economics From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs? ProductionTotalTotalProduct Fixed0SWNTO12345016IN7∞a8910Cost5050505050505050505050Totalvariablecost50 元 95|0|25| 45| 60 70|85105TotalCost13518024031575110120135130185230290365Average Averagefixed cost variable50502517.712.5108.337.146.255.555cost02522.52017.51717.519.222.526.6731.5Average MarginalTotal CostCost507547.536.66302721.6626.4228.7532.2236.5025|2015|10|15|20 30 45 60 75

The supply curve shows the quantity of a good or service that producers are willing and able to…

From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs?

From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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Question

economics

Production
Total
Total
Product Fixed
0
SWNTO
1
2
3
4
5
01
6
IN
7
∞a
8
9
10
Cost
50
50
50
50
50
50
50
50
50
50
50
Total
variable
cost
50 元 95
|0|25| 45| 60 70|
85
105
Total
Cost
135
180
240
315
75
110
120
135
130
185
230
290
365
Average Average
fixed cost variable
50
50
25
17.7
12.5
10
8.33
7.14
6.25
5.55
5
cost
0
25
22.5
20
17.5
17
17.5
19.2
22.5
26.67
31.5
Average Marginal
Total Cost
Cost
50
75
47.5
36.66
30
27
21.66
26.42
28.75
32.22
36.5
0
25
|2015|10|15|20 30 45 60 75

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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