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 () MC16АТС12AVC8Q468102.

Given graph In the graph given curves are marginal cost curve, average cost curve and average…

Answered: Given the information on the graph…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 ()

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