Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Table 17-4Only two firms, ABC and XYZ, sell a particular product. The following table shows the demand curve for their product. Each firm has the same constant marginal cost of $8 and zero find costPrice(Dollars perunit)Ohan Kry28262422201816141210864QuantityDemanded(Units)05238455888882030405060650Refer to Table 17-4. If this market were perfectly competitive instead of oligopolistic, what would the price be?O 314Oh 318OCKO d. s70TotalRevenue(Dollars)01302403304004504804904804504003302401300

This question asked us to determine the equilibrium price in a perfectly competitive market, given…

Table 17-4 Only two firms, ABC and XYZ, sell a particular product. The following table shows the demand carve for their product. Each firm has the same constant marginal cost of $8 and zero fixed cost Quantity Demanded (Units) Price (Dollars per unit) 28 26 24 22 20 18 16 14 12 10 8 0 5 10 15 20 25 30 35 40 45 50 6 55 4 60 2 65 0 70 tefer to Table 17-4. If this market were perfectly competitive instead of oligopolistic, what would the price be? 04314 Oh318 DER Total Revenue (Dollars) 0 130 240 330 400 450 480 490 480 450 400 330 240 130 0

Table 17-4 Only two firms, ABC and XYZ, sell a particular product. The following table shows the demand carve for their product. Each firm has the same constant marginal cost of $8 and zero fixed cost Quantity Demanded (Units) Price (Dollars per unit) 28 26 24 22 20 18 16 14 12 10 8 0 5 10 15 20 25 30 35 40 45 50 6 55 4 60 2 65 0 70 tefer to Table 17-4. If this market were perfectly competitive instead of oligopolistic, what would the price be? 04314 Oh318 DER Total Revenue (Dollars) 0 130 240 330 400 450 480 490 480 450 400 330 240 130 0

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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