Suppose an industry is composed of 50 price-taking firms, each one possessing the cost structure given below:
Quantity | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
Total Cost | 100 | 150 | 180 | 240 | 320 | 420 | 550 |
Also assume the market demand curve contains the following points:
Quantity Demanded | 250 | 200 | 150 | 100 | 50 | 0 |
Price | 0 | 30 | 60 | 80 | 100 | 130 |
What is the equilibrium price in this market?
Group of answer choices
a P = 60
b P = 100
c P = 80
d P = 30
e P = 130
Suppose an industry is composed of 50 price-taking firms, each one possessing the cost structure given...
A perfectly competitive industry is composed of 1000 identical firms with cost structure: TCVC FC AVC ATC MC 40 10 80 20 100 30 140 40 200 280 60 380 a) Complete the preceding Table. b) Assuming that the market price is p = 8, what are the quantity produced by each firm and the profit it makes?
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please answer ASAP please help A perfectly competitive industry is composed of 100 identical firms with cost structure: TCVC FC AVC ATC MC a) Complete the preceding Table. b) Assuming that the market price is p-8, what are the quantity produced by each firm and the profit it makes? c) Suppose that the market demand schedule is as follows: P QD 0 700 2 650 4 600 6 550 500 10 450 is the price p = 8 a short-run...
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