1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.
1 2 Total Product Average Fixed Cost $ 100.00 50.00 Average Variable Cost $ 17.00 Average Total Cost $ 117.00 66.00 Marginal Cost $ 17 16.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 12 8.33 24.00 26.67 33.09 35.00 48 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be Quantity Price Demanded $ 50 7,000 42 10,000 36 12,000 32 15,000 20 19,500 13 25,000 Multiple Choice О О $32 $50.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:1
2
Total Product
Average Fixed
Cost
$ 100.00
50.00
Average
Variable Cost
$ 17.00
Average Total
Cost
$ 117.00
66.00
Marginal Cost
$ 17
16.00
15
3
33.33
15.00
48.33
13
4
25.00
14.25
39.25
12
5
20.00
14.00
34.00
13
6
16.67
14.00
30.67
14
7
14.29
15.71
30.00
26
8
12.50
17.50
30.00
30
9
11.11
19.44
30.55
35
10
10.00
21.60
31.60
41
11
9.09
12
8.33
24.00
26.67
33.09
35.00
48
56
The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 Identical firms in this Industry and total, or market, demand is as shown in the second table, equilibrium price will be
Quantity
Price
Demanded
$ 50
7,000
42
10,000
36
12,000
32
15,000
20
19,500
13
25,000
Multiple Choice
О
О
$32
$50.
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