Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry.
On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: You are given more points to plot than you need.)
At the current short-run market price, firms will(produce/shut down) in the short run. In the long run, (firms will neither enter nor exit/some firms will enter/some firms will exit)
Set P=MC
The firm will not produce when P When there are 8 firms,they will supply P Q 25 360000 55 480000 70 520000 85 560000 At the current short-run market price, firms
will(produce) in the short run. In the long run,
(firms will neither enter nor
exit)
P
Q
P/S
P/L
15
0
S
L
20
0
S
L
25
Either 0
or 45000
Either S
or P
L
55
60000
P
Breakeven
70
65000
P
P
85
70000
P
P
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average...
Consider the competitive market for dress shirts. The following graphic shows the marginal cost (MC), average total cost (ATC) , and average variable cost (AVC) curves for a typical industry For each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is Indifferent between producing zero shirts and the profit-maximizing quantity....
17. Deriving the short-run supply curve Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between...
4. Deriving the short-run supply curve Consider the perfectly competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run....
5. Deriving the short-run supply curve Consider the perfectly competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ? 80 72 64 56 40 АТС AVC 8 МС О 0 8 16 24 32 40 48 56 64 72 80 QUANTITY OF OUTPUT (Thousands of shirts) PRICE AND COST PER UNIT (Dollars) For each price in the following table,...
4. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of lamps this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between...
Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of lamps this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero lamps and the...
PLEASE READ VERY CAREFULLY!! ANSWERS MUST BE CORRECT AND CLEAR TO READ. AND FOR THE GRAPH PLEASE LIST OUT ALL THE COORDINATE POINTS!! THANKS! PRODUCE OR SHUTDOWN OPTIONS" EITHER SHUT DOWN OR PRODUCE PRODUCE SHUTDOWN IN THE LONG RUN: FIRMS WILL NEITHER ENTER NOR EXIT SOME FIRMS WILL ENTER SOME SOME FIRMS WILL EXIT 5. Deriving the short-run supply curve Consider the price-taker market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and...
Consider the perfectly competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and...
Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of lamps this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent...
6. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ATC COSTS (Dollars) MC D 0 + 0 + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of lamps) + 90 10 100 For each price in the following table, use the graph to determine the number...