EGO F. #m apter 12 A Saved Hel Instructions: Enter your answers rounded to two decimal places. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? (Click to select) v c. Suppose that the market price for a bottle of vitamins is $1.71. At that price the total market quantity demanded is 301,600,000 bottles. How many firms will be in this industry? firm(s) d. Suppose that, instead, the market quantity demanded at a price of $1.71 is only 150,800. How many firms will be in this industry? (s)y e. Review your answers to parts b, c, and d. Does the level of demand determine this industry's market structure? (Click to select) v < Prev 6 of 8 Next > here to search 68°F Mostly clear 查。 Profile Ball®1.0 F4 F5 F1 F2 pape are $ 5. 8. 2. 4. RO H. C. B. Σ 市 T F. apter 12 Saved Help Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. Output 50,800 $170,000 $0.60 100,800 220,000 1.10 150,800 257,500 1.71 200,800 365,500 2.45 Instructions: Enter your answers rounded to two decimal places. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? (Click to select) v c. Suppose that the market price for a bottle of vitamins is $1.71. At that price the total market quantity demanded is 301,600,000 bottles. How many firms will be in this industry? firm(s) < Prev 6 of 8 68°F Mostly clear e here to search 查。 Profile Ball®1.0 F6 F4 F3 F2 F1 %23 $4 8. 4. 5. 3. B.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.5IP

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Transcribed Image Text:EGO F. #m apter 12 A Saved Hel Instructions: Enter your answers rounded to two decimal places. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? (Click to select) v c. Suppose that the market price for a bottle of vitamins is $1.71. At that price the total market quantity demanded is 301,600,000 bottles. How many firms will be in this industry? firm(s) d. Suppose that, instead, the market quantity demanded at a price of $1.71 is only 150,800. How many firms will be in this industry? (s)y e. Review your answers to parts b, c, and d. Does the level of demand determine this industry's market structure? (Click to select) v < Prev 6 of 8 Next > here to search 68°F Mostly clear 查。 Profile Ball®1.0 F4 F5 F1 F2 pape are $ 5. 8. 2. 4. RO H. C. B.

Transcribed Image Text:Σ 市 T F. apter 12 Saved Help Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. Output 50,800 $170,000 $0.60 100,800 220,000 1.10 150,800 257,500 1.71 200,800 365,500 2.45 Instructions: Enter your answers rounded to two decimal places. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? (Click to select) v c. Suppose that the market price for a bottle of vitamins is $1.71. At that price the total market quantity demanded is 301,600,000 bottles. How many firms will be in this industry? firm(s) < Prev 6 of 8 68°F Mostly clear e here to search 查。 Profile Ball®1.0 F6 F4 F3 F2 F1 %23 $4 8. 4. 5. 3. B.

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