7. The long-run supply curve indifferent cost industries The following graph shows the market for milk. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a rightward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position.Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per gallon) 10 2 4 In the short run, firms will Short-run Supply Demand 8 QUANTITY (Thousands of gallons) 10 Demand Short-run Supply Short-run Equilibrium Long-run Equilibrium Long-run Supply In the short run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the milk market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for milk.

7. The long-run supply curve indifferent cost industries The following graph shows the market for milk. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a rightward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position.Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per gallon) 10 2 4 In the short run, firms will Short-run Supply Demand 8 QUANTITY (Thousands of gallons) 10 Demand Short-run Supply Short-run Equilibrium Long-run Equilibrium Long-run Supply In the short run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the milk market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for milk.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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