Question

5         . Problems 13-10

An industry currently has 100 firms, each of which has fixed costs of $8 and average variable costs as follows:

Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.

Quantity	Average Variable Cost	Total Cost	Marginal Cost	Average Total Cost
	(Dollars)	(Dollars)	(Dollars)	(Dollars)
0		8
1	1
2	3
3	5
4	7
5	9
6	11

The equilibrium price is currently $15.

Each firm produces

units, so the total quantity supplied in the market is

units.

In the long run, firms can enter and exit the market, and all entrants have the same costs as in the previous table.

As this market makes the transition to its long-run equilibrium, the price will    , quantity demanded will    , and the quantity supplied by each firm will    .

Use the orange line (square point) to graph the long-run supply curve for this market.

Long-Run Supply010203040506070809010020191817161514131211109876543210

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