Attempts Average / 4 10. Problems and Applications Q10 An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows: Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6. Average Variable Cost Total Cost Marginal Cost Average Total Cost Quantity Dollars (Dollars) (Dollars) Dollars) 0 15 AN N Co UI A 10 12 The equilibrium price is currently $20. Each firm produces units, so the total quantity supplied in the market is units. In the long run, firms can enter and exit the market, and all entrants have the same costs as in the previous table. As this market makes the transition to its long-run equilibrium, the price will , quantity demanded will , and the quantity supplied by each firm will Use the orange line (square point) to graph the long-run supply curve for this market. ? Long-Run Supply Price 0 10 20 30 40 50 60 70 80 90 100 Quantity Grade It No Save & Continue Continue without saving