Question

24. A perfectly competitive industry is composed of 200 identical firms. Each firm has the following cost schedules: q TC VC FC ATC AVC MC 10 20 IS 6.6 z0 10 20 30 50 80 120 170 4 28.3 a) Complete the preceding Table. b) Assuming that the market price is p 30, what is the quantity produced by each firm and the profit it makes when it sells this quantity? c) Suppose that the market demand schedule is as follows: p on 1000 900 800 700 600 Is the price p 30 a short-run equilibrium price? d) Assuming that the minimum LRATC is 20, is p 30 a long-run equilibrium price? If not, which is the long-run equilibrium price and the corresponding quantities produced and sold by each firm and by the whole industry. Which is the total number of firms in the industry in the long run? i e short-run and long-run solutions obtained above.
CAN YOU PLEASE EXPLAIN HWO YOU GOT EVERYTHING FOR THE GRAPH AND DISREGUARD WHATS WRITTEN IN PENCIL THANK YOU

Answer 1

C ATC to 30 20 0 20 30 2 2 40 30 015 20 ato 130 | 1201 10 124|26 | 4 o- 6 130 17 0 28.2 5o at oht marimizahou ere no"), a r.linyu..s and here ase oo fims wplhee markat demanti 4x20