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Total Product Total Fixed Cost Total Variable Cost 0 $150 $ 0 1 150 50 2...

Total Product Total Fixed Cost Total Variable Cost 0 $150 $ 0 1 150 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150 360 8 150 475 9 150 620 10 150 800 The first table shows cost data for a single firm. Now suppose that there are 600 identical firms in this industry, each with the same cost data. Suppose, too, that the demand curve for this industry is as shown in the second table. Price Quantity Demanded $20 6,800 30 5,975 45 5,500 60 5,125 75 4,500 95 4,200 120 3,600 150 2,400 Based on all these data, the equilibrium price of the product in the market will be Multiple Choice $60. $95. $120. $75.

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Answer #1

At $120 market Demand is 3600 and each firm is producing 6 i.e. 6*600 = 3600 units. Therefore, demand is equal to supply at this price.

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