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Please help with an explanation The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: 600 500
Please help with an explanation
The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: 600 500 400 10 300 11 200 12 100 13 0 Each producer in the market has a fixed cost of $6 and the following marginal cost: Quantity Marginal Cost (Pies) (Dollars) N 10 12 14 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) ( Dollars) (Dollars) 7.00 2 10 5.00 18 6.00 4 7.00 5 40 8.00 6 54 9.00 The price of a pie is now $11. At a price of $11, pies are sold in the market. Each producer makes |pies, so there are producers in this market, each making a profit of $ True or False: The market is in long-run equilibrium. O True O False Suppose that in the long run there is free entry and exit. In the long run, each producer earns a profit of $ . The market price is $ . At this price, pies are sold in this market, and each producer makes pies, so there are[ producers operatingStep by Step Solution
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