ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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.
expand button
Transcribed Image Text: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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