short-run cost curves of a toy producer. There are 1,000 identical toy producers. Price and cost (dollars per toy) 27- Quantity demanded (thousands of toys per week) Price (dollars per toy) 24- MC 24 1,000 21 1,500 18 2,000 21- 15 2,500 12 3,000 ATC 18- AVC At what market prices would the firm shut down temporarily? What is the market price of a toy in long-run equilibrium? How many firms will be in the toy market in the long run? The firm will shut down temporarily if the market price is below S per toy. 15- 12- The market price of a toy in long-run equilibrium is S 9- 1000 2000 1500 Quantity (toys per week) 500 2500 When the market is in long-run equilibrium, there will be firms. >>> Answer with a whole number. of
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