Attempts Average / 4 9. Problems and Applications Q9 The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Demand Schedule Price Quantity Demanded (Dollars) Pies 1 1,200 IN 1,100 3 L,000 900 UI A 800 Each producer in the market has a fixed cost of $9 and the following marginal cost: Quantity Marginal Cost (Pies) (Dollars) 2 W 10 6 12 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) (Dollars) (Dollars) IN 3 5 6 The price of a pie is now $11. At a price of $11, pies are sold in the market. Each producer makes pies, so there are producers in this market, each making a profit of $ True or False: The market is in long-run equilibrium. O True O False Suppose that in the long run there is free entry and exit. In the long run, each producer earns a profit of |$ . The market price is $ . At this price, pies are sold in this market, and each producer makes pies, so there are producers operating. Grade It Now Save & Continue Continue without saving