PRICE (Dollars per pound)1009080706050中Supply (20 firms)Supply (30 firms)40Supply (40 firms)Demand30201000125250 375 500 625 750 875 1000 1125 1250QUANTITY (Thousands of pounds)If there were 20 firms in this market, the short-run equilibrium price of copper would be swouldTherefore, in the long run, firms wouldper pound. At that price, firms in this industrythe copper market.economic profit in the long run, you know the long-run equilibrium price mustfirms operating in the copper industry in long-run equilibrium.Because you know that competitive firms earnbe $per pound. From the graph, you can see that this means there will be

Graph Details:X-axis: Quantity (Thousands of pounds)Y-axis: Price (Dollars per pound)Demand curve:…

Answered: PRICE (Dollars per pound) 100 90 80 70…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Place the orange line (square symbol) on the graph to show the most likely long-run supply curve for pears. (Note: Place the points of the line ei an W and R or on W and M.) PRICE (Dollars per pound) 48 40 2 Z L 0 W 04 6 4 Short-Run Supply 2 8 10 QUANTITY (Thousands of pounds of pears) 12 0 Long-Run Supply
7. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.
Assume that the cost data in the following table are for a purely competitive producer: Average Average Average Total Variable Marginal Cost Total Fixed Product Cost Cost Cost 1 $60.00 $45.00 $105.00 $ 45.00 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 12.00 37.00 49.00 35.00 6. 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 7.50 40.63 48.13 55.00 9. 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $57.00 (i) Will this firm produce in the short run? (Click to select) V (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select V output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? |(Click to select v per unit = $ b.…
please also do the graph and the choices for the first blank is 2000, 7500, 8000, 10000 and the choices for the second blank is profit or economic loss thank you!!!
Suppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health. The Surgeon General's report will cause consumers to demand v turkey at every price. In the short run, firms will respond by Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move curve and it snaps back to its original position, just drag it a little farther. (?) Supply 5 Demand Supply Demand 200 400 600 800 1000 1200 QUANTITY (Millions of pounds) PRICE (Dollars per pound)
Q27
Q13
Price (dollars) 8 7 6 5 4 3 2 1 0 80 O increase; increase; increase O remain same; remain same; decrease O decrease; remain same; decrease O decrease; decrease; decrease Short-run Short-run MC AC 100 110 The graph above shows the cost curves for a firm selling in a perfectly competitive market. If the market demand falls due to a recession, the long run equilibrium price will output will ., the firm's and industry output will Output (per day) Long-run AC
$1200 $1000 $1000 D3 $600 D3 D1 D2 \D1 D2 0 300 500 650 500 Computers Per Week Computers Per Week A Refer to the graphs. Suppose a firm is currently producing 500 computers per week and charging a price of $1,000. What happens to the firm's inventory of computers if there is a negative demand shock and prices are inflexible? Multiple Choice The firm's inventory will increase by 200 computers per week. The firm's inventory will not change. The firm's inventory will decrease by 150 computers per week. The firm's inventory will increase by 350 computers per week. rch 99+ Price Price
51 / 69 75% 9. Table: Impact of Simultaneous Shifts on Equilibrium Shift in Shift in Supply Quantity A Export PDF Price Demand Create PDF May increase, Edit PDF decrease or Leftward Leftward Decreases remain Comment unchanged May increase, Da Combine F decrease or Rightward Rightward Increases Adobe Acrobat Pr remain unchanged Combine bao or mor into a single PDF May increase, decrease or Learn mo Decreases Leftward Rightward remain unchanged N Organize F May increase, Redact decrease or Increases Rightward remain U Protect Leftward unchanged Store and share 図

Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 500 million cans per year. Suppose that WebMD claims that the bacteria found in tuna will decrease your expected lifespan by 2 years. WebMD's claim will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? PRICE (Dollars per can) 10 9 8 0 O tuna at every price. In the short run, firms will respond by 100 200 Supply Demand 300 400 500 600 700 800 QUANTITY (Millions of cans) 000 1000 Demand 1 Supply
13. Firms in Competitive Markets The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be less than average total cost. Price and Costs The price of fertilizer must be less than marginal cost. The price of fertilizer must be equal to average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. MC Firm ATC LAVC II II Quantity (? P P₂ Demand 1 Market Quantity S₁ S₂ (?)

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