The Following Relationship Between Price, Average Total Cost, and the Number

question 146

Essay

The following relationship between price, average total cost, and the number of firms describes an industry in a single country. $$\begin{array} { | c | c | c | } \hline \text { Number of Firms } & \text { Average Total Cost } & \text { Price } \\\hline 1 & 8 & 72 \\\hline 2 & 16 & 64 \\\hline 3 & 24 & 56 \\\hline 4 & 32 & 48 \\\hline 5 & 40 & 40 \\\hline 6 & 48 & 32 \\\hline 7 & 56 & 24 \\\hline\end{array}$$ (A) Graph the relatinghp between average tatal cost and the number of firms, a5 well as the relationship between price and the number of firms.
(B) Find the lang-run equalibriun price and nunber af firms.
(C) Suppose the cauntry apens to trade with ather cauntries. Which line will shiet and in which direction? What will happen to the lang-run equilibriun price and the number of Eirms in the industry?

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