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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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