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. Output (units of wool) 0 1 2 3 4 5 AVC ($) 25.00 21.50 19.67 19.25 19.80 ATC ($) 35.00 26.50 23.00 21.75 21.80 MC ($) 25.00 18.00 16.00 18.00 22.00 Instructions: Round your answer to two decimal places. Given that the market is in long-run equilibrium, the market price is: $
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. Output (units of wool) 0 1 2 3 4 5 AVC ($) 25.00 21.50 19.67 19.25 19.80 ATC ($) 35.00 26.50 23.00 21.75 21.80 MC ($) 25.00 18.00 16.00 18.00 22.00 Instructions: Round your answer to two decimal places. Given that the market is in long-run equilibrium, the market price is: $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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.
Output (units of
wool)
0
1
2
3
4
5
AVC ($)
25.00
21.50
19.67
19.25
19.80
ATC ($)
35.00
26.50
23.00
21.75
21.80
MC ($)
25.00
18.00
16.00
18.00
22.00
Instructions: Round your answer to two decimal places.
Given that the market is in long-run equilibrium, the market price is: $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd89b184-c69f-4816-b124-c9ba9956c62a%2Ffe8f8414-26b4-4ad4-b358-c26e4704f38e%2Fg21tloi_processed.png&w=3840&q=75)
Transcribed Image Text:The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in
Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium.
Output (units of
wool)
0
1
2
3
4
5
AVC ($)
25.00
21.50
19.67
19.25
19.80
ATC ($)
35.00
26.50
23.00
21.75
21.80
MC ($)
25.00
18.00
16.00
18.00
22.00
Instructions: Round your answer to two decimal places.
Given that the market is in long-run equilibrium, the market price is: $
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