) Consider the following cost figures of a representative firm in a perfectly competitive industry. You...

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) Consider the following cost figures of a representative firm in a perfectly competitive industry. You can use the blank columns to fill in with information that is needed to answer the questions. Output Total Costs Marginal Costs 0 10 1 22 2 36 3 52 4 70 5 90 a) Fill in the marginal costs column b) Assume that there are 1,000 firms. Fill in the column of market supply Price (P) $12 Market demand 5,000 14 4,000 16 3,000 18 2,000 20 1,000 Market supply ) Consider the following cost figures of a representative firm in a perfectly competitive industry. You can use the blank columns to fill in with information that is needed to answer the questions. Output Total Costs Marginal Costs 0 10 1 22 2 36 3 52 4 70 5 90 a) Fill in the marginal costs column b) Assume that there are 1,000 firms. Fill in the column of market supply Price (P) $12 Market demand 5,000 14 4,000 16 3,000 18 2,000 20 1,000 Market supply

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Answer a To fill in the marginal costs column we can calculate the marginal cost for each l... View the full answer