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)10090807080504030201000125 250 375 500 825 750 875 1000 1125 1250QUANTITY (Thousands of pounds)DemandBecause you know that competitive firms earnSupply (10 firms)TrueSupply (15 firms)If there were 10 firms in this market, the short-run equilibrium price of rhodium would be $would. Therefore, in the long run, firms wouldFalseSupply (20 firms)per pound. From the graph, you can see that this means there will be?per pound. At that price, firms in this industrythe rhodium market.economic profit in the long run, you know the long-run equilibrium price must befirms operating in the rhodium industry in long-run equilibrium.True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. Consider the competitive market for rhodium. 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)10090807080501000MC DATC□AVC10 20 30D4060, 90050 60 70 80QUANTITY (Thousands of pounds)D90 100The following graph plots the market demand curve for rhodium.?

The supply curve shows the range of quantities that a producer is willing to provide to the market…

If there were 10 firms in this market, the short-run equilibrium price of rhodium would be would . Therefore, in the long run, firms would Because you know that competitive firms earn_ per pound. From the graph, you can see that this means there will be True per pound. At that price, firms in this industry the rhodium market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the rhodium industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. O False

If there were 10 firms in this market, the short-run equilibrium price of rhodium would be would . Therefore, in the long run, firms would Because you know that competitive firms earn_ per pound. From the graph, you can see that this means there will be True per pound. At that price, firms in this industry the rhodium market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the rhodium industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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