Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Calculate total cost and average total cost from each manufacturer to produce from 1 up to 6 pies. b. The price of the pie

a. Calculate total cost and average total cost from each manufacturer to produce from 1 up to 6 pies. b. The price of the pie is now $11. How many pies sold? How many pies are para manufacturers produce? How many manufacturers what's on the market? How much profit does each producer get? c. What is the situation illustrated in section (b) is the long-run equilibrium? Explain your reasons! d. Assume that in the long run there are freedom to enter and exit the market. How much profit does each producer get in the long run balance? What is the market price and the number of pies each manufacturer make? How many pies sold? How many pie manufacturers operating in the market

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

What Every Environmentalist Needs To Know About Capitalism

Authors: Fred Magdoff, John Bellamy Foster

1st Edition

1583672419, 9781583672419

More Books

Students also viewed these Economics questions

Question

Speak clearly and distinctly with moderate energy

Answered: 1 week ago

Question

Get married, do not wait for me

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago