The following cost data is for a firm which is selling in a perfectly competitivemarket:AveragefixedAveragevariableAveragetotalTotalMarginalcostS17productcostS100.0050.0033.3325.0020.00cost$17.00cost$117.0066.0047.3339.2534.00216.00153415.0014.2514.0014.0015.7117.5013121316.6714.2912.5011.1110.009.097.3330.6730.001426303578.9.101130.0030.5531.6033.0935.0019.4421.604124.00481226.6756Refer to the data above. If there were 600 identical firms in this industry and total ormarket demand is as shown below, equilibrium price will be:Quantity demanded3,0006,0009,00011,00014,00019,500Price$504236322013$36

A perfectly competitive firm produces output where P=MC, and there are 600 individual firms. And…

The following cost data is for a firm which is selling in a perfectly competitive market: Average fixed Average variable Average total Total product 1 2 3 Marginal cost $17 15 13 cost $100.00 cost $17.00 cost $117.00 66.00 50.00 33.33 25.00 16.00 15.00 14.25 47.33 39.25 34.00 30.67 30.00 30.00 12 20.00 16.67 14.29 12.50 14.00 13 14.00 14 7 15.71 26 17.50 19.44 21.60 24.00 26.67 30 9. 11.11 30.55 31.60 33.09 35 10 10.00 9.09 7.33 41 11 48 12 35.00 56 Refer to the data above. If there were 600 identical firms in this industry and total or market demand is as shown below, equilibrium price will be: Quantity demanded 3,000 6,000 9,000 11,000 14,000 19,500 Price $50 42 36 32 20 13

The following cost data is for a firm which is selling in a perfectly competitive market: Average fixed Average variable Average total Total product 1 2 3 Marginal cost $17 15 13 cost $100.00 cost $17.00 cost $117.00 66.00 50.00 33.33 25.00 16.00 15.00 14.25 47.33 39.25 34.00 30.67 30.00 30.00 12 20.00 16.67 14.29 12.50 14.00 13 14.00 14 7 15.71 26 17.50 19.44 21.60 24.00 26.67 30 9. 11.11 30.55 31.60 33.09 35 10 10.00 9.09 7.33 41 11 48 12 35.00 56 Refer to the data above. If there were 600 identical firms in this industry and total or market demand is as shown below, equilibrium price will be: Quantity demanded 3,000 6,000 9,000 11,000 14,000 19,500 Price $50 42 36 32 20 13

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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