70.2K

Verified Solution

Link Copied!

d$.$ In the table below, complete the short$-$run supply schedule for the tirm $($columns $1$ and $2)$ and indicate the protit or loss incurred at each output $($column $3).$

$\backslash$table$[[(1)$ Price,$\backslash$table$[[(2)$ Quantity$],[$Supplied$,],[$Single Firm$]],\backslash$table$[[(3)$ Profit $(+)$ or$],[$Loss $(-)]],\backslash$table$[[(4)$ Quantity$],[$Supplied$,1,500],[$Firms$]]],[$$$22,,,],[27,,,],[32,,,],[38,,,],[43,,,],[47,,,],[57,,,]]$

e$.$ Now assume that there are $1,500$ identical firms in this competitive industry. That is$,$ there are $1,500$ firms, each of which has the cost data shown in the table. Complete the industry supply schedule $($column $4$ in the table above$).$

f$.$ Suppose the market demand data for the product are as follows:

$\backslash$table$[[$Price$,\backslash$table$[[$Total Quantity$],[$Demanded$]]],[$$$22,19,000],[27,17,000],[27,15$ a$0$a$]]$

Prev

$14$ of $14$

Nexte. Now assume that there are $1,500$ identical firms in this competitive industry. That is$,$ there are $1,500$ firms, each of which has the cost data shown in the table. Complete the industry supply schedule $($column $4$ in the table above$).$

f$.$ Suppose the market demand data for the product are as follows:

$\backslash$table$[[$Price$,\backslash$table$[[$Total Quantity$],[$Demanded$]]],[$$$22,19,000],[27,17,000],[32,15,000],[38,13,500],[43,12,000],[47,10,500],[57,9,500]]$

What is the equilibrium price? $

What is the equilibrium output for the industry? units

For each firm? units

Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss.

What will profit or loss be per unit? Click to select

Answer & Explanation Solved by verified expert

See Answer