Answered: Suppose there are 100 farms in this…

Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. Which point would fall on the industry short-run supply curve? O $2, 300 kilograms

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Table: Cherry Farm
Quantity of
cherries
(in pounds)
0
1
3
4
7
Total Cost
$2
7
11
13
16
21
28
38
Use Table: Cherry Farm.
Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. Which point would fall on the industry short-run supply curve?
O $2,300 kilograms
O $11, 200 kilograms
O $3,500 kilograms
O $8, 600 kilograms

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