Homework Answers
| P | QS-SINGLE FIRM | P/L | QS-1500 FIRMS |
| 26 | 0 | -60 | 0 |
| 32 | 0 | -60 | 0 |
| 38 | 5 | -55 | 7500 |
| 41 | 6 | -39 | 9000 |
| 46 | 7 | -7.98 | 10500 |
| 56 | 8 | 62.96 | 12000 |
| 66 | 9 | 144 | 13500 |
E) The firm sets Price = Marginal cost for profit maximization and it will only supply when the price is equal to or greater minimum AVC so the portion of the marginal cost curve which lies above the minimum AVC becomes the supply curve for the firm.
F) Shown above
G) Equilibrium price = 46 where QD=QS
Equilibrium output = 10500
For each firm = 7 units
Loss per unit = 46-47.14 = -1.14
Per firm = -7.98
The industry will contract in the long run as some loss making firms will exit the market.
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Assume that the following cost data are for a purely competitive producer: total product average fixed...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
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Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
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2
$30.00
$42.50
$72.50
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3
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$40.00
$60.00
$35.00
4
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$52.00
$30.00
5
$12.00
$37.00
$49.00
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6
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$47.50
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7
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$38.57
$47.14
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8
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$40.63
$48.13
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Use the cost data to complete the charts.
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