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instructor: sandhya rationla Assignment 6 1) Following graph (first panel) represents the cost functions of a firm. Assume that there are 1000 identical firms in this industry and it is a constant cost industry. Draw short-run market supply curve in the second panel and long-run market supply curve in the 3rd panel. $10 $10 $10 .minimum ATC 9 .. . MC 9 8 8 AVC O- NWA N O 1 2 3 4 5 6 7 8 9 10 Quantity (in 1,000s) Market quantity (in 1,000s) Market quantity (in 1,000s)