The average total cost is at its minimum when the quantity each firm produces (q) equalsWhich of the following represents the equation for each firm's supply curve in the short run?O 4?112050 – 4In the long run, the firm will remain in the market and produce ifCurrently, there are 14 firms in the market.In the short run, in which the number of firms is fixed, the equilibrium price is $and the total quantity produced in the market isunits. Each firm producesunits. (Hint: Total supply in the market equals the number of firms times the quantity supplied by each firm.)In this equilibrium, each firm makes a profit of $(Note: Enter a negative number if the firm is incurring a loss.)Firms have an incentive tothe market.In the long run, with free entry and exit, the equilibrium price is $and the total quantity produced in the market isunits. Therearefirms in the market, with each firm producingunits. 11. Problems and Applications Q11Suppose that each firm in a competitive industry has the following costs:Total Cost:TC = 50 + q?Marginal Cost: MC = qwhere q is an individual firm's quantity produced.The market demand curve for this product is:Demand Qp= 120 – Pwhere P is the price and Q is the total quantity of the good.Each firm's fixed cost is $What is each firm's variable cost?50 + 9

The competitive market or perfect competition is a market type which is characterized by a large…

Answered: where P is the price and Q is the total…

where P is the price and Q is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? 50 + 59

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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