An industry currently has 100 firms, all of which have fixed costs of $16 and av

Question

An industry currently has 100 firms, all of which have fixed costs of $16 and avg. variable cost as follows: Q Avg. Variable Cost ($) 1 1 2 2 3 3 4 4 5 5 6 6 a. Compute marginal cost and avg. total cost. b. the price is $10. what is the total quantity supplied in the market? c. as this market makes the transition to its long-run equilibrium, will the price rise or fall? will the quantity demanded rise or fall? will the quantity supplied by each firm rise or fall? d. graph the long-run supply curve for this market

Explanation / Answer

Solution: Chapter 14 problem, MC, VC, ATC, long-run supply curve

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