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Author Question: Market Exit and EntryThe table shows a typical firm's output and ... (Read 160 times)

lol1012

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on: Nov 23, 2022

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
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by lol1012 on Nov 23, 2022

kuttz

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Reply #1 on: Nov 23, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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lol1012

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Reply 2 on: Nov 23, 2022
YES! Correct, THANKS for helping me on my review

hramirez205

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Reply 3 on: Yesterday
Wow, this really help

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