The table below shows the cost information for a firm in a perfectly competitive industry.If all firms have the same costs, what will be the market price in the long run?QVCMCAFCAVCATC01234567891011121314151617181920FC1751751751751751751751751751751751751751751751751751751751751752038547292115141170202237275316360407457510566625687752TC1751952132292472672903163453774124504915355826326857418008629272018161820232629323538414447505356596265175.087.558.343.835.029.225.021.919.417.515.914.613.512.511.710.910.39.79.28.820.019.018.018.018.419.220.121.322.423.725.026.327.729.130.531.933.334.736.237.6195.0106.576.361.853.448.345.143.141.941.240.940.941.241.642.142.843.644.445.446.4

Perfect competition is a kind of theoretical market concept, where there are no monopolies or upper…

The table below shows the cost information for a firm in a perfectly competitive industry. If all firms have the same costs, what will be the market price in the long run? VC AFC AVC ATC Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FC 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 TC 175 195 213 229 247 267 290 316 345 377 412 20 38 54 72 92 115 141 170 202 237 275 316 360 407 457 510 566 741 625 800 687 862 752 927 450 491 535 582 632 MC 20 18 16 18 20 23 26 29 32 35 38 41 44 47 50 685 53 56 59 62 65 175.0 87.5 58.3 43.8 35.0 29.2 25.0 21.9 19.4 17.5 15.9 14.6 13.5 12.5 11.7 10.9 10.3 9.7 9.2 8.8 20.0 19.0 18.0 18.0 18.4 19.2 20.1 21.3 22.4 23.7 25.0 26.3 27.7 29.1 30.5 31.9 33.3 34.7 36.2 37.6 195.0 106.5 76.3 61.8 53.4 48.3 45.1 43.1 41.9 41.2 40.9 40.9 41.2 41.6 42.1 42.8 43.6 44.4 45.4 46.4

The table below shows the cost information for a firm in a perfectly competitive industry. If all firms have the same costs, what will be the market price in the long run? VC AFC AVC ATC Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FC 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 TC 175 195 213 229 247 267 290 316 345 377 412 20 38 54 72 92 115 141 170 202 237 275 316 360 407 457 510 566 741 625 800 687 862 752 927 450 491 535 582 632 MC 20 18 16 18 20 23 26 29 32 35 38 41 44 47 50 685 53 56 59 62 65 175.0 87.5 58.3 43.8 35.0 29.2 25.0 21.9 19.4 17.5 15.9 14.6 13.5 12.5 11.7 10.9 10.3 9.7 9.2 8.8 20.0 19.0 18.0 18.0 18.4 19.2 20.1 21.3 22.4 23.7 25.0 26.3 27.7 29.1 30.5 31.9 33.3 34.7 36.2 37.6 195.0 106.5 76.3 61.8 53.4 48.3 45.1 43.1 41.9 41.2 40.9 40.9 41.2 41.6 42.1 42.8 43.6 44.4 45.4 46.4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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