The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium. Instructions: Round your answer to the nearest cent. The market price is $ Output (units of wool) 0 2 3 4 5 AVC ($) - 25.00 21.50 ATC ($) 35.00 26.50 19.67 23.00 19.25 21.75 19.80 21.80 MC ($) 25.00 18.00 16.00 18.00 22.00
The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium. Instructions: Round your answer to the nearest cent. The market price is $ Output (units of wool) 0 2 3 4 5 AVC ($) - 25.00 21.50 ATC ($) 35.00 26.50 19.67 23.00 19.25 21.75 19.80 21.80 MC ($) 25.00 18.00 16.00 18.00 22.00
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 14CQ
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Question
![The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in
Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium.
Instructions: Round your answer to the nearest cent.
The market price is $
Output
(units of wool)
0
1
2
3
4
5
AVC
($)
25.00 35.00
21.50
19.67
ATC
($)
19.25
26.50
23.00
21.75
19.80 21.80
MC
($)
25.00
18.00
16.00
18.00
22.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff6f9a4d-2084-42ea-abf6-3325fa2ca826%2F95781575-5211-4e88-bbad-3699b231b863%2Fcfwu0li_processed.png&w=3840&q=75)
Transcribed Image Text:The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in
Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium.
Instructions: Round your answer to the nearest cent.
The market price is $
Output
(units of wool)
0
1
2
3
4
5
AVC
($)
25.00 35.00
21.50
19.67
ATC
($)
19.25
26.50
23.00
21.75
19.80 21.80
MC
($)
25.00
18.00
16.00
18.00
22.00
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