Sign in Homework: Perfect C X MindTap - Cengage L X Course Hero x Course Hero X Course Hero X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133.. C CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X 4. Deriving the short-run supply curve Consider the perfectly competitive 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 industry. A-Z E (?) EI 80 + 72 64 bongo 56 48 PRICE AND COST PER UNIT (Dollars) 40 ATC 32 24 ? A+ 16 32, 8 8 AVC MC O C+ O 8 16 24 32 40 48 56 64 72 80 O QUANTITY OF OUTPUT (Thousands of lamps) A Weather alert 11:48 AM In effect Q Search W 3/31/2024 PRE@ . [ & Homework: Perfect C X -:" MindTap - Cengage | X u Course Hero X [ u Course Hero x [ u Course Hero X I + - o Profit 60 56,000 v v e 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.) @ Q seser bk DmCEBEE ~ g [ =t x 11:48 AM 3/31/2024 !' B e o @ x "= Sign in Homework: Perfect C X MindTap - Cengage L X Course Hero x *Course Hero X Course Hero X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133. C CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X 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 E o T 80 -0 72 EI 64 Firm's Short-Run Supply + 48 bongo 40 PRICE (Dollars per lamp) 32 24 16 Co ? A+ 0 8 16 24 32 40 48 56 64 72 80 QUANTITY OF OUTPUT (Thousands of lamps) C- O Suppose there are 8 firms in this industry, each of which has the cost curves previously shown. Weather alert A Q Search W 11:48 AM In effect 3/31/2024 PRESign in Homework: Perfect C X MindTap - Cengage L X Course Hero x Course Hero X Course Hero X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... C CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X 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. A-Z E (? o EI 80 Demand 72 + Industry's Short-Run Supply 1 2 64 56 bongo 48 Equilibrium 40 PRICE (Dollars per lamp) 32 24 ? 16 A+ CO 0 64 192 256 320 384 448 512 576 640 QUANTITY OF OUTPUT (Thousands of lamps) At the current short-run market price, firms will in the short run. In the long run, Weather alert A Q Search 11:48 AM In effect W 3/31/2024 PRESign in Homework: Perfect C X MindTap - Cengage L X Course Hero x Course Hero X Course Hero X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133. C CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X (? 80 Demand A-Z 72 o Industry's Short-Run Supply 64 56 48 Equilibrium + 40 PRICE (Dollars per lamp) 1 2 32 bongo 24 16 0 Co 0 64 128 192 256 320 384 448 8 512 576 640 QUANTITY OF OUTPUT (Thousands shut down ? A+ produce At the current short-run market price, firms will in the short run. In the long run, O Grade It Now Save & Continue Continue without saving Weather alert A In effect Q Search W 11:48 AM 3/31/2024 PRESign in Homework: Perfect C X MindTap - Cengage L X Course Hero x Course Hero X Course Hero X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133. C CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X (? 80 Demand A-Z 72 o Industry's Short-Run Supply 64 56 48 Equilibrium + 40 PRICE (Dollars per lamp) 1 2 32 bongo 24 16 0 Co 0 firms will neither enter nor exit 64 128 192 256 320 10 384 448 512 576 640 QUANTITY OF OUTPUT (Thousands of lamps) some firms will enter ? A+ some firms will exit At the current short-run market price, firms will in the short run. In the long run, O Grade It Now Save & Continue Continue without saving Weather alert A In effect Q Search W 11:48 AM 3/31/2024 PRE