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: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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