Please answer everything in Screenshot, as they all build off one another 3. Below, graph a competitive market and an individual firm in that market when they are all at the initial market equilibrium point. Show the following curves: Marginal Revenue, Market Demand, Average Total Cost, Supply Curve, Average Revenue, and Individual Firm Demand. Did we miss any curves? Draw the last curve we need to show firm production! 4. In the graph below that was used in Question #3, show an event where the product produced in this market has greatly increased in demand. Add curve changes as necessary to both graphs. 5. In #4, is the firm earning an economic profit or an economic loss? 6. Over time, explain what will specifically happen to that market and why? Q3. Market Graph Individual Firm Graph

Please answer everything in Screenshot, as they all build off one another 3. Below, graph a competitive market and an individual firm in that market when they are all at the initial market equilibrium point. Show the following curves: Marginal Revenue, Market Demand, Average Total Cost, Supply Curve, Average Revenue, and Individual Firm Demand. Did we miss any curves? Draw the last curve we need to show firm production! 4. In the graph below that was used in Question #3, show an event where the product produced in this market has greatly increased in demand. Add curve changes as necessary to both graphs. 5. In #4, is the firm earning an economic profit or an economic loss? 6. Over time, explain what will specifically happen to that market and why? Q3. Market Graph Individual Firm 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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Suppose that the perfectly competitive market for wheat spaghetti is in long-run equilibrium. Suppose also that campaigns for fighting obesity make students on lots of college campuses in the US aware of the fact that excessive pasta (including spaghetti) consumption has an adverse effect on body weight, and these campaigns provide an incentive for students to restrict spaghetti consumption. How do the campaigns described above affect the market for wheat spaghetti in the US, that is does the supply or the demand curve for wheat spaghetti shift and in what direction? How are the equilibrium price and quantity of wheat spaghetti affected in the short run? What happens to the short-run profit of the typical producer of wheat spaghetti in the US? What will be the price of wheat spaghetti in the long run? What profit will producers of wheat spaghetti make in the long run? Explain how this outcome is achieved. Use two graphs: one showing the market supply and demand curves for wheat…
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Q3
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ECON QUESTION
Assuming that the market for cigarettes is in perfect competition, what does allocative and productive efficiency imply in this case? What does it not imply?
PLEASE ANSWER QUESTION 2
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Can someone please explain why the long run graph would look like this?