Homework Answers
| a) | |||||||
| Output | TC $ | MC $ | |||||
| 0 | 85 | - | |||||
| 1 | 170 | 85 | |||||
| 2 | 250 | 80 | |||||
| 3 | 320 | 70 | |||||
| 4 | 410 | 90 | |||||
| 5 | 525 | 115 | |||||
| 6 | 665 | 140 | |||||
| 7 | 845 | 180 | |||||
| 8 | 1045 | 200 | |||||
| Marginal cost is the additional cost of producing one more unit. | |||||||
| b) | |||||||
| Price $ | Output | TR $ (P x Q) | TC | Profit/Loss $ | Total supply ( 120 firms) | Total demand | |
| 89 | 1 | 89 | 170 | -81 | 120 | 600 | |
| 98 | 4 | 392 | 410 | -18 | 480 | 540 | |
| 107 | 4 | 428 | 410 | 18 | 480 | 480 | |
| 116 | 5 | 580 | 525 | 55 | 600 | 420 | |
| 125 | 5 | 625 | 525 | 100 | 600 | 360 | |
| 134 | 5 | 670 | 525 | 145 | 600 | 300 | |
| Short run equilibrium is when MC= MR. | |||||||
| d) Equilibrium Price= | $107 | ||||||
| Quantity = 480 | |||||||
| e) Profit is $18 | |||||||
| f) Firms will enter as there is economic profit. | |||||||
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