Please help solve and explain this equation P Search (Alt+Q)Zoch, Abigail FAutoSaveffDocument1WordZAFileHomeDesignReferencesMailingsReviewViewHelpPicture FormatA ShareP CommentsInsertDrawLayout5nFirm's Short-Run Supply8070004030201010 18 20 2 0 35 405045QUANTITY (Thousands of jackets)Suppose there are 10 firms in this industry, each of which has the cost curves previously shown.On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that3.corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plussymbol) on the graph to indicate the short-run equilibrium price and quantity in this market.Note: Dashed drop lines will automatically extend to both axes.100Industry's Short-Run SupplyDemand7000Equilibrium5040* 302010firms will neither enter nor exit50100 150 200 280 300 360 400450 600QUANTITY (Thousands of jackets)some firms will entersome firms will exitAt the current short-run market price, firms willin the short run. In the long run,Page 2 of 2O wordsO Focus100%3:37 PMP Type here to search37°F Cloudy1)11/11/2021(ppeljad seog) 3o AutoSaveDocument1WordO Search (Alt+Q)ffZoch, Abigail FZAFileHomeInsertDrawDesignLayoutReferencesMailingsReviewViewHelpPicture FormatA ShareP CommentsiX.. . . . . . L:. .1·.. L:. . 2. . . L: .· 3· . . L . . . 4. . · L·..5 . . . L: . . 6. . 7.6. Deriving the short-run supply curveConsider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variablecost (AVC) curves for a typical firm in the industry.100807060ATC50403.3020AVC10MCO10 15 20 2s 30 35 40 45 50QUANTITY (Thousands of jackets)For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assumethat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and the profit-maximizingquantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it willmake a profit, suffer a loss, or break even at each price.PriceQuantityProfit or Loss?(Dollars per jacket)(Jackets)Produce or Shut Down?102032405060Page 1 of 2O wordsO Focus100%3:36 PMP Type here to search37°F Cloudy1)W11/11/2021COSTS Dollars)

Price Quantity products shut down profit/loss 10 0 shutdown loss 20 either 0 or 3000 either shutdown or produce loss 32 35000 produce loss 40 37500 produce loss 50 40000 produce Break-even 60 42500 produce profit The competitive firm produces a positive yield by picking the quantity at which market cost = marginal expense. For Example - the point on the MC bend with Price $50 has a flat price of 40000 jacket Note-When there are more than one quantity at which mc=mp then, choose the one where the MC is expanding. The choice to produce relies on the profit the firm acquires to cover its costs.The firms shutdown cost happens where MC=AVC. Here,the firms least AVC is $20 per coat and assuming the market cost is underneath it, the firm will boost its benefit by shut down. If its more than that,then the firm will produce and on the off chance that its precisely equivalent to 20, the firm will be indifferent.The supply curve of the firm would be as follows- When there are 7 firms, only multiply the quantity with 7 to plot the following curve at every given cost.The short run equilibrium cost and quantity happen at the crossing point of the market demand and supply bends which happens at cost =$50 and quantity of 280000 jackets. At the current short run market price, firms will produce in the short run. In the long run, Firms will neither enter nor exit Since the equilibrium cost of $50 is at a point on the MC bend that is equivalent to each organizations average total expense curve. So,in the short run the organizations can retain the AVC and furthermore the fixed cost.Therefore, the organizations will produce and over the long term they will stay in the market as they can take care of their expenses.

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.. 10 e QUANTITY (Thoands of jaet Suppose there are 1o fiems in this industry, each of which has the cost curves previeusly shown. On the following praph, use the orange points (rovare symbol) to plot points along the portion of the industry's short-run supoly curve that coresponds to prices where there is postve outout. (Note: You are given more points to plot than you need.) Then, plece the black point (plus symbol) on the grash to indicate the short-run eouilorum price and auentity in this market Note: Dashed drop lines will automatically extend to both aves. 100 Industry's Shon-Run Supply Demand 70 Equilbrium 20 10 firms will neither enter nor exit 100 150 200 20 300 400 40 s00 QUANTITY (Thousands of jackets) some firms will enter some firms will exit (ppelad pa 3d ura 1e

.. 10 e QUANTITY (Thoands of jaet Suppose there are 1o fiems in this industry, each of which has the cost curves previeusly shown. On the following praph, use the orange points (rovare symbol) to plot points along the portion of the industry's short-run supoly curve that coresponds to prices where there is postve outout. (Note: You are given more points to plot than you need.) Then, plece the black point (plus symbol) on the grash to indicate the short-run eouilorum price and auentity in this market Note: Dashed drop lines will automatically extend to both aves. 100 Industry's Shon-Run Supply Demand 70 Equilbrium 20 10 firms will neither enter nor exit 100 150 200 20 300 400 40 s00 QUANTITY (Thousands of jackets) some firms will enter some firms will exit (ppelad pa 3d ura 1e

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please help solve and explain this equation

P Search (Alt+Q)
Zoch, Abigail F
AutoSave
ff
Document1
Word
ZA
File
Home
Design
References
Mailings
Review
View
Help
Picture Format
A Share
P Comments
Insert
Draw
Layout
5n
Firm's Short-Run Supply
80
70
00
40
30
20
10
10 18 20 2 0 35 40
50
45
QUANTITY (Thousands of jackets)
Suppose there are 10 firms in this industry, each of which has the cost curves previously shown.
On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that
3.
corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plus
symbol) on the graph to indicate the short-run equilibrium price and quantity in this market.
Note: Dashed drop lines will automatically extend to both axes.
100
Industry's Short-Run Supply
Demand
70
00
Equilibrium
50
40
* 30
20
10
firms will neither enter nor exit
50
100 150 200 280 300 360 400
450 600
QUANTITY (Thousands of jackets)
some firms will enter
some firms will exit
At the current short-run market price, firms will
in the short run. In the long run,
Page 2 of 2
O words
O Focus
100%
3:37 PM
P Type here to search
37°F Cloudy
1)
11/11/2021
(ppeljad seog) 3o

AutoSave
Document1
Word
O Search (Alt+Q)
ff
Zoch, Abigail F
ZA
File
Home
Insert
Draw
Design
Layout
References
Mailings
Review
View
Help
Picture Format
A Share
P Comments
iX.. . . . . . L:. .1·.. L:. . 2. . . L: .· 3· . . L . . . 4. . · L·..5 . . . L: . . 6. . 7.
6. Deriving the short-run supply curve
Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable
cost (AVC) curves for a typical firm in the industry.
100
80
70
60
ATC
50
40
3.
30
20
AVC
10
MCO
10 15 20 2s 30 35 40 45 50
QUANTITY (Thousands of jackets)
For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume
that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and the profit-maximizing
quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will
make a profit, suffer a loss, or break even at each price.
Price
Quantity
Profit or Loss?
(Dollars per jacket)
(Jackets)
Produce or Shut Down?
10
20
32
40
50
60
Page 1 of 2
O words
O Focus
100%
3:36 PM
P Type here to search
37°F Cloudy
1)
W
11/11/2021
COSTS Dollars)

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