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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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