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Author Question: Market Exit and EntryThe table shows a typical firm's output and ... (Read 42 times)

lol1012

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Question 1

The Long Run Industry Supply Curve

The table shows output per day and total costs for a single firm in a perfectly competitive industry.

Output per dayTotal Cost
0$51​
1$90​
2$115​
3$151​
4$205​
5$277​
What is the long-run price for this industry?
Please round your final answer to two decimal places.
◦ $39.00
◦ $25.00
◦ $32.00
◦ $50.33

Question 2

Market Exit and Entry

The table shows a typical firm's output and costs.

OutputMCATCAVC
135.53​38.71​37.33​
236.35​38.13​36.35​
337.87​37.87​37.33​
438.72​38.15​37.78​
539.26​38.82​312.88​
If the firm operates in a perfectly competitive market and there are 500 identical firms in the market, what is the long-run equilibrium price? How many units will each firm produce?
At the long-run price, the market demands 570 units. How many firms will exist in the market in the long run?
◦ $37.87, 3, 190
◦ $37.87, 3, 500
◦ $36.35, 2, 500
◦ $36.35, 2, 190


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Marked as best answer by lol1012 on Nov 23, 2022

kuttz

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lol1012

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Reply 2 on: Nov 23, 2022
:D TYSM


milbourne11

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Reply 3 on: Yesterday
Excellent

 

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