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28 Sep 2019
In the short run, a market consists of 100 identical firms. The market price is $8, and the total cost to each firm of producing various levels of output is given in the table below. What will total quantity supply be in the market?
Quantity
Total Costs
0
$1
1
$7
2
$14
3
$22
4
$31
5
$41
A
200 units
B
300 units
C
400 units
D
500 units
In the short run, a market consists of 100 identical firms. The market price is $8, and the total cost to each firm of producing various levels of output is given in the table below. What will total quantity supply be in the market?
|
Quantity |
Total Costs |
|
0 |
$1 |
|
1 |
$7 |
|
2 |
$14 |
|
3 |
$22 |
|
4 |
$31 |
|
5 |
$41 |
| A | 200 units |
| B | 300 units |
| C | 400 units |
| D | 500 units |
Nusrat FatimaLv10
28 Sep 2019
Related textbook solutions
Related questions
At the short-run break-even point, the perfectly competitive firm is producing how many units of output at the market price of 150$? Furthermore how many units of output will the firm produce to maximize profit in the short run? Specify the amount of economic profit or loss for the firm
| Output (Q) | Total Fixed Costs (TFC) ($) |
Total Variable Costs (TVC) ($) |
| 1 | 100 | 120 |
| 2 | 100 | 200 |
| 3 | 100 | 290 |
| 4 | 100 | 430 |
| 5 | 100 | 590 |
