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Suppose the following data summarize the costs of a perfectly competitive firm Quantity

Suppose the following data summarize the costs of a perfectly competitive firm Quantity

Suppose the following data summarize the costs of a perfectly competitive firm:

Quantity 0 1 2 3 4 5 6 7   8  
Total cost $100 $101 $103 $106 $110 $115 $121 $128   $136  

(a) Draw the firmAc€?cs marginal cost curve.

Instructions: Use the tool provided to draw the marginal cost curve (MC). This line should only contain the two endpoints.

(b) Draw the market supply curve on the graph, assuming 8 firms identical to the one described in the table above.

Instructions: Use the line tool provided to draw the market supply curve (MS). This line should only contain the two endpoints.

(c) What is the equilibrium price in this market?

$ _________________

abhinav behal 26-May-2020

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