1. The short run variable costs below are for a firm in a perfectly competitive
ID: 1241682 • Letter: 1
Question
1. The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm producesFIRM MARKET DEMAND
Q VC P Q P Q
1 12 10 500 19 320
2 21 11 480 20 300
3 31 12 460 21 280
4 43 13 440 22 260
5 58 14 420 23 240
6 78 15 400 24 220
7 105 16 380 25 200
8 140 17 360 26 180
18 340 27 160
Find the quantity this firm will produce in the short run if the price of output is $20. If $20 is the short run competitive equilibrium price, find the number of firms in the market. (1 point)
Explanation / Answer
plot graph between Q vs P 1 10 2 11 3 12 4 13 5 14 6 15 7 16 8 17 18 27 after plotting graph between these two find Quantity at price P = 20 by looking for price = 20 on the graph and the corresponding Q b) 300/2 = 150 firms
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.