Using the chart, answer the following:

How many Frisbees are being sold?

How many (identical) firms are initially producing Frisbees?

How much profit is the typical firm making?

In view of the profits being made, more firms will enter into Frisbee production, shift the market supply curve to the right, and push price down. At what equilibrium price are all economic profits eliminated?

How many firms will be producing Frisbees at this long-term price?

" ezto.mheducation.com G Course Hero M Question 2 - Ch. 9 Homework - Connect G calculate average total cost - Google Search G calculator - Google Search Ch. 9 Homework i Saved Help Save & Exit Submit Check my work 2 Suppose that the monthly market demand schedule for Frisbees is listed below: 10 Price $8 $7 $6 $5 $4 $3 $2 points Quantity demanded 1,000 2,000 4,000 8,000 16,000 32,000 64,000 eBook Suppose further that the marginal and average costs of Frisbee production for every competitive firm are: Print Rate of 100 200 300 400 500 600 output References Marginal $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 COS Average total cost $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Finally, assume that the equilibrium market price is $3 per Frisbee. Instructions: Enter your responses rounded to the nearest whole number. a. Identify this firm's profit-maximizing rate of output. 200 units of output b. Draw the market demand curve. Instructions: Use the tool provided 'DMkt' to draw the market demand curve (plot 7 points total). Mc Graw