Now assume that there are 1,500 identical firms in this competitive industry. That is, there are...

 

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Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the table above) Suppose the market demand data for the product are as follows: Price $ 27.00 Total Quality Demanded 17,000 15.000 13,500 12,000 10,500 9,500 8,000 33.00 39.00 42.00 47.00 57.00 67.00 What is the equilibrium price? S What is the equilibrium output for the industry? For each firm? units Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss What will profit or loss be per unit? [Click to select) per unit-$[ Per firm? $ Will this industry expand or contract in the long run? [Click to select) units Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the table above) Suppose the market demand data for the product are as follows: Price $ 27.00 Total Quality Demanded 17,000 15.000 13,500 12,000 10,500 9,500 8,000 33.00 39.00 42.00 47.00 57.00 67.00 What is the equilibrium price? S What is the equilibrium output for the industry? For each firm? units Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss What will profit or loss be per unit? [Click to select) per unit-$[ Per firm? $ Will this industry expand or contract in the long run? [Click to select) units

Answer rating: 100% (QA)

To find the industry supply schedule we need to calculate the total quantity supplied by the 1500 identical firms at different price levels We can do ... View the full answer