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. PRICE (Dollars per pound) 80 72 64 56 48 40 24 16 8 0 0 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) Demand Because you know that competitive firms earn $ equilibrium. Supply (10 firms) If there were 30 firms in this market, the short-run equilibrium price of rhodium would be $ would . Therefore, in the long run, firms would O True Supply (20 firms) O False Supply (30 firms) per pound. From the graph, you can see that this means there will be (?) per pound. At that price, firms in this industry the rhodium market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the rhodium industry in long-run. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit.

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. PRICE (Dollars per pound) 80 72 64 56 48 40 24 16 8 0 0 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) Demand Because you know that competitive firms earn $ equilibrium. Supply (10 firms) If there were 30 firms in this market, the short-run equilibrium price of rhodium would be $ would . Therefore, in the long run, firms would O True Supply (20 firms) O False Supply (30 firms) per pound. From the graph, you can see that this means there will be (?) per pound. At that price, firms in this industry the rhodium market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the rhodium industry in long-run. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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