Please solve parts c and d BBAWEEKDAYSOFESSOutput TFC012345678910150Table 1TVC TC AVC ATC040100180280400560760100013001850a) The above problem traces the relationship between firm decisions, market supply, andmarket equilibrium in a perfectly competitive market. Complete table 1 for a firm in theshort-run.b) Using the information in the table 1, fill the following supply schedule for this individualfirm under perfect competitive and indicate profit at each output level.Price4070110140180220260400Pricec) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill inthe market quantity supplied at each price in the market.4070110140180MCQuantity ProfitSupplied220260400MarketQuantitySuppliedMarketQuantityDemanded1700150013001100900700500300d) Fill in the blanks: From the market supply and demand schedule in c; the equilibriummarket quantity is ---------. Each firm will produce a quantity ofand earn a(profit/loss) equal to_

When there are no monopolies and neither buyers nor sellers have any influence over commodity…

Output TFC 0 1 2 3 4 5 6 7 8 9 10 150 TVC TC 0 40 100 180 280 400 560 760 1000 1300 1850 a) The above problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete table 1 for a firm in the short-run. Price b) Using the information in the table 1, fill the following supply schedule for this individual firm under perfect competitive and indicate profit at each output level. 40 70 110 140 180 220 260 400 AVC ATC Price MC 40 70 110 Quantity Profit Supplied c) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill in the market quantity supplied at each price in the market. Market Market Quantity Quantity Supplied Demanded 1700 1500 1300

Output TFC 0 1 2 3 4 5 6 7 8 9 10 150 TVC TC 0 40 100 180 280 400 560 760 1000 1300 1850 a) The above problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete table 1 for a firm in the short-run. Price b) Using the information in the table 1, fill the following supply schedule for this individual firm under perfect competitive and indicate profit at each output level. 40 70 110 140 180 220 260 400 AVC ATC Price MC 40 70 110 Quantity Profit Supplied c) Now suppose there are 100 firms in this industry, all with identical cost schedules. Fill in the market quantity supplied at each price in the market. Market Market Quantity Quantity Supplied Demanded 1700 1500 1300

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 31P: Return to Figure 9.2. Suppose P0 is 10 and P1 is 11. Suppose a new firm with the same LRAC curve as...

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