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["This week we'll build on the table you constructed in Week 12.  Complete the shaded boxes (you can copy what you did last week for columns D-L)."]
["Your task now is to consider how this firm would decide how much to produce in a  perfectly competitive market."]
["Suppose that the competitive market price is $12.50"]
["Then examine the graphs and answer the questions below the charts."]
["The four graphs should look like a typical set of curves when you're done."]
["The table presents a short run production function for a two-input production process."]
["The two inputs are workers and machines."]
["Workers cost $75 each.  The fixed cost of capital is $100."]
[{"$nulls":5},"Capital = ",{"v":100,"d":"$100"}]
[{"$nulls":5},"wage =",{"v":75,"d":"$75"}]
[null,"Number of Workers (L)","Total Output (Q)","Marginal Product of Labor","Average Product of Labor","Total Fixed Cost","Total Variable Cost","Total Cost","Average Fixed Cost","Average Variable Cost","Average Total Cost","Marginal Cost","Price","Total Revenue","Marginal Revenue","Average Revenue","Profit"]
[null,0,0,"XXX","XXX",null,0,null,"XXX","XXX","XXX","XXX","XXX","XXX","XXX","XXX"]
[null,1,5]
[null,2,15]
[null,3,30]
[null,4,50]
[null,5,75]
[null,6,90]
[null,7,98]
[null,8,104]
[null,9,108]
[null,10,110]
{"$rows_empty":32}
["1.  What is the Profit-Maximizing Level of Output?"]
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["2. Is this industry in long run equilibrium?"]
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["3.  What are your profits?"]
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["4.  Will firms enter or exit this industry?"]
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["5.  What is the long run equilibrium price in this industry if firms have identical costs?"]
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["6.  How did you know?"]