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Consider the tourism industry in a large city. The market for tours is perfectly competitive in the city. Firms have no fixed costs, and all

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Consider the tourism industry in a large city. The market for tours is perfectly competitive in the city. Firms have no fixed costs, and all firms have the same cost structure. The daily cost of providing tours for any given firm is listed in the table below. Cost of providing tours Total Tours Cost of Providing Tours 1 $18 2 $34 3 $48 4 $60 5 $70 6 $78 7 $84 8 $92 9 $102 10 $114 11 $128 12 $144What we know about the market demand for tours is given in the table below. Market demand for tours Price Quantity Demanded $16 36 $14 48 $12 60 $10 72 $8 84 $6 96

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