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

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...

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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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