# Assume that the cost data in the following table are for a p.pdf

22 de Mar de 2023
1 de 1

### Assume that the cost data in the following table are for a p.pdf

• 1. Assume that the cost data in the following table are for a purely competitive producer: Instructions: If you are entering any negative numbers be sure to include a negative sign () in front applicable" and enter a value of "O" for output if the firm does not produce. a. At a product price of \$58.00 (i) Will this firm produce in the short run?(ii) If it is preferable to produce, what will be the profit- maximizing or loss-minimizing output? output=unitsperfirm (iii) What economic profit or loss will the firm realize per unit of output? per unit =\$ b. At a product price of \$43.00 (i) Will this firm produce in the short run? (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output=unitsperfirm (iii) What economic profit or loss will the firm realize per unit of output? perunit=\$ c. At a product price of \$34,00 (i) Will this firm produce in the short run? (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output=unitsperfirm(iii) What economic profit or loss will the firm realize per unit of output? per unit =\$ Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign ( front of those numbers. d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2 ) and indicate the profit or loss incurred each output (column 3).6. 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). Suppose the market demand data for the product are as follows: 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? per unit =\$Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? per unit =\$ Per firm? \$ Will this industry expand or contract in the long run?