menro X MySeneca homepage Question 2 - Test 2 Ch X www.coursehero.com x * Course Hero G Google https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.senecacollege.ca... A h 8-9 i Saved Help Sa Assume that the following cost data are for a perfectly competitive producer: Total Product Average Fixed Average Average Total Cost Variable Cost Cost Marginal Cost 10 na $ 0.00 $ 0.00 na 1 60.00 $ 45.00 $ 105.00 45.00 2 30.00 $ 42.50 $ 72.50 $ 40.00 3 20.00 $ 40.00 $ 60.00 $ 35.0 4 15.00 $ 37.50 $ 52.50 EA 30.0 1-59 5 12.00 $ 37.00 $ 49.00 $ 35.00 6 $ 10.00 $ 37.50 $ 47.50 $ 40.00 7 $ 8.57 $ 38.57 $ 47.14 $ 5.00 Co $ 7.50 $ 40.63 $ 48.13 $ 55.00 6.67 $ 43.33 $ 50.00 65.00 10 $ 6.00 $ 46.50 $ 52.50 $ 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. Activate W Go to Settings to search O 34 1'C Rain F2 prt sc home end insert F3 CA FO C7 F8 F9 F10 F11 F12 a W E R Y Uenro X S MySeneca homepage Question 2 - Test 2 Ch x www.coursehero.com x * Course Hero x G Google X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.senecacollege.ca... A 89 i Saved Help Save & Exit Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "(" for output if the firm does not produce. (a) (b) (c ) At a product price of At a product price of At a product price of $58 -00 $43 . 06 $34.00 will this firm produce in the short run? (Click to select) v (Click to select) v (Click to select) v If it is preferable to produce, what will be the profit- (Click to select) v (Click to select) v (Click to select) v maximizing or loss-minimizing output - units output = units output = units output ? per firm per firm per firm What economic profit or loss will the firm realize per unit of (Click to select) v (Click to select) v (Click to select) v output ? per unit = $ per unit = $ 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 at each output (column 3). Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers (1) (2) (3) (4) Price Quantity Supplied, Single Firm Profit (+) or Loss (-) Quantity Supplied, 1,500 Firms $27.00 3.00 9.00 44.00 Activate Windo Go to Settings to acti earch O 34 1'C Rain ~ 4 9 ort sc home end insert del F3 F4 F5 E7 F8 F9 F10 F11 F12 F2 K U P W E R Yn enro X MySeneca homepage X Question 2 - Test 2 Ch X www.coursehero.com/ x * Course Hero X Google * + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525%252Flearn.senecacollege.ca... 8-9 i Saved Help Save & Exit 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 at each output (column 3) Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Price Quantity Supplied, Single Firm Profit (+) or Loss (-) Quantity Supplied, 1,500 Firms $27.00 33.00 39.00 44.00 50.00 58.00 68.00 e. 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). Activate Window Go to Settings to act search O 1'C Rain ~404 prt sc home end insert dele F12 F2 F3 F4 F6 F7 F9 F10 F11 b A W R Y U ITMySeneca homepage Question 2 - Test 2 Ch x www.coursehero.com x * Course Hero x G Google https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.senecacollege.ca... Ch 8-9 i Saved Help Save & Exit e. 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). i. Suppose the market demand data for the product are as follows: Price Total Quantity Demanded $27.00 17000 33.00 15000 52-46 39.00 13500 14.00 12000 50.00 10500 58.00 9500 ;8.00 8000 What will be the equilibrium price? $ What will be the equilibrium output for the industry? Activate Windows GO settings to activ to search 34 1'C Rain ~ ( 9 4 ort sc home end insert delet E8 F9 F10 F11 F12 F3 F5 PO & D W O E Rcom emo X MySeneca homepage Question 2 - Test 2 Ch X www.coursehero.com x Course Hero G Google X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.senecacollege.ca... Ch 8-9 i Saved Help Save & Exit 44.00 12000 50.00 10500 58.00 500 68.00 8000 2:43 What will be the equilibrium price? $ What will be the equilibrium output for the industry? For each firm? units. Instructions: Round your answers to 2 decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? (Click to select) | per unit = $ Per firm? s Will this industry expand or contract in the long run? (Click to select) v]. Activate Window Go to Settings to act to search O 34 1'C Rain ~ 4 0 prt sc home end insert de F7 F9 F10 F12 F2 F3 FA 5 E O P W R Y U