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(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium 4

(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium 4

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium ▸
Transcribed Image Text:(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium ▸
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