The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium Output (units of wool) 0 1 2 3 4 5 AVC ($) 20.00 17.00 16.67 17.00 18.00 ATC (5) 30.00 22.00 20.00 19.50 20.00 MC ($) 20.00 14.00 16.00 18.00 22.00 Instructions: Round your answer to two decimal places. Given that the market is in long-run equilibrium, the market price is: $
The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium Output (units of wool) 0 1 2 3 4 5 AVC ($) 20.00 17.00 16.67 17.00 18.00 ATC (5) 30.00 22.00 20.00 19.50 20.00 MC ($) 20.00 14.00 16.00 18.00 22.00 Instructions: Round your answer to two decimal places. Given that the market is in long-run equilibrium, the market price is: $
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 9SQP
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Transcribed Image Text:The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in
Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium
Output (units of
wool)
0
1
2
3
4
5
AVC ($)
20.00
17.00
16.67
17.00
18.00
ATC (5)
30.00
22.00
20.00
19.50
20.00
MC ($)
20.00
14.00
16.00
18.00
22.00
Instructions: Round your answer to two decimal places.
Given that the market is in long-run equilibrium, the market price is: $
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