Question
The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Price Quantity demanded 1 1200 2 1100
The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Price Quantity demanded 1 1200 2 1100 3 1000 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 fixed costs of $5 and the following marginal cost Quantity Marginal cost 1 pie $2 2 5 3 9 4 11 5 13 6 15 a. Complete the following table by computing the total cost and average total cost for each quantity produced.
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