Suppose the competitive tablet market is in long-run equilibrium. If at this equilibrium, the typical firm produces 20,000 tablets per month, total costs for this production are $1,800,000, and the minimum of the average variable costs is $70, what price will Instructions: Enter your responses as a whole number. a. induce entry into the market? When the price rises above $ b. cause firms to shut down production in the short run?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Suppose the competitive tablet market is in long-run equilibrium. If at this equilibrium, the typical firm produces 20,000
tablets per month, total costs for this production are $1,800,000, and the minimum of the average variable costs is $70, what
price will
Instructions: Enter your responses as a whole number.
a. induce entry into the market?
When the price rises above $
b. cause firms to shut down production in the short run?
Transcribed Image Text:Suppose the competitive tablet market is in long-run equilibrium. If at this equilibrium, the typical firm produces 20,000 tablets per month, total costs for this production are $1,800,000, and the minimum of the average variable costs is $70, what price will Instructions: Enter your responses as a whole number. a. induce entry into the market? When the price rises above $ b. cause firms to shut down production in the short run?
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