Consider the following costs of a typical firm in a purely competitive industry. The firm has no fixed costs (average total cost = average variable cost). Consider the following costs

Consider the following costs of a typical firm in a purely competitive industry. The firm has no fixed costs (average total cost = average variable cost). Consider the following costs of a typical firm in a purely competitive industry. The firm has no fixed costs (average total cost = average variable cost). Gummy Avmc%::olal Marginal Cost
1 $16.00 —
2 15 .00 $14 00
3 13.00 9.00
4 18.?5 36.00
5 5?.00 210.00
6 123.50 370.00 a. Given only the information available, whatwoulcl you expect product price to be in the long run? 0 $13.00
0 $9.00
0 $18.75
0 $14.00 b. would you expect price to be in the short run? 0 $10.00
0 $14.00
0 $12.00
0 $9.00

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