Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 9, Problem 1.5P
To determine

To graph the average variable cost curve, average total cost curve, marginal cost and marginal revenue curves.

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Price 21 20 19 18 17 16 15 14 13 12 11 10 9 7 6 5 43210 3- ABCD Marginal cost A Average total cost Average variable cost 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 Quantity Which point or points are included in the firm's supply curve in the short run? None of these points are on the firm's short-run supply curve. B с D
Macmillan Learning Consider the graphs of a constant cost industry and a perfectly competitive firm within it. Initially, the industry is in long-run equilibrium at point E, then demand shifts from Demand1 to Demand2. Answer the questions where P is the price, MR is the marginal revenue, AR is the average revenue, MC is the marginal cost, SRATC is the short-run average total cost, and LRAC is the long-run average total cost. Manipulate both of the graphs to reflect the adjustments that yield the long-run equilibrium. Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 10 20 9 8 7 6 XX 5 3 MC 2 1 E 60 30 40 50 Quantity (in thousands) The demand shift results in 70 Supply a short-run economic loss for the firm. Demand1 Demand2 10 80 90 100 0 0 10 20 SRATC 30 40 50 60 Quantity 70 80 LRAC P=MR=A 90 100
Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. The following graph shows Hi-Tech's initial marginal-cost curve (MC1) and average-total-cost curve (ATC1 ) before the new technology, and its marginal-cost curve (MC2) and average-total-cost curve (ATC2) after the new technology. Price of Books ATC1 * MC₁ MC 2 Quantity of Books ATC2 ?
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