An industry currently has 100 firms, each of which has fixed costs of $8 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6. Total Cost Marginal Cost (Dollars) Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) 8 1 2 3 4 7 5 9 6 11 The equilibrium price is currently $15. Each firm produces units, so the total quantity supplied in the market is units. In the long run, firms can enter and exit the market, and all entrants have the same costs as in the previous table. As this market makes the transition to its long-run equilibrium, the price will , quantity demanded will supplied by each firm will AMAAAA
An industry currently has 100 firms, each of which has fixed costs of $8 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6. Total Cost Marginal Cost (Dollars) Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) 8 1 2 3 4 7 5 9 6 11 The equilibrium price is currently $15. Each firm produces units, so the total quantity supplied in the market is units. In the long run, firms can enter and exit the market, and all entrants have the same costs as in the previous table. As this market makes the transition to its long-run equilibrium, the price will , quantity demanded will supplied by each firm will AMAAAA
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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