Please help im begging **Understanding Cost Curves in a Competitive Rhodium Market**In the competitive market for rhodium, every firm is identical and faces the same cost curves. The graph below illustrates the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves.**Graph Explanation:**- **Axes:** - The horizontal axis represents the quantity of rhodium in thousands of pounds. - The vertical axis represents costs in dollars per pound.- **Curves:** - **MC (Marginal Cost):** Represented by an orange curve. This curve typically shows a U-shape, illustrating the cost to produce one additional pound of rhodium. - **AVC (Average Variable Cost):** Represented by a purple curve. This curve shows the average variable cost per pound, also usually U-shaped. - **ATC (Average Total Cost):** Represented by a green curve. This curve shows the average total cost per pound, combining both fixed and variable costs.- **Data Points:** - Key data points are marked with black squares on the MC curve. One specific point is highlighted: at a quantity of 38 thousand pounds, the cost is 72 dollars per pound.Understanding these curves is crucial for analyzing production efficiency and cost management in the industry. **Instruction:**Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. *(Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.)* Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms.**Graph Explained:**The graph displays the price of rhodium (in dollars per pound) on the vertical axis, ranging from 0 to 80, and the quantity of rhodium (in thousands of pounds) on the horizontal axis, ranging from 0 to 1200. - The **Demand** curve is represented by a blue line, showing a downward slope from a price of $56 at a quantity of 0 to approximately $36 at a quantity of 1200.- **Supply Curves**: - **Orange squares:** Represent the supply curve for 10 firms. - **Purple diamonds:** Represent the supply curve for 20 firms. - **Green triangles:** Represent the supply curve for 30 firms.**Text below the graph:**If there were 30 firms in this market, the short-run equilibrium price of rhodium would be $[blank] per pound. At that price, firms in this industry would [blank] the rhodium market. Therefore, in the long run, firms would [blank] the rhodium market.Because you know that competitive firms earn [blank] economic profit in the long run, you know the long-run equilibrium price must be $[blank] per pound. From the graph, you can see that this means there will be [blank] firms operating in the rhodium industry in long-run equilibrium.

The supply schedule is given below:The market for titanium with the supply curves is given below: If there are 30 firms then the equilibrium will occur where the green supply curve and demand curve will intersect each other. The equilibrium price will be $36 and the equilibrium quantity will be 900. Here, the quantity of 1 frim will be 30 (900/30 firms) and the ATC will be $44. Since the price is less than the ATC (36<44) it means the firms are earning losses in the short run. So many firms will leave the market in the long run.In the long run, the price is equal to the minimum of ATC because the firms earn only zero economic profit in the long run. This happens because of the property of free entry and exit of firms. Positive economic profits attract new firms, raising supply and reducing prices, while negative economic profits (losses) cause firms to exit and reduce supply and raise prices. From the graph of ATC, it can be seen that the minimum ATC is $44. So the price, in the long run, will be $44. In the market, the equilibrium at the price of $44 occurs when the orange supply curve (with 10 firms) and the demand curve intersect each other. So in the long run, 10 firms will operate in the market.

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Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 38. 72

Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 38. 72

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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