Consider the following Industry Demand and Industry Supply Curves represented by the equations below Supply P 460 Q 3222 Demand P 3144 Q 3333 Use Excel to plot the supply and demand curves on a graph Ensure you have price on the vertical axis Let the horizontal axis range from 0 to 10,000,000 and the vertical axis range from 0 to 3500 Use an XY (scatter) graph and do not use smoothing but use enough points so the graph looks complete you can connect points with a non smoothed line if you like What is the equilibrium (market clearing) price Be precise calculate it and give the exact number showing at least 2 decimal places or more If you use this number in future calculations, use the unrounded result Suppose the above industry supply and demand curves are for the short run in an industry characterized by perfect competition MBA Corp is one of many similar companies that operates in this industry What is the short run demand curve faced by MBA Corp Use Excel to plot it (over a range of Q from 0 to 1000 and the vertical axis range from 0 to 2500 ) Use an XY (scatter) graph and do not use smoothing Also write an equation to represent the demand curve For MBA Corp, write equations and use Excel to plot (for Q from 20 to 1000 and the vertical axis range from 0 to 6000 using an XY scatter graph without smoothing) the MC curve and AC curve given a total cost curve as follows TC 77,333 2 77Q 2 Using the data above, what is the optimal quantity MBA Corp should produce in the short run What will be the resulting total revenue, total cost, and total economic profit Given the results from (iii) what do you expect to happen in the long run to the industry supply curve (give a word description, no equations are necessary) Explain why this happens Given (iv), what do you expect to happen to the demand curve faced by MBA Corp Explain and be specific as to the demand curve's precise equation what is the equation Given (v), what will happen to the quantity produced, revenue, cost and economic profit of MBA Corp Show relevant numbers

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Consider the following Industry Demand and Industry Supply Curves represented by the equations below: Supply: P = 460 + Q/3222 Demand: P = 3144 -

Consider the following Industry Demand and Industry Supply Curves represented by the equations below:

Supply: P = 460 + Q/3222 Demand: P = 3144 - Q/3333

Use Excel to plot the supply and demand curves on a graph. Ensure you have price on the vertical axis. Let the horizontal axis range from 0 to 10,000,000 and the vertical axis range from 0 to 3500. Use an XY (scatter) graph and do not use smoothing but use enough points so the graph looks complete - you can connect points with a non-smoothed line if you like.
What is the equilibrium (market clearing) price? Be precise; calculate it and give the exact number showing at least 2 decimal places or more. If you use this number in future calculations, use the unrounded result.
Suppose the above industry supply and demand curves are for the short run in an industry characterized by perfect competition. MBA Corp is one of many similar companies that operates in this industry.
1. What is the short-run demand curve faced by MBA Corp? Use Excel to plot it (over a range of Q from 0 to 1000 and the vertical axis range from 0 to 2500). Use an XY (scatter) graph and do not use smoothing. Also write an equation to represent the demand curve.
2. For MBA Corp, write equations and use Excel to plot (for Q from 20 to 1000 and the vertical axis range from 0 to 6000 using an XY scatter graph without smoothing) the MC curve and AC curve given a total cost curve as follows: TC = 77,333 + 2.77Q²
3. Using the data above, what is the optimal quantity MBA Corp should produce in the short run? What will be the resulting total revenue, total cost, and total economic profit?
4. Given the results from (iii) what do you expect to happen in the long run to the industry supply curve (give a word description, no equations are necessary)? Explain why this happens.
5. Given (iv), what do you expect to happen to the demand curve faced by MBA Corp? Explain and be specific as to the demand curve's precise equation - what is the equation.
6. Given (v), what will happen to the quantity produced, revenue, cost and economic profit of MBA Corp? Show relevant numbers.