f. Suppose the market demand data for the product are as follows: Total Quality Demanded 17,000 15,000 13,500 12,000 10,500 9,500 8,000 What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? Price $ 26 32 38 41 46 56 66 units units Instructions: Enter positive values for the reported profit or loss?
f. Suppose the market demand data for the product are as follows: Total Quality Demanded 17,000 15,000 13,500 12,000 10,500 9,500 8,000 What is the equilibrium price? $ What is the equilibrium output for the industry? For each firm? Price $ 26 32 38 41 46 56 66 units units Instructions: Enter positive values for the reported profit or loss?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 9SQP
Related questions
Question
![f. Suppose the market demand data for the product are as follows:
Total Quality
Demanded
17,000
15,000
13,500
12,000
10,500
9,500
8,000
Price
$ 26
32
38
41
46
56
66
What is the equilibrium price? $
What is the equilibrium output for the industry?
For each firm?
units
units
Instructions: Enter positive values for the reported profit or loss?
What will profit or loss be per unit? (Click to select) ✓per unit = $
Per firm? $
Will this industry expand or contract in the long run? (Click to select)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3acae65-05d5-4940-8762-2c9a874e450a%2Fa5fd10bb-81a2-4952-9053-4cfa84891bc8%2Fz1s3caq_processed.png&w=3840&q=75)
Transcribed Image Text:f. Suppose the market demand data for the product are as follows:
Total Quality
Demanded
17,000
15,000
13,500
12,000
10,500
9,500
8,000
Price
$ 26
32
38
41
46
56
66
What is the equilibrium price? $
What is the equilibrium output for the industry?
For each firm?
units
units
Instructions: Enter positive values for the reported profit or loss?
What will profit or loss be per unit? (Click to select) ✓per unit = $
Per firm? $
Will this industry expand or contract in the long run? (Click to select)
![Assume that the cost data in the following table are for a purely competitive producer:
Average
Variable Cost
Average
Total Cost
Total
Product
0
1
2
3
4
5
6
7
9
10
Average
Fixed Cost
$ 60.00
30.00
20.00
15.00
12.00
10.00
8.57
6.67
6.00
$ 45.00
42.50
40.00
37.50
37.00
37.50
38.57
40.63
43.33
46.50
$ 105.00
72.50
60.00
52.50
49.00
47.50
47.14
48.1.
50.00
52.50
Marginal
Cost
$ 45
40
35
30
35
40
45
55
65
75](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3acae65-05d5-4940-8762-2c9a874e450a%2Fa5fd10bb-81a2-4952-9053-4cfa84891bc8%2Fqe1h3x_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that the cost data in the following table are for a purely competitive producer:
Average
Variable Cost
Average
Total Cost
Total
Product
0
1
2
3
4
5
6
7
9
10
Average
Fixed Cost
$ 60.00
30.00
20.00
15.00
12.00
10.00
8.57
6.67
6.00
$ 45.00
42.50
40.00
37.50
37.00
37.50
38.57
40.63
43.33
46.50
$ 105.00
72.50
60.00
52.50
49.00
47.50
47.14
48.1.
50.00
52.50
Marginal
Cost
$ 45
40
35
30
35
40
45
55
65
75
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