urgent1.What is the firms shutdown price2. If there are 1000 identical firms in the market, what is the market price and quantity3. What is the long run equilibrium price, quantity and number of firms The table provides data on a market demand schedule (Price and Quantity) and a firm's average andmarginal cost schedules.Price P (£)242016128Quantity Firm'soutput3000400050006000700012535AVC (E)11.2511.131211.6312.25ATC (£)13.512.2512.251212.7MC (£)1111.13121216#[IT]

cost can be defined as the monetary value that occur while purchase of any goods and service and has…

Answered: What is the firms shutdown price 2. If…

What is the firms shutdown price 2. If there are 1000 identical firms in the market, what is the market price and quantity 3. What is the long run equilibrium price, quantity and number of firms

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The figure is not finished but how will you draw the long run equilbirum at the price of $100 on this?
Gg.227.
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