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Given the information on the graph below, Р MC 16 12 8 8 10 Q 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 = $6, output is q = , profit is π = • for p = $12, output is q = profit is л = • for p = $18, output is q = , profit is л = b) Draw the short run industry supply curve if there are 50 firms in the industry. • The short run industry supply curve is an upward sloping straight line with 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): o for p = $2, output is q = o for p = $8, output is q = o for p = $16, output is q = ATC AVC

Given the information on the graph below, Р MC 16 12 8 8 10 Q 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 = $6, output is q = , profit is π = • for p = $12, output is q = profit is л = • for p = $18, output is q = , profit is л = b) Draw the short run industry supply curve if there are 50 firms in the industry. • The short run industry supply curve is an upward sloping straight line with 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): o for p = $2, output is q = o for p = $8, output is q = o for p = $16, output is q = ATC AVC

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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Given the information on the graph below, MC 16 ATC 12 AVC 4 Q 4 10 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 = $6, output is q = , profit is n = • for p = $12, output is q = profit is = • for p = $18, output is q = , profit is r = b) Draw the short run industry supply curve if there are 50 fırms in the industry. • The short run industry supply curve is an upward sloping straight line with 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): o for p = $2, output is q = o for p = $8, output is q = o for p = $16, output is q =
Transcribed Image Text:Given the information on the graph below, MC 16 ATC 12 AVC 4 Q 4 10 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 = $6, output is q = , profit is n = • for p = $12, output is q = profit is = • for p = $18, output is q = , profit is r = b) Draw the short run industry supply curve if there are 50 fırms in the industry. • The short run industry supply curve is an upward sloping straight line with 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): o for p = $2, output is q = o for p = $8, output is q = o for p = $16, 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
Transcribed Image Text: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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