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MindTap - Cengage Learning X C 4. Profit Maximization In The Cos C 4. Profit Maximization In The Cos x + X O A https:/g.cengage.com/staticb/ui/evo/index.html?eISBN=9781305582033&snapshotld=2137966&id=1024179507& GE . . . CENGAGE | MINDTAP Q Search this course Homework (Ch 22) X 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 profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether the A-Z firm will make a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per lamp) (Lamps) Produce or Shut Down? Profit or Loss? 15 20 ? 25 55 70 bongo 85 A+ 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.) (?) 100 -O Firm's Short-Run Supply 8 zyy->part OneDrive Iceman 8 8 PRICE (Dollars per lamp) OneDrive 21:25 2021/01/18 EC 4. Profit Maximization In The Cos X X MindTap - Cengage Learning X C 4. Profit Maximization In The Cos x + O A https:/g.cengage.com/staticb/ui/evo/index.html?eISBN=9781305582033&snapshotld=2137966&id=1024179507& GE . . . CENGAGE | MINDTAP Q Search this course X Homework (Ch 22) 70 85 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.) (?) A-Z 100 8 Firm's Short-Run Supply 8 ? 8 PRICE (Dollars per lamp bongo 8 A+ 8 o 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of lamps) Suppose there are 8 firms in this market, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the market 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 zyy->part OneDrive Iceman graph to indicate the short-run equilibrium price and quantity in this market. OneDrive (? 21:25 O 2021/01/18 EMindTap - Cengage Learning X C 4. Profit Maximization In The Cos X C 4. Profit Maximization In The Cos x + X ( https:/g.cengage.com/staticb/ui/evo/index.html?eISBN=9781305582033&snapshotld=2137966&id=1024179507& GE . . . CENGAGE | MINDTAP Q Search this course Homework (Ch 22) X QUANTI (mousanus unamps Suppose there are 8 firms in this market, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the market 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. A-Z (?) 100 ? Market Short-Run Supply 8 Demand bongo Equilibrium 8 A+ PRICE (Dollars per lamp 80 160 240 320 400 480 560 640 720 800 QUANTITY (Thousands of lamps) At the current short-run market price, firms will in the short run. In the long run, zyy->part OneDrive Iceman Grade It Now Save & Continue OneDrive Continue without saving 21:25 O 2021/01/18 E.MindTap - Cengage Learning X C 4. Profit Maximization In The Cos X C 4. Profit Maximization In The Cos x + X O A https:/g.cengage.com/staticb/ui/evo/index.html?eISBN=9781305582033&snapshotld=2137966&id=1024179507& GE . . . CENGAGE | MINDTAP Q Search this course Homework (Ch 22) X Back to Assignment Attempts: Do No Harm: /7 5. Deriving the short-run supply curve Consider the price-taker 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 market. A-Z ? 100 8 8 bongo A+ ATC COSTS (Dollars) 1 5 HAVE MC 8 o 10 10 30 40 50 80 70 80 90 100 QUANTITY (Thousands of lamps) 21:25 2021/01/18 LJ