Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 40 firms. Finally, use the green points (triangle symbol) plot the short-run industry supply curve when there are 60 firms. 80 72 64 999 56 48 40 PRICE (Dollars per pound) 12 32 24 24 16 8 0 0 ーロー ? Demand Supply (20 firms) Supply (40 firms) 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) A Supply (60 firms) If there were 40 firms in this market, the short-run equilibrium price of titanium would be $ would Therefore, in the long run, firms would per pound. At that price, firms in this industry the titanium market.

Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 40 firms. Finally, use the green points (triangle symbol) plot the short-run industry supply curve when there are 60 firms. 80 72 64 999 56 48 40 PRICE (Dollars per pound) 12 32 24 24 16 8 0 0 ーロー ? Demand Supply (20 firms) Supply (40 firms) 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) A Supply (60 firms) If there were 40 firms in this market, the short-run equilibrium price of titanium would be $ would Therefore, in the long run, firms would per pound. At that price, firms in this industry the titanium market.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter10: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 16CQ

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