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    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
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Category > Economics Posted 08 May 2017 My Price 9.00

The following table gives quantity supplied and quantity demanded at various prices in the perfectly competitive meat-packing market:

The following table gives quantity supplied and quantity demanded at various prices in the perfectly competitive meat-packing market:

 

QS QD

Price (per lb.)

(in millions of lbs.)

$1.00

10

100

$1.25

15

90

$1.50

25

75

$1.75

40

63

$2.00

55

55

$2.25

65

40

Assume that each firm in the meat-packing industry faces the following cost structure:

Pounds

TC

60,000

$110,000

61,000

$111,000

62,000

$112,000

63,000

$115,000

a. What is the profit-maximizing output level for the typical firm?

b. Is this market in long-run equilibrium? Why or why not?

c. What do you expect to happen to the number of meat-packing firms over the long run? Why?

 

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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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