TotalAverageAverageAverageMarginProduct Fixed Cost Variable Cost Total Cost Cost1$100.00$17.00$117.00$1750.0016.0066.001533.3315.0048.331325.0014.2539.251220.0014.0034.001316.6714.0030.6714714.2915.7130.00268.12.5017.5030.003011.1119.4430.55351010.0021.6031.6041119.0924.0033.0948128.3326.6735.0056The accompanying table gives cost data for afirm that is selling in a purely competitive market.If there were 1,000 identical firms in this industryand total, or market, demand is as shown in thesecond table, equilibrium price will bePrice Quantity Demanded$50 3,000426,000369,0003211,0002014,0001319,500Multiple Choice• $32.• $42.• $36.• $20.

Introduction: In economics, quantity demanded refers to the quantity of an item or service that…

Answered: Multiple Choice • $32. $42. • $36. •…

Business

Economics

Multiple Choice • $32. $42. • $36. • $20.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Total
Average
Average
Average
Margin
Product Fixed Cost Variable Cost Total Cost Cost
1
$100.00
$17.00
$117.00
$17
50.00
16.00
66.00
15
33.33
15.00
48.33
13
25.00
14.25
39.25
12
20.00
14.00
34.00
13
16.67
14.00
30.67
14
7
14.29
15.71
30.00
26
8.
12.50
17.50
30.00
30
11.11
19.44
30.55
35
10
10.00
21.60
31.60
41
11
9.09
24.00
33.09
48
12
8.33
26.67
35.00
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
Price Quantity Demanded
$50 3,000
42
6,000
36
9,000
32
11,000
20
14,000
13
19,500
Multiple Choice
• $32.
• $42.
• $36.
• $20.

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