Help solve fast 53:06The average total cost is at its minimum when the quantity each firm produces (q) equalsWhich of the following represents the equation for each firm's supply curve in the short run?120 - 19²01/19²2firm.)qIn the long run, the firm will remain in the market and produce if50-9Currently, there are 6 firms in the market.In the short run, in which the number of firms is fixed, the equilibrium price is $and the total quantity produced in the market isunits. Each firm producesunits. (Hint: Total supply in the market equals the number of firms times the quantity supplied by eachareIn this equilibrium, each firm makes a profit of $Firms have an incentive tothe market.(Note: Enter a negative number if the firm is incurring a loss.)In the long run, with free entry and exit, the equilibrium price is $firms in the market, with each firm producingunits.and the total quantity produced in the market isunits. ThereSave Continue Suppose that each firm in a competitive industry has the following costs:Total Cost:Marginal Cost: MC = qwhere q is an individual firm's quantity produced.TC = 50+ 1/2q²The market demand curve for this product is:Demand QD 160 - 4P=where P is the price and is the total quantity of the good.Each firm's fixed cost is $What is each firm's variable cost?50+ 1/291/791/79²q

Fixed cost is the part of total cost that does not depend on q and Variable cost is the part that…

Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+/q² Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is: Demand QD 160-4P where P is the price and is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? O 50+ //q O q

Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+/q² Marginal Cost: MC = q where q is an individual firm's quantity produced. The market demand curve for this product is: Demand QD 160-4P where P is the price and is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? O 50+ //q O q

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.9P

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