Given this practice question how would I go about solving this situation? b. Assume that the market price in the short run is P = $11. Given the way you drewthe diagram, identify the short run equilibrium quantity (Qsı) in the graph.With the current plant size, the minimum of short run average cost (SRAC) is $8, at theThe average cost (SR and LR) of Q = 50,000 is $10.11output level of Q = 62,000.a. Sketch the firm's LRAC, SRAC, SRMC, and LRMC curves.C. Next, assume that the price of $11 ersists long enough for the firm to make anyprofitable long run adjustment to plant size. Identify equilibrium quantity (Qs2).d. Finally, assume that the market attains long run eguilibrium. Given the way you drewthe graph, identify this firm's equilibrium quantity (Q*) in the diagram.ot enogusd tedw oTur pnol orlt nt Snn horle ert TC: PqLL > mc= 'AtCAQiS: AC= TC/Q = 60>140= 0.6 140-to10011. Envelope Curve I200=0-7.Hazel's Hazelnuts sells in a perfectly competitive industry.The firm's minimum long run average cost (LRAC) occurs at output of Q = 100,000.The firm is currently operating with a smaller plant size-the size that achieves theminimum long run average cost of producing 50,000 units.

Long run average cost, or LRAC, is referred to the cost for an unit of output when all the factors…

11 b. Assume that the market price in the short run is P = $11, Giyen the way YOU drew With the current plant size, the minimum of short run average cost (SRAC) is $8, at the The average cost (SR and LR) of Q = 50,000 is $10. output level of Q = 62,000. a. Sketch the firm's LRAC, SRAC, SRMC, and LRMC curves. the diagram, identify the shot

11 b. Assume that the market price in the short run is P = $11, Giyen the way YOU drew With the current plant size, the minimum of short run average cost (SRAC) is $8, at the The average cost (SR and LR) of Q = 50,000 is $10. output level of Q = 62,000. a. Sketch the firm's LRAC, SRAC, SRMC, and LRMC curves. the diagram, identify the shot

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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