Two firms, A and B, produce identical product (crude oil, for Instance) have the same cost curves shown on the left figure below. Their production levels are able to meet the demand curve of the whole market shown on the right figum below. The lowest point of ATC curve can be achieved with a quantity of 5 units (a unit can be 1 million tons, for instance), and the corresponding ATC = 20 units. The demand curve of the market has a slope of -3.5, so the prices 27 and 34 when the quantities are 8 and 6, respectively. %3D

Two firms, A and B, produce identical product (crude oil, for Instance) have the same cost curves shown on the left figure below. Their production levels are able to meet the demand curve of the whole market shown on the right figum below. The lowest point of ATC curve can be achieved with a quantity of 5 units (a unit can be 1 million tons, for instance), and the corresponding ATC = 20 units. The demand curve of the market has a slope of -3.5, so the prices 27 and 34 when the quantities are 8 and 6, respectively. %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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