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. 100 90 Supply (10 firms) 80 70 60 Supply (15 firms) 50 40 Supply (20 firms) Demand 30 20 10 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 10 firms in this market, the short-run equilibrium price of copper would be $ per pound. At that price, firms in this industry would Therefore, in the long run, firms would ▼ the copper market. Because you know that perfectly competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be $ per pound. From the graph, you can see that this means there will be v firms operating in the copper industry in long-run equilibrium. PRICE (Dollars per pound)

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. 100 90 Supply (10 firms) 80 70 60 Supply (15 firms) 50 40 Supply (20 firms) Demand 30 20 10 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 10 firms in this market, the short-run equilibrium price of copper would be $ per pound. At that price, firms in this industry would Therefore, in the long run, firms would ▼ the copper market. Because you know that perfectly competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be $ per pound. From the graph, you can see that this means there will be v firms operating in the copper industry in long-run equilibrium. PRICE (Dollars per pound)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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