Given the information on the graph below, a) find the firm's short-run output and profit for the following prices. Please round all answers if necessary and submit them as integers, for example, 2, 0, -7. for p = $4,  output is q =()  , profit is π = () for p = $12,  output is q =()  , profit is π = () for p = $20,  output is q = () , profit is π = () b) Draw the short-run industry supply curve if there are 25 firms in the industry. The short-run industry supply curve is an upward-sloping straight line with a slope (). Please round the slope to two decimal points, for example, 2.25. The short run industry supply curve passes through the following points (please round all answers if necessary and submit as integers): for p = $4,  output is q = () for p = $10,  output is q = () for p = $14,  output is q = () c) Determine the price and the output of a firm in the long run, if all firms in the industry are the same as described on the graph. Please round all answers if necessary and submit them as integers, for example, 2, 0, -7. the price is $ () the output of a firm is ()

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Given the information on the graph below,

a) find the firm's short-run output and profit for the following prices. Please round all answers if necessary and submit them as integers, for example, 2, 0, -7.

  • for p = $4,  output is q =()  , profit is π = ()
  • for p = $12,  output is q =()  , profit is π = ()
  • for p = $20,  output is q = () , profit is π = ()

b) Draw the short-run industry supply curve if there are 25 firms in the industry.

  • The short-run industry supply curve is an upward-sloping straight line with a slope (). Please round the slope to two decimal points, for example, 2.25.
  • The short run industry supply curve passes through the following points (please round all answers if necessary and submit as integers):
    • for p = $4,  output is q = ()
    • for p = $10,  output is q = ()
    • for p = $14,  output is q = ()

c) Determine the price and the output of a firm in the long run, if all firms in the industry are the same as described on the graph. Please round all answers if necessary and submit them as integers, for example, 2, 0, -7.

  • the price is $ ()
  • the output of a firm is ()
MC
16
АТС
12
AVC
8
Q
4
6
8
10
2.
Transcribed Image Text:MC 16 АТС 12 AVC 8 Q 4 6 8 10 2.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

Blurred answer
Knowledge Booster
Shut-down point
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education