I would like to know if I got the right answer and an explanation to better understand. thank you. **Exhibit 23-9**There are two graphs labeled 'Market' and 'Single Firm'.**Market Graph:**- The X-axis is labeled 'Quantity'.- The Y-axis is labeled 'Price'.- SUP represents the supply curve.- The initial demand curve is labeled D1.- The new demand curve, after the increase, is labeled D2.- The initial equilibrium price is P1 at the intersection of SUP and D1.- The new equilibrium price is around P2 at the intersection of SUP and D2.**Single Firm Graph:**- The X-axis is labeled 'Quantity'.- The Y-axis is labeled 'Price'.- SAC1 represents the initial short-run average cost curve.- SAC2 represents the new short-run average cost curve.- SMC represents the short-run marginal cost curve.- LAC represents the long-run average cost curve.- The curve labels include ATC, AR1, and AR2.- The initial equilibrium price is P1 at the intersection of SMC and AR1.- The new equilibrium price is around P2 at the intersection of SMC and AR2.Refer to Exhibit 23-9. Assume that demand increases from $ D1 $ to $ D2 $. In the new long-run equilibrium, price settles at a level between $ P1 $ and $ P2 $. This means that the industry in question is a(n) ________ cost industry.Options:- decreasing- increasing- constant- marginal- fixed

The industry in question is increasing cost industry

Answered: Refer toEhit 23-RAume briun, price…

Refer toEhit 23-RAume briun, price setties atalnve l hostion s wrrom D, to Dy the wng behween P and P This mans that t iduste cost tndustry O ng here www

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Open ECON EVERYDAY and then choose one article. Summarize, relate, and react to what you have read.…

A: ***Since external citations or links cannot be used in the answer as per guidelines, so the expert…

Q: A model of saintlihood and altruism, when Mother Teresa accepted the Nobel Prize for Peace in…

A: The "Blessed Teresa of Calcutta" was awarded the Nobel Peace Prize in 1979 for her efforts in the…

Q: What did Frederick Engels believe about the family and society

A: A society is a group of people who interact with one another on a regular basis, or a large social…

Q: Why is this answer different to the other answers for the same question?

A: Cournot model is an economic model wherein contending firms pick an amount to create freely and all…

Q: Send a letter to a future student. The letter should discuss: • how to be a successful college…

A: Detailed explanation: In crafting the letter to a future student, I focused on sharing practical…

Q: Economics helps managers focus on key issues.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Imagine you are an economics professor in a world without money. Explain why it would be tricky to…

A: Money has important functions which are described as below: Money acts as a medium of exchange. The…

Q: Choose what you consider to be the two most important culture components from the chart. Argue why…

A: Given:Values & AttitudesManners & CustomsSocial StructureReligionPersonal…

Q: I asked this question but didn't receive a response. How do I answer this? I believe my answer is…

Q: Please provide the answer of my question with explanation

A: Regression is a statistical technique used in the fields of finance, investing, and other subjects…

Q: Buying and selling textbooks are two separate decisions made at the margin. Textbooks create value…

A: The consumer surplus is when a consumer is willing to pay less than its product price. It is based…

Q: can i have an explanation for each answer

A: Total Cost: Total Cost is computed through the formula that is, Total Cost = Fixed Cost + Variable…

Q: Explain complex economic concepts to a reporter through an email pitch.

A: Hi [Reporter's Name],I hope this message finds you well. I would love to discuss two key economic…

Q: Selecting a Bank: Veronica plans to open a checking account with her $1,200 tax refund check. She…

A: Monthly charges by a bank refer to the fees that customers are required to pay on a regular, usually…

Q: What is the solution to question 6? I really need help with that one.

A: The amount of gas the buyers would be willing to purchase would drop if it turned out that 50% of…

Q: Could you solve question D as well

A: The term "LM" stands for the Liquidity-Money Supply framework, an economic model that depicts the…

Q: An important trade-off you’re recently faced Describe an incentive your parents offered to you in an…

A: Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one…

Q: Figure 4.1 illustrates the demand and supply schedules for pocket calculators in Mexico, a "small"…

A: In the figure, it is given that the world price is $ 3. The country will import the good because…

Q: How has your study of Economics so far provided insight to the business world around you?

A: Economics is considered as one of the most important branches. Studying Economics is very important…

Q: the answer was wrong

A: Probability hypothesis is the underpinning of factual science, giving a numerical method for…

Q: Something that is perceived as a luxury rather than a need is something that brings pleasure.…

A: Luxury things are something contrary to need(necessity) products or need costs, which are the…

Q: am almost positive my answer is right. Is it?

A: What large scale natural disaster may cause ? Large sacle natural disaster leads to reduced the…

Question

I would like to know if I got the right answer and an explanation to better understand. thank you.

**Exhibit 23-9**

There are two graphs labeled 'Market' and 'Single Firm'.

**Market Graph:**
- The X-axis is labeled 'Quantity'.
- The Y-axis is labeled 'Price'.
- SUP represents the supply curve.
- The initial demand curve is labeled D1.
- The new demand curve, after the increase, is labeled D2.
- The initial equilibrium price is P1 at the intersection of SUP and D1.
- The new equilibrium price is around P2 at the intersection of SUP and D2.

**Single Firm Graph:**
- The X-axis is labeled 'Quantity'.
- The Y-axis is labeled 'Price'.
- SAC1 represents the initial short-run average cost curve.
- SAC2 represents the new short-run average cost curve.
- SMC represents the short-run marginal cost curve.
- LAC represents the long-run average cost curve.
- The curve labels include ATC, AR1, and AR2.
- The initial equilibrium price is P1 at the intersection of SMC and AR1.
- The new equilibrium price is around P2 at the intersection of SMC and AR2.

Refer to Exhibit 23-9. Assume that demand increases from $ D1 $ to $ D2 $. In the new long-run equilibrium, price settles at a level between $ P1 $ and $ P2 $. This means that the industry in question is a(n) ________ cost industry.

Options:
- decreasing
- increasing
- constant
- marginal
- fixed

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Trying to figure out?
Can you please give me more details for each questions. I need more information. Thanks
Answer this question
evaluate if the United States has been a leader in the global economy in recent decades. answer in 3 to 5 sentences
please provide explanation. answer is incorrect