On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve thatcorresponds to prices where there is positive output. (Note: You are given more points to plot than you need.) Then, place the black point (plussymbol) on the graph to indicate the short-run equilibrium price and quantity in this market.Note: Dashed drop lines will automatically extend to both axes.8 8 8 8 8100PRICE (Dollars per lamp)8 8 850302010D0Demand70 140 210 280 350 420 490 560QUANTITY (Thousands of lamps)630 700Pindustry's Short-Run Supply+Equilibriumneed assistance plotting last graph 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. Assumethat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero lamps and the profit-maximizingquantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it willmake a profit, suffer a loss, or break even at each price.Price(Dollars per lamp)1520PRICE (Dollars per lamp80RS23270262555708510588 288 8COSTS (Dolars)20On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that correspondsto prices where there is positive output. (Note: You are given more points to plot than you need.)(?10010DQuantity(Lamps)00Either 0 or 45,0001060,00065,00070,000MC-D20D20 30 40 50 60 75 NOQUANTITY (Thousands of lamps)YDY6. Deriving the short-run supply curveConsider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variablecost (AVC) curves for a typical firm in the industry.ATC♥AVCProduce or Shut Down?Shut downShut downEither shut down or produceProduceProduceProduce90 100Y50 60700030 40QUANTITY (Thousands of lamps)Y00100Profit or Loss?LossLossLoss--0-Firm's Short-Run SupplyYBreak even YProfitProfitY

The supply curve of a product is a graphical representation of the quantity supplied on various…

On the following graph, use the orange points (square symbol) to plot points along the portion of the industry'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.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes. 100 90 10 70 PRICE (Dollars per lamp) 8 8 8 8 60 50 20 10 D 0 Demand 70 140 210 280 350 420 540 630 700 QUANTITY (Thousands of lamps) 9 industry's Short-Run Supply + Equilibrium

On the following graph, use the orange points (square symbol) to plot points along the portion of the industry'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.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. Note: Dashed drop lines will automatically extend to both axes. 100 90 10 70 PRICE (Dollars per lamp) 8 8 8 8 60 50 20 10 D 0 Demand 70 140 210 280 350 420 540 630 700 QUANTITY (Thousands of lamps) 9 industry's Short-Run Supply + Equilibrium

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 5SQP

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