Use the graphs below to answer the following questions. $1b $/gal S1 25E 25E MC S2 ATC 20 20 15 15 p1 3D 10 T. 10 p2 3D 3D 4 10 1 4 Millions of gal/week Thousands of gal/week What is the long-run equilibrium price in this market? Please enter your answers as whole numbers with no decimal places (ie. 5 or $5 not 5.00 or "Five dollars"). How many gallons per week will the individual firm produce to maximize profits in equilibrium? Please enter your answers as whole numbers with extra words (ie. 5000 not "5000 gallons/week" or "Five thousand" ). What is the individual firm's long run economic profit?

Use the graphs below to answer the following questions. $1b $/gal S1 25E 25E MC S2 ATC 20 20 15 15 p1 3D 10 T. 10 p2 3D 3D 4 10 1 4 Millions of gal/week Thousands of gal/week What is the long-run equilibrium price in this market? Please enter your answers as whole numbers with no decimal places (ie. 5 or $5 not 5.00 or "Five dollars"). How many gallons per week will the individual firm produce to maximize profits in equilibrium? Please enter your answers as whole numbers with extra words (ie. 5000 not "5000 gallons/week" or "Five thousand" ). What is the individual firm's long run economic profit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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