Short-run supply schedule for this firm - Product Quantity
Question # 00505817
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Updated on: 03/30/2017 01:55 AM Due on: 03/30/2017
(d) Complete the following short-run supply schedule for this firm.
Product Quantity Profit (+)
price supplied or loss (–)
$72 _____ _____
52 _____ _____
45 _____ _____
28 _____ _____
22 _____ _____
15 _____ _____
Assume there are 500 identical firms in this industry, that they have identical cost data as the firm above, and that the industry demand schedule is as follows:
Price Quantity demanded
$72 2,500
52 3,500
45 4,000
28 5,200
22 5,900
15 6,700
(e) What will the equilibrium price be?
(f) What will the equilibrium output for each firm be?
(g) What will profit or loss be per unit?
What will profit or loss be per firm?
mfoley6 posted a question· Mar 27, 2017 at 12:0
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Solution: Short-run supply schedule for this firm - Product Quantity