TTT Total Cost Quantity 10 Total Revenue $25 50 20 30 60 105 100 150 40 160 200 Based on the data above, a profit-maximizing firm in a perfectly competitive market would decide to produce: 10 units of output. 40 units of output. 30 units of output. O 20 units of output.

ASAP

Resources Submit All Question 9 of 30 The accompanying graph depicts the cost curves of an individual firm in a perfectly (or purely) competitive industry. a. Use the line labeled 'Supply' to trace out the firm's Short-Run supply curve. 20 Supply Marginal cost 19 18 17 16 Average total cost 15 14 13 Average variable cost 12 11 10 8. 7. 4 3. 2 15 21 24 27 30 33 36 39 12 46°F A 18 a 1O

The industry in the figure below consists of many firms with identical cost structures, and the industry experiences constant scale. Consider a change in demand from D₁ to D2, which increases price from $20 to $30 in the short run. Price $50 $40 $30 $20 $10 0 10 20 Market 30 D₁ 40 Quantity S₁ D₂ 50 60 70 Tools LRS O S₂ Instructions: Enter your answers as a whole number. a. Draw the new short-run market supply curve that will occur in response to the increase in demand and increase in price. Instructions: Use the tool provided 'S2' and be sure your supply curve includes the new equilibrium price and quantity. b. Draw the long-run supply curve. Instructions: Use the tool provided 'LRS' and plot only the endpoints over the entire range of output (0-60). The new equilibrium price is $ 20 and the new equilibrium quantity is 40.