The monthly average variable costs, average total costs, and marginal costs for Alpacky, a typical alpaca wool-manufacturing firm in Peru, are shown in the table below. All firms in the industry share the same costs as Alpacky, and the industry is in long-run equilibrium.

1. 22.12
2. 21.50
3. 25. 20

Instructions: Round your answer to the nearest cent.

The market price is $.

Output (units of wool)	AVC ($)	ATC ($)	MC ($)
0	—	—
			22.00
1	22.00	32.00
			16.00
2	19.00	24.00
			18.00
3	18.67	22.00
			20.00
4	19.00	21.50
			25.00
5	20.20	22.20

Answer rating: 100% (QA)

2 Market price 2150 In an industry where all firms are identical ie a perfectly competi... View the full answer