Table: Cherry Farm Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry Farm. Suppose all farms have identical cost curves, as shown in the table. How much will the industry produce in long-run equilibrium if there are 100 farms in the industry in the long run?

Table: Cherry Farm Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry Farm. Suppose all farms have identical cost curves, as shown in the table. How much will the industry produce in long-run equilibrium if there are 100 farms in the industry in the long run?

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

Just a student stuck on this Economic question for awhile. Question in image.

I appreciate you helping me learn :)

Table: Cherry Farm
Quantity of
cherries
Total Cost
(in pounds)
S2
13
16
21
28
38
Use Table: Cherry Farm.
Suppose all farms have identical cost curves, as shown in the table. How much will the industry
produce in long-run equilibrium if there are 100 farms in the industry in the long run?

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