There are three identical firms in a market. The following table shows the supply schedule of firm 1. Calculate the market supply schedule.
Answered Feb 05, 2023
L TC TFC = TC - TVC TVC = TC - TFC AFC = TFC/Q AVC = TVC/Q SAC = AFC + AVC SMC = TCn - TCn -...
L TC TFC = 20 TVC=TC - TFC AFC = TFC/Q AVC = TVC/Q SAC = AFC + AVC SMC = TCn - TCn -1 1 50 20 30 20 30 50 30 2 65 20 45 10 22.5 32.5 15 3 75 20 55 6.66 27.5 34.16 10 4 95 20 75 5 18.75 23.75 20 5 130 20 110 4 22 26 35 6 185 20 165 3.33 27.5 30.83 55
L SMC TFC = 100 TVCn = SMCn + TVCn -1 TC = TFC + TVC AVC = TVC/Q SAC = AFC + AVC 0 - 100 - 100 - - 1 500 100 500 600 500 600 2 300 100 800 900 400 450 3 200 100 1000 1100 333.33 366.67 4 300 100 1300 1400 325 350 5 500 100 1800 1900 360 380 6 800 100 2600 2700 433.33 450
Quantity Sold TR TC Profit AR = TR/Q 0 0 5 0 - 5 - 1 5 7 5 -7 = - 2 5/1 = 5 2 10 10 10 - 10 = 0 10/2 = 5 3 15 12 15 - 12 = 3 15/3 = 5 4 20 15 20 - 15 = 5 20/4 = 5 5 25 23 25...
Quantity Sold Price TC TR = P x Q Profit = TR - TC 0 10 5 10 x 0 = 0 0 - 5 =- 5 1 10 15 10 x 1 = 10 10 - 15 = - 5 2 10 22 10 x 2 =...
Price SS1(units) SS2 (units) Market Supply = SS1 + SS2 0 0 0 0 + 0 = 0 1 0 0 0 + 0 = 0 2 0 0 0 + 0 = 0 3 1 1 1 + 1 = 2 4 2 2 2 + 2 = 4 5 3 3 3 + 3 = 6 6 4 4 4...
Price SS1(kg) SS2(kg) Market Supply = SS1 + SS2 0 0 0 0 + 0 = 0 1 0 0 0 + 0 = 0 2 0 0 0 + 0 = 0 3 1 0 1 + 0 = 0 4 2 0.5 2 + 0.5 = 2.5 5 3 1 3 + 1 = 4 6 4 1.5 4 + 1.5 =...
The main reason why the number of firms is small is that there are barriers which prevent entry of the firms into industry. Patents raw materials, etc. prevent new firms...
Output TC(Rs.) TFC(Rs.) TVC(Rs.) AFC(Rs.) AVC(Rs.) AC(Rs.) MC(Rs.) 0 10 10 0 0 - - - 1 30 10 20 10 20 30 20 2 45 10 35 5 17.5 22.5 15 3 55 10 45 3.33 15 18.33 10 4 70 10 60 2.50 15 17.5 15 5 90 10 80 2.0 16 18 20 6 120 10 110 1.67 18.33 20 30
Output(units) SMC(Rs.) TFC(Rs.) TVC(Rs.) TC(Rs.) AVC(Rs.) SAC(Rs.) 0 - 100 0 100 - - 1 500 100 500 600 500 600 2 300 100 800 900 400 450 3 200 100 1000 1100 333.33 366.67 4 300 100 1300 1400 325 350 5 500 100 1800 1900 360 380 6 800 100 2600 2700 433.33 450
Install the Bissoy app to consult with a doctor.
Log in to ask questions, provide answers, or leave comments.