The table below displays cost information for a firm operating in a perfectly competitive market. Fill in the missing values corresponding tothe empty cells.Average Total Cost$33QuantityTotal CostVariable CostMarginal Cost1$33$23A$38$153$60В4$54DG$80H6$88F$16.33A = $type your answer..B = $type your answer..C= $ type your answer.D = $type your answer..E = $ type your answer...F = $ type your answer.G = $type your answer.H = $ type your answer..Assume all firms in the market have identical costs. With free entry and exit, what will the market price be in the long run? $type your answer.

The table below displays cost information for a firm operating in a perfectly competitive market. Fill in the missing values corresponding to the empty cells. Average Total Cost $33 Quantity Total Cost Variable Cost Marginal Cost $33 $23 $38 1 2 A $15 3 $60 B 4 $54 D G $80 C E H 6 $88 $16.33 A = $ type your answer. B = $ type your answer. C = $ type your answer. D= $ type your answer... E = $ type your answer.. F = $ type your answer. G = $ type your answer... H = $ type your answer. Assume all fırms in the market have identical costs. With free entry and exit, what will the market price be in the long run? $ type your answer.

The table below displays cost information for a firm operating in a perfectly competitive market. Fill in the missing values corresponding to the empty cells. Average Total Cost $33 Quantity Total Cost Variable Cost Marginal Cost $33 $23 $38 1 2 A $15 3 $60 B 4 $54 D G $80 C E H 6 $88 $16.33 A = $ type your answer. B = $ type your answer. C = $ type your answer. D= $ type your answer... E = $ type your answer.. F = $ type your answer. G = $ type your answer... H = $ type your answer. Assume all fırms in the market have identical costs. With free entry and exit, what will the market price be in the long run? $ type your answer.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 7PA

See similar textbooks

Similar questions

Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?
A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
How does fixed cost affect marginal cost? Why is this relationship important?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
Are there fixed costs in the lung-run? Explain briefly.