The two graphs on the next page represent the market supply and demand for a good (the first graph) and the second graph shows sets of cost curves for almond production, first with an initial technology and then with an improved technology. Using the graphs, do the problems below. In answering, you will be writing out your answers AND making the appropriate drawings on the graphs to support/coincide with your written answers. Show (using boxes on the graphs) the initial profit for each technology (cost curves Y and cost curves Z) based on the initial market price as determined by the market supply and demand. You should probably use different colors for each set of cost curves. You will need to show on the market graph what the initial market price is. • Show the long-run market price that results from the standard technology adoption situation process as it is implied in the graphs of technology change. Show the price on the market graph and make the appropriate drawing that supports the long-run market price. Show (using the graphs and writing the value below) what the profit-maximizing level of output for the original technology will be after the long-run price is determined.

The two graphs on the next page represent the market supply and demand for a good (the first graph) and the second graph shows sets of cost curves for almond production, first with an initial technology and then with an improved technology. Using the graphs, do the problems below. In answering, you will be writing out your answers AND making the appropriate drawings on the graphs to support/coincide with your written answers. Show (using boxes on the graphs) the initial profit for each technology (cost curves Y and cost curves Z) based on the initial market price as determined by the market supply and demand. You should probably use different colors for each set of cost curves. You will need to show on the market graph what the initial market price is. • Show the long-run market price that results from the standard technology adoption situation process as it is implied in the graphs of technology change. Show the price on the market graph and make the appropriate drawing that supports the long-run market price. Show (using the graphs and writing the value below) what the profit-maximizing level of output for the original technology will be after the long-run price is determined.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4 Follow instructions and use 2 graphs to map and show work clearly. Thank you

The two graphs on the next page represent the market supply and demand for a good (the first
graph) and the second graph shows sets of cost curves for almond production, first with an
initial technology and then with an improved technology. Using the graphs, do the problems
below. In answering, you will be writing out your answers AND making the appropriate drawings
on the graphs to support/coincide with your written answers.
Show (using boxes on the graphs) the initial profit for each technology (cost curves Y
and cost curves Z) based on the initial market price as determined by the market supply
and demand. You should probably use different colors for each set of cost curves. You
will need to show on the market graph what the initial market price is.
• Show the long-run market price that results from the standard technology adoption
situation process as it is implied in the graphs of technology change. Show the price on
the market graph and make the appropriate drawing that supports the long-run market
price.
Show (using the graphs and writing the value below) what the profit-maximizing level of
output for the original technology will be after the long-run price is determined.
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105
100
95
90
85
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70
65
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55
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35
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10
5
0
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
0
ND
5
10
15
Fo
S
Quantity
20
25
30
Quantity
35
40
45
50
55

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