The following table gives quantity supplied and quantity demanded at various prices in the perfectly competitive meat-packing market: 11eb872f_ac2e_9a36_a220_b7d15062cbad_SM3044_00 Assume that each firm in the meat-packing industry faces the following cost structure: 11eb872f_ac2e_c147_a220_eb1388b15900_SM3044_00 a. What is the profit-maximizing output level for the typical firm? (Hint: Calculate MC for each change in output,then find the equilibrium price,and calculate MR for each change in output.)b. Is this market in long-run equilibrium? Why or why not? (Hint: Calculate ATC.)c. What do you expect to happen to the number of meat-packing firms over the long run? Why?

Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman

النسخة 6الرقم المعياري الدولي: 978-1133708735

Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman

النسخة 6الرقم المعياري الدولي: 978-1133708735

تمرين 12

The following table gives quantity supplied and quantity demanded at various prices in the perfectly competitive meat-packing market:

Assume that each firm in the meat-packing industry faces the following cost structure:

a. What is the profit-maximizing output level for the typical firm? (Hint: Calculate MC for each change in output,then find the equilibrium price,and calculate MR for each change in output.)b. Is this market in long-run equilibrium? Why or why not? (Hint: Calculate ATC.)c. What do you expect to happen to the number of meat-packing firms over the long run? Why?

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The data related to marginal cost,margin...