Assume Inal Ine followrng cast dala are for a purely competllive producer 0 n: 0 00 3 ll 00 na 1 S 45 00 S 105 00 S 45 00
2 S 42 50 S 72 50 S 40 00
3 S 40 00 S 60 00 S 35 00
4 5 37.50 5 52.50 5 30.00
5 5 37 00 S 46 00 S 35 00
6 S 37 50 S 47 50 S 40 00
T S 38 W S 47 14 S 45 00
3 S 40 63 S 48 13 S 55 00
9 5 43 33 5 5:) no 5 65 on
H) 5 46 50 S 52 50 S 75 00 Answer lne quesllons In lne firsl column in me lable below for lne prIce lisled at the top dleacn dllne other three columns, Instrumruns: llyou are enlering any negalive numbers be sure 10 include a negative Sign [7) In from or lnose numbers, Selecl "Nolapplicahle" and enlera value at "D" [or oulpul illne firm does nol produce lnlfilmmmnnemmm Loss-minimizing v (C lick In ielecl) v (C lick In ielecl) I
II n l5 preleratlle Io produce. wnal will be me profit _ _ _
maxlmlzlng or Iossmnlmrzlng ampnrl <1um * 8 "Ms Mum , HMS «Imam , urns
perflrm pernnn perflml
Ial cLuuulrIlL prunlur luau wrll [he nrm leak: per unll 01 (Click I0 cabal ' (Click In “bell '
Inqu W .m- = q = q a. In lne laDle below. complele lne snarlerun supply scneauleror lne nrm (columns 1 and 2: and Inalcale lne pram or loss Incurred aI eacn oquuI (column 3). lnstruclluns: Enler youranswers as wnole numbers, Iryon are enlering any negalnle numbers be sure lo include a negalrve slgn 1—) In fronl ollnose numbers, (1) (1! (3) (4) 524.00
29.00
34 00
41 00
46 00
W 00 6800
— e, New assume lnal there are 1,500 IdenlIcal firms In this campefilnre induslly; mat is, mere are 1,500 firms, each afwnicn naslne casl dala shown in me lable Complete llle industry supply schedule (column 4 in llle lable above) I Suppose the markel demand dala lur Ine praducl are as lallpws: $211.00 17000
29 00 15000
34 00 13500
41 00 12000
45 00 10500
51.00 9500
56 00 6000 Wnal wrll be me equIlerium prIce? I wnal wrll be me equ IIIDIiIJ m a ulpul la r the Ind uslry’i For each firm? unils, Inslmctians: Round your answers lo 2 decimal places. Enler posllive values lor profil or loss. When erI pram or loss be per unit? (Click Io selecll v Per firm? 5 Will InIs Induslly expand or canlracl In me long run? (Click In seleclj v

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