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 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per ton) 80 72 64 56 48 16 Demand Supply (10 firms) Supply (20 firms) Supply (30 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 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per ton) 80 72 64 56 48 16 Demand Supply (10 firms) Supply (20 firms) Supply (30 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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Question

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)

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 20 firms. Finally, use the green points (triangle symbol) to
plot the short-run industry supply curve when there are 30 firms.
80
72
Supply (10 firms)
64
56
48
Demand
Supply (20 firms)
40
32
Supply (30 firms)
24
16
8
120
240
360 480
600
720
840
960
1080 1200
QUANTITY (Thousands of tons)
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
Therefore, in the long run, firms would
v the steel market.
PRICE (Dollars per ton)

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