Homework Help is Here – Start Your Trial Now!
Business
Economics
The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive mark Complete the table below for a single firm in the short run. Use the data in the following popup table: Suppose there are 100 firms in this industry, all with identical cost schedules. In the table below, fill in the market quantity supplied at each price in this market. (Enter your responses as integers.) Price Market Quantity Supplied Market Quantity Demanded $0 0 1,500 15 0 1,400 28 0 1,300 40 600 1,200 52 700 1,100 64 800 1,000 76 900 900 86 1000 800 From the market supply and demand schedules in the table, the equilibrium market price for this good is $ 76. (Enter your response as an integer.) The equilibrium market quantity is 900. (Enter your response as an integer.) Each firm will produce a quantity of 9. (Enter your response as an integer.) At that level of output, each firm will earn a profit equal to $ (Enter your response as an integer.)

The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive mark Complete the table below for a single firm in the short run. Use the data in the following popup table: Suppose there are 100 firms in this industry, all with identical cost schedules. In the table below, fill in the market quantity supplied at each price in this market. (Enter your responses as integers.) Price Market Quantity Supplied Market Quantity Demanded $0 0 1,500 15 0 1,400 28 0 1,300 40 600 1,200 52 700 1,100 64 800 1,000 76 900 900 86 1000 800 From the market supply and demand schedules in the table, the equilibrium market price for this good is $ 76. (Enter your response as an integer.) The equilibrium market quantity is 900. (Enter your response as an integer.) Each firm will produce a quantity of 9. (Enter your response as an integer.) At that level of output, each firm will earn a profit equal to $ (Enter your response as an integer.)

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.5: Production And Costs In The Long Run
Problem 1ST
See similar textbooks
icon
Related questions
Question

2

The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete the table below for a single firm in the short run. Use the data in the following popup table: Suppose there are 100 firms in this industry, all with identical cost schedules. In the table below, fill in the market quantity supplied at each price in this market. (Enter your responses as integers.) Market Quantity Market Quantity Supplied Price Demanded $0 0 1,500 15 0 1,400 28 0 1,300 40 600 1,200 52 700 1,100 64 800 1,000 76 900 900 86 800 1000 From the market supply and demand schedules in the table, the equilibrium market price for this good is $ 76. (Enter your response as an integer.) The equilibrium market quantity is 900. (Enter your response as an integer.) Each firm will produce a quantity of 9. (Enter your response as an integer.) At that level of output, each firm will earn a profit equal to $. (Enter your response as an integer.)
Transcribed Image Text:The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete the table below for a single firm in the short run. Use the data in the following popup table: Suppose there are 100 firms in this industry, all with identical cost schedules. In the table below, fill in the market quantity supplied at each price in this market. (Enter your responses as integers.) Market Quantity Market Quantity Supplied Price Demanded $0 0 1,500 15 0 1,400 28 0 1,300 40 600 1,200 52 700 1,100 64 800 1,000 76 900 900 86 800 1000 From the market supply and demand schedules in the table, the equilibrium market price for this good is $ 76. (Enter your response as an integer.) The equilibrium market quantity is 900. (Enter your response as an integer.) Each firm will produce a quantity of 9. (Enter your response as an integer.) At that level of output, each firm will earn a profit equal to $. (Enter your response as an integer.)
Data table q 0 1 2 3 4 5 6 7 8 9 10 TFC $100 100 100 100 100 100 100 100 100 100 100 TVC $0 100 136 160 172 196 232 280 340 412 496 TC AVC ATC MC $100 200 100.00 200.00 100 236 68.00 118.00 36 260 53.33 86.67 24 272 43.00 68.00 12 296 39.20 59.20 24 332 38.67 55.33 36 380 40.00 54.29 48 440 42.50 55.00 60 512 45.78 56.89 72 596 49.60 59.60 84 X
Transcribed Image Text:Data table q 0 1 2 3 4 5 6 7 8 9 10 TFC $100 100 100 100 100 100 100 100 100 100 100 TVC $0 100 136 160 172 196 232 280 340 412 496 TC AVC ATC MC $100 200 100.00 200.00 100 236 68.00 118.00 36 260 53.33 86.67 24 272 43.00 68.00 12 296 39.20 59.20 24 332 38.67 55.33 36 380 40.00 54.29 48 440 42.50 55.00 60 512 45.78 56.89 72 596 49.60 59.60 84 X
Expert Solution
steps

Step by step

Solved in 2 steps with 5 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS