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5. (10 points) Hoboken has a thriving market for musical instruments, so thriving that it is perfectly competitive. Three of the stores in Hoboken are
5. (10 points) Hoboken has a thriving market for musical instruments, so thriving that it is perfectly competitive. Three of the stores in Hoboken are owned by Georgia, Ira, and James. They each produc some quantity of musical instruments. Their short-run cost curves are graphed below. Georgia Ira James 45 45 MC 40 MC 40 MC 35 35 ATC 30 30 25 ATC- 25 ATC Cost ($) Cost ($) 20 20 15 AVC 15 AVE AVC 10 10 5 5 O 3 4 5 6 7 3 4 5 6 7 3 4 5 6 7 QInstruments (in thousands) QInstruments (in thousands) Q Instruments (in thousands) (a) (2pts) When the market price is $15, whose store produces the least musical instruments
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