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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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6 7 8 Figure The figure to the right shows the initial market supply (S₁) and market demand (D₁) curves for the oil industry along with the industry's long-run supply curve (S₁). Movement up along the long-run industry supply curve is indicated by the rightward shift in demand to D₂. Dollars per barrel 360- 340- 320- 300- 280- 260- 240- 220- 200- 180- 160 140- 120- 100- 80- 60- 40- 20- Print 0.0 S. D. Done 0₂ 0.4 0.8 1.2 1.6 2.0 2,4 Output (barrels per day in 10,000s) 2.8 Q Q 5 - X 1.5 per
Transcribed Image Text:6 7 8 Figure The figure to the right shows the initial market supply (S₁) and market demand (D₁) curves for the oil industry along with the industry's long-run supply curve (S₁). Movement up along the long-run industry supply curve is indicated by the rightward shift in demand to D₂. Dollars per barrel 360- 340- 320- 300- 280- 260- 240- 220- 200- 180- 160 140- 120- 100- 80- 60- 40- 20- Print 0.0 S. D. Done 0₂ 0.4 0.8 1.2 1.6 2.0 2,4 Output (barrels per day in 10,000s) 2.8 Q Q 5 - X 1.5 per
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. GIED 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)
Transcribed Image Text: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. GIED 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)
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