D Question 15 5 pts MV F VC TC AFC AVC AC MC O 100 200 O 90 200 60 N 80 200 80 3 70 200 84 4 50 200 90 5 50 200 100 40 200 120 7 30 200 150 8 20 200 200 9 10 200 280 10 O 200 380 The table above shows the cost function for a perfectly competitive firm (I suggest using Excel to fill in the missing columns, as you'll use this for several questions). What is the smallest quantity at which the firm will produce in the long run? Picture2.png Picture1.png @ o 70OF Mostly cloudy End PgUP FI Pgon DII Prtseng Home Fo F 10 FS F6 F7 7 ZI 5 P U O R YD Question 13 5 pts Q MV VC TC AFC AVC AC MC O 100 200 O 90 200 60 2 80 200 80 3 70 200 84 4 60 200 90 5 50 200 100 40 200 120 7 30 200 150 8 20 200 200 10 200 280 10 O 200 380 The table above shows the cost function for a perfectly competitive firm (I suggest using Excel to fill in the missing columns, as you'll use this for several questions). What will be the long run market price? Hint: recall in our hybrid graph where the price converges in the long run. Picture2.png Picture1.png 70'F Mostly cloudy ch End pgUp FI Pgon12 DII Prisch FB 1 10 F5 FG F7 F3 F4 W O P Y U E R G H KD Question 9 . 5 pts Unit TC AC VC AVC MC O 18 22 22 4 4 44 2 25 2.5 3.5 W 3 27 9 3 2 4 30 7.5 12 3 W 5 34 6.8 16 3.2 The table above shows the cost functions for a perfectly competitive firm. What is the minimum number of non-zero units the firm would be willing to produce if we consider fixed costs sunk (unrecoverable)? Hint - remember to combine the two decision rules when we have fixed costs we can't undo: produce where P = MC, but only if MC > AVC. 0 3 0 2 Picture2.png Picture1.png High winds soon OM O PgUp FI Pgon End F10 F7 F8 Home F9 FA FS F6 F3 5 6 W O D T Y U E R G H KPrice MC and cost ATC AVC Price 0 N OP QRS TU Quantity (per period)