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{"ops":[{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Quantity Demanded\t1200\t1100\t1000\t900\t800\t700\t600\t500\t400\t300\t200\t100\t0"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"a.\tCompute each seller\u2019s total cost and average total cost for selling 1 to 6 durians."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"b.\tThe price of a durian is now RM11. How many durians are sold in the market?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"c.\tHow many durians does each seller sell and how much profit does he earn? "},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"d.\tHow many sellers are there in the market?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"e.\tIs the situation described in above a long-run equilibrium? Explain why?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"f.\tSuppose that in the long run there is free entry and exit. How much profit does each seller earn in the long run equilibrium?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"g.\tWhat is the market price and number of durians each seller sells? How many durians are sold? How many durians\u2019 sellers are operating in the market?"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Each seller in the market has fixed costs of RM9 and the following marginal cost:"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Quantity\tMarginal Cost (MC) (RM)"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"1\t2"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"2\t4"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"3\t6"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"4\t8"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"5\t10"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"6\t12"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"}]}

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