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e following graph shows the market for orange juice. Initially, the market is in a long-run uilibrium. ppose that a change in tastes resulted in a leftward shift in demand. the following graph, shift the demand or supply curve to reflect this change in tastes. Then use e grey point (star symbol) to indicate the new short-run equilibrium. ote: Select and drag one or both of the curves to the desired position. Curves will snap into osition, so if you try to move a curve and it snaps back to its original position, just drag it a little rther. PRICE (Dollars per quart) 10 2 Short-run Supply 2 4 QUANTITY (Thousands of quarts) Demand 10 1 Demand 0 Short-nun Supply Short-run Equilibrium ◆ Long-run Equilibrium A Long-run Supply ?

e following graph shows the market for orange juice. Initially, the market is in a long-run uilibrium. ppose that a change in tastes resulted in a leftward shift in demand. the following graph, shift the demand or supply curve to reflect this change in tastes. Then use e grey point (star symbol) to indicate the new short-run equilibrium. ote: Select and drag one or both of the curves to the desired position. Curves will snap into osition, so if you try to move a curve and it snaps back to its original position, just drag it a little rther. PRICE (Dollars per quart) 10 2 Short-run Supply 2 4 QUANTITY (Thousands of quarts) Demand 10 1 Demand 0 Short-nun Supply Short-run Equilibrium ◆ Long-run Equilibrium A Long-run Supply ?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Confused on how to solve the graph and the blanks First blank: suffer economic losses or earn economic profits Second blank: Shift leftward or remain unchanged or shift rightward Third blank: A high-cost industry An increasing-cost industry A low-cost industry Or a decreasing-cost industry
The following graph shows the market for orange juice. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a leftward 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 quart) 10 Short-run Supply 2 QUANTITY (Thousands of quarts) In the short run, firms will Demand B 10 Demand - Short-nun Supply Short-run Equilibrium ◆ Long-run Equilibrium Long-run Supply In the long 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 orange juice market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for orange juice.
Transcribed Image Text:The following graph shows the market for orange juice. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a leftward 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 quart) 10 Short-run Supply 2 QUANTITY (Thousands of quarts) In the short run, firms will Demand B 10 Demand - Short-nun Supply Short-run Equilibrium ◆ Long-run Equilibrium Long-run Supply In the long 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 orange juice market is an example of On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for orange juice.
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