# Explain the concept of Equilibrium Price in a perfectly

Question # 00831494 Posted By: wildcraft Updated on: 09/21/2022 11:45 PM Due on: 09/22/2022
Subject Education Topic General Education Tutorials:
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Question 1

a. Explain the concept of Equilibrium Price in a perfectly Competitive Market and how it is determined?

b. Calculate the percentage change in equilibrium price if percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.

Question 2

Calculate the Total Variable Cost, Average Fixed Cost, Average Variable Cost, Average total Cost and Marginal Cost in the table given below (All Cost are given in USD).

 Labor (No of workers) Output (Number of units) Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average total Cost MC 0 0 150 0 1 1 150 100 2 5 150 25 3 8 150 37.5 4 10 150 55 5 11 150 650
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1. ## Solution:  Explain the concept of Equilibrium Price in a perfectly

Tutorial # 00826947 Posted By: wildcraft Posted on: 09/21/2022 11:46 PM
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