Economics Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Do not provide Excel Screet shot rather use tool tableAnswer completely. 678FigureThe figure to the right shows the initialmarket supply (S₁) and marketdemand (D₁) curves for the oil industryalong with the industry's long-runsupply curve (S₁).Movement up along the long-runindustry supply curve is indicated bythe rightward shift in demand to D₂.Dollars per barrel360-340-320-300-280-260-240-220-200-180-160140-120-100-80-60-40-20-Print0.0S.D.Done0₂0.4 0.8 1.2 1.6 2.0 2,4Output (barrels per day in 10,000s)2.8QQ5-X1.5per KClick the following icon to view additional informationnecessary to complete the exericse.Suppose market demand for oil increases to D₂, as illustratedin the reference figure. In the graph for the representative firm,show the new long-run average cost curve.Using the three-point curved line drawing tool, on the figure tothe right, graph the new long-run average cost curve. Labelthis curve LRAC₂.Carefully follow the instructions above, and only draw therequired object.GIEDDollars per barrel360-340-320-300280-260-240-220-200-180-160-140-120-100-80-60-40-20LRAC!0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 24 27Output (barrels per day in 100s)

Long-run average total cost (LRATC) refers to the average cost per unit of output in the long run,…

K Click the following icon to view additional information necessary to complete the exericse. Suppose market demand for oil increases to D₂, as illustrated in the reference figure. In the graph for the representative firm, show the new long-run average cost curve. Using the three-point curved line drawing tool, on the figure to the right, graph the new long-run average cost curve. Label this curve LRAC₂. Carefully follow the instructions above, and only draw the required object. CIS Dollars per barrel 360- 340- 320- 300- 280+ 260- 240- 220- 200- 180- 160- 140- 120- 100+ 80- 60- 40- 20- LRAC 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 24 27 Output (barrels per day in 100s)

K Click the following icon to view additional information necessary to complete the exericse. Suppose market demand for oil increases to D₂, as illustrated in the reference figure. In the graph for the representative firm, show the new long-run average cost curve. Using the three-point curved line drawing tool, on the figure to the right, graph the new long-run average cost curve. Label this curve LRAC₂. Carefully follow the instructions above, and only draw the required object. CIS Dollars per barrel 360- 340- 320- 300- 280+ 260- 240- 220- 200- 180- 160- 140- 120- 100+ 80- 60- 40- 20- LRAC 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 24 27 Output (barrels per day in 100s)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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