ATCMCZ AVCV.W$13$10T$7$4N5 7 9 10 12 144The graph above shows cost curves of a firm in a competitive market. Several points aremarked on the graph to allow tracing curves. Some of them can also be used to indicatevarious prices. Refer to the graph to answer the following questions:1. The short-run supply of the firm can be traced by connecting points2. If the market price is $4 then in the short-run the firm would supplyunits. At this price the firm would3. If the market price is $10 then in the short-run the firm would supplyunits. At this price the firm would4. If the market price is $7 then in the short-run the firm would supplyunits. At this price the firm would5. In the short run, the firm is better off continuing to operate (i.e. Q>0) despite losses ifthe price is in the interval aboveand below%24

The supply curve in case of perfect competition is the part of MC(marginal cost) which is greater…

Answered: W. R 5 7 9 10 12 144 above shows cost…

W. R 5 7 9 10 12 144 above shows cost curves of a firm in a competitive market. the graph to allow tracing curves. Some of them can also be ices. Refer to the graph to answer the following questions:

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

ATC
MC
Z AVC
V.
W
$13
$10
T
$7
$4
N
5 7 9 10 12 144
The graph above shows cost curves of a firm in a competitive market. Several points are
marked on the graph to allow tracing curves. Some of them can also be used to indicate
various prices. Refer to the graph to answer the following questions:
1. The short-run supply of the firm can be traced by connecting points
2. If the market price is $4 then in the short-run the firm would supply
units. At this price the firm would
3. If the market price is $10 then in the short-run the firm would supply
units. At this price the firm would
4. If the market price is $7 then in the short-run the firm would supply
units. At this price the firm would
5. In the short run, the firm is better off continuing to operate (i.e. Q>0) despite losses if
the price is in the interval above
and below
%24

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