Price	Quantity Demanded
(Dollars)	(Pies)
1	1,200
2	1,100
3	1,000
4	900
5	800
6	700
7	600
8	500
9	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)
1	1
2	3
3	8
4	10
5	12
6	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)
1
2
3
4
5
6

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.

True

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 operating.