need the graphs too please! Ich 14)7. Short-run supply and long-run equilibriumConsider the competitive market for ruthenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces thesame marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph.COSTS (Dollars per pound)8 2 2 2 2 2 2 2 2 200ATCMCD AVC1020 30 40 50 60 70QUANTITY (Thousands of pounds)8090 100?2If there were 10 firms in this market, the short-run equilibrium price of ruthenium would bewould earn a positive profit Therefore, in the long run, firms wouldtranscriptenterBecause you know that competitive firms earn zeroeconomic profit in the long run, you know the long-run equilibrium price must be$30 per pound. From the graph, you can see that this means there will be 15 firms operating in the ruthenium industry in long-runequilibrium.O True$40 per pound. At that price, firms in this industrythe ruthenium market.True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit.False 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.PRICE (Dollars per pound)10088 2288 289030201000125Demand250 375 500 625 750 875 1000 1125 1250QUANTITY (Thousands of pounds)Supply (10 firms)Supply (15 firms)Supply (20 firms)?

Demand, or the desire for a commodity, is defined as a person's willingness to buy a specific…

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 can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. PRICE (Dollars per pound) 100 3 8 80 70 60 50 40 30 20 10 0 0 Demand 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) 0 Supply (10 firms) $ Supply (15 firms) Supply (20 firms) ?

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 can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. PRICE (Dollars per pound) 100 3 8 80 70 60 50 40 30 20 10 0 0 Demand 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) 0 Supply (10 firms) $ Supply (15 firms) Supply (20 firms) ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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need the graphs too please!

Ich 14)
7. Short-run supply and long-run equilibrium
Consider the competitive market for ruthenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the
same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph.
COSTS (Dollars per pound)
8 2 2 2 2 2 2 2 2 2
0
0
ATC
MC
D AVC
10
20 30 40 50 60 70
QUANTITY (Thousands of pounds)
80
90 100
?
2
If there were 10 firms in this market, the short-run equilibrium price of ruthenium would be
would earn a positive profit Therefore, in the long run, firms would
transcript
enter
Because you know that competitive firms earn zero
economic profit in the long run, you know the long-run equilibrium price must be
$30 per pound. From the graph, you can see that this means there will be 15 firms operating in the ruthenium industry in long-run
equilibrium.
O True
$40 per pound. At that price, firms in this industry
the ruthenium market.
True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit.
False

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 can
disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the
purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to
plot the short-run industry supply curve when there are 20 firms.
PRICE (Dollars per pound)
100
88 2288 28
90
30
20
10
0
0
125
Demand
250 375 500 625 750 875 1000 1125 1250
QUANTITY (Thousands of pounds)
Supply (10 firms)
Supply (15 firms)
Supply (20 firms)
?

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