The following table shows information for Hayek’s Maps, a perfectly competitive firm. a. Complete the MC column in the table: Output TC MC 0 $ 95 / 1 190 2 275 3 350 4 450 5 565 6 685 7 845 8 1,045 b. Given the prices in table below, fill in columns 2, 3, 4 and 5 of table. (Assume that partial units cannot be produced.) If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) Price (2) Output (3) Total Revenue (4) Total Cost (5) Profit/Loss (6) Total Supply (7) Total Demand $ 89 800 98 780 107 740 116 700 125 660 134 620 c. Suppose there are 110 firms identical to this one. Show the total supply in column 6 of table above
The following table shows information for Hayek’s Maps, a
a. Complete the MC column in the table:
| Output | TC | MC |
| 0 | $ 95 | / |
| 1 | 190 | |
| 2 | 275 | |
| 3 | 350 | |
| 4 | 450 | |
| 5 | 565 | |
| 6 | 685 | |
| 7 | 845 | |
| 8 | 1,045 |
b. Given the prices in table below, fill in columns 2, 3, 4 and 5 of table. (Assume that partial units cannot be produced.) If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
|
(1) |
(2) Output |
(3) Total Revenue |
(4) Total Cost |
(5) Profit/Loss |
(6) Total Supply |
(7) Total Demand |
| $ 89 | 800 | |||||
| 98 | 780 | |||||
| 107 | 740 | |||||
| 116 | 700 | |||||
| 125 | 660 | |||||
| 134 | 620 |
c. Suppose there are 110 firms identical to this one. Show the total supply in column 6 of table above.
d. If the market demand is as shown in column 7 of table , what will be the
Equilibrium price: $
Quantity traded:
e. At
Quantity: ; (Click to select) profit loss : $
f. As a result of your answer in (e), will firms enter or leave this industry?
(Click to select) Enter Leave
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