The following diagram shows the market demand for copper.Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You candisregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve.) Next, use thepurple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) toplot the short-run industry supply curve when there are 20 firms.100Supply (10 firms)60Supply (15 firms)50Supply (20 firma)Demand302010125250 375 500 25 750 s 1000 1125 1250QUANTITY (Thousands of pounds)If there were 10 firms in this market, the short-run equilibrium price of copper would be Swouldper pound. At that price, firms in this industryTherefore, in the long run, firms wouldthe copper market.Because you know that perfecty competitive firms earnbe seconomic profit in the long run, you know the long-run equilibrium price mustper pound. From the graph, you can see that this means there will be firms operating in the copper industry in long-runequilibrium.PRICE (Dollars per pound)

Answered: The following diagram shows the market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Just the bolded one please Using the above graph, The minimum level of output this firm would produce is 12 units. The firm's total fixed costs is $56. (Do NOT enter the '$' in your response; enter only the whole dollar amount, NOT cents.) The profit maximizing output level for this firm is 14 units. The economic profit that this firm is earning is $Blank 4. (Do NOT enter the '$' in your response; enter only the whole dollar amount, NOT cents.) If this profit level is typical of the industry that the firm is operating in, what do you expect to happen? Blank 5
The supply curves for the only two firms in a competitive industry are given by: S₁: P = 2Q1 S2: P = 2 + Q2, where Q1 is the output of firm 1 and Q2 is the output of firm 2. These two supply curves are shown in the graph below. Draw the market supply curve for this industry. Instructions: Use the tool provided to plot 4 price-quantity combinations for prices $0, $2, $4 and $6. Price Market Supply 7 S₁ S2 की 6 5 + 3 2 1 0 1 2 3 4 Quantity сл 5 10 6 7 80 Tools line tool
9 Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, ever n in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Esc 78°F Sunny 100 COSTS (Dollars per pound) 90 80 70 60 4 50 + 40 + 30 20 10 0 MC O 05 F2 ATC AVC F3 0 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) 0+ ☐ F4 45 50 F5 H M OL F6 M (?) F7 10 F8 At ( F9 F10 F11 F12 2 Fn
None
If there were 60 firms in this market, the short-run equilibrium price of titanium would be $________ per kilogram. At that price, firms in this industry would (earn a positive profit, shut down, earn zero profit, operate at a loss). Therefore, in the long run, firms would ( enter, exit, neither enter nor exit) the titanium market. Because you know that perfectly competitive firms earn (positive, zero, negative) economic profit in the long run, you know the long-run equilibrium price must be $_______ per kilogram. From the graph, you can see that this means there will be (20, 40, 60) firms operating in the titanium industry in long-run equilibrium.
The following graph shows the long-run supply curve for pears. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pears. (Note: Place the points of the line either on I and F or on I and C.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
If there were 10 firms in this market, the short-run equilibrium price of steel would be $______per ton. At that price, firms in this industry would ______(shut down/operate at a loss/ earn a positive profit/ earn zero profit). Therefore, in the long run, firms would__________(enter/ exit/ neither enter nor exit) the steel market. Because you know that competitive firms earn______(zero/ negative/ positive) economic profit in the long run, you know the long-run equilibrium price must be $_____per ton. From the graph, you can see that this means there will be_____(10/20/30) firms operating in the steel industry in long-run equilibrium.
Consider a company that operates in a competitive market, with a typical set of cost curves (Marginal Cost, Average Variable Cost, Average Fixed Cost and Average Cost with typical formats of Microeconomics theory). Consider further that Marginal Costs coincide with Average Total Costs when the firm's output is 200 units of output, at a market price of 50. If market prices fall to 40, the company will produce 180 units of product to maximize its profit. If at this point the Average Fixed Costs per unit of output equals 27 per unit of output, what are your recommendations for this company in the short term? And in the long run?
ECON QUESTION
I need this in words Not handwritten or no pic
the orange square points on the marginal cost curve from low to high(16,12) (24,20),(30,36),(32,44),(34,52),(38,72)
6. Short-run perfectly competitive equilibrium Consider a perfectly competitive market for wheat in New York City. There are 90 firms in the industry, each of which has the cost curves shown on the following graph: COST (Cents per bushel) 100 90 80 70 60 50 40 30 20 10 0 ATC 0 5 AVC 10 15 20 25 30 35 40 QUANTITY OF OUTPUT (Thousands of bushels) MC The following graph shows the market demand for wheat. 45 50 ?

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