Question 8 Not complete Marked out of 1.00 '7 Flag question The following table shows the total revenue and total cost schedules ofa competitive rm' Suppose the output can only take integer values. The prot-maximizing quantity is [ Answer ] units. (In integers, pleaset) Quantity (Units) Total Revenue (S) Total Cost ($) 0 O 90 1 70 1 10 2 140 140 3 21 0 180 4 280 230 5 350 290 6 420 360 7 490 440 8 560 530 Question 9 Not complete Marked out of 1.00 '7 Flag question Continue from the previous question At the profitmaximizing quantity, the average cost is $[ Answer ]. (In decimal numbers, with two decimal places, pleaset) Answer: Question 1 2 Not complete Marked out of1.00 \\7 Flag question A competitive market has an unlimited number of potential suppliers for the same product Each supplier has the same average cost function ofAC = q2 2q + 40 and marginal cost function of MC = Sq2 4q + 40' The long-run equilibrium price is $[Answer ]. (In decimal numbers, with two decimal places, please) Answer: Question 15 Not complete Marked out of 1.00 Flag question (2021 Summer Final) A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Supply: Q = 2P - 1 thousand units Demand: Q = 2115 - 4P thousand units The equilibrium price is [Answer] dollars per unit. (In decimal numbers, with two decimal places, please.) Answer: Check Question 16 Not complete Marked out of 1.00 Flag question Continue with the last question. Suppose there is an increase in demand such that each consumer's willingness to pay increases by 100 dollars, and suppose this is a constant cost industry. Then, the quantity traded in the market is [Answer] thousand units when the market reaches a long run equilibrium again. (In decimal numbers, with two decimal places, please.) Answer: Check Question 17 Not complete Marked out of 1.00 Flag question Continue with the previous question. Suppose the new entrants and the incumbent firms are all identical. After the increase in demand, 22 new firms eventually enter the market so that a new long run equilibrium is reached. The average cost curve of an individual firm is minimized at q = [Answer] thousand units. (In decimal numbers, with two decimal places, please.)Question 18 Not complete Marked out of 1.00 P Flag question Continue with the last question. The average cost at this quantity is [Answer] dollars per unit. (In decimal numbers, with two decimal places, please.) Answer: Check