a) What is the market price?P = $0b) What is the industry's output?Industry Output: 0c) What is the output of each firm?Output: 0d) What is the economic profit of each firm? Round your answer to 2 decimal places.Profit: $0e) What is the shut down price?Shutdown price: $0f) What is the long run equilibrium price? You can assume that the above ATC applies to both short run and long run. Conceptually, in the long run the column AVC disappears. Graphically, the amount of output K in both long run and shortrun is the same.P = $0g) What is the number of firms in the industry in long run? Round your answers to the nearest whole number.Number of firms: 0 The table on the left sets out the market demand schedule for tapes, and the table on the right shows the cost structure of a perfectly competitive firm. There are 1000 firms in the industry.Price3.84.96.37.17.98.79.510.31111.912.713.514.315.115.9QuantityDemanded600,000575,000550,000525,000500,000475,000450,000425,000400,000375,000350,000325,000300,000275,000250,000Output(Qs)250300350400450500550600MC6.36.7581111.4511.913.513.95AVC10.68.888.89.69.910.211ATC23.521.52017.5161513.513.72

Equilibrium is where the demand curve intersects the supply curve. The Industry supply is…

Answered: a) What is the market price? P = $0 b)…

a) What is the market price? P = $0 b) What is the industry's output? Industry Output: 0 c) What is the output of each firm? Output: 0

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 5CQ

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