Sign in Homework: Perfect Competiti X MindTap - Cengage Learning X MindTap - Cengage Learning X Dashboard X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... / 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 dress shirts. 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 100 + 90 80 bongo 70 60 ATC PRICE AND COST PER UNIT (Dollars) 50 40 ? 30 A+ 20 AVC 10 MC O O 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of shirts) 1 43OF Q Search W 11:38 AM Mostly cloudy 3/28/2024Sign in Homework: Perfect Competiti X MindTap - Cengage Learning X MindTap - Cengage Learning X Dashboard X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X A-Z For each price in the following table, use the graph to determine the number of shirts 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 shirts and the profit-maximizing EI quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Produce or Shut Down? Profit or Loss? 10 bongo 20 32 40 50 60 ? 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. ) O 100 1 43OF 11:38 AM Mostly cloudy Q Search W 3/28/2024Sign in Homework: Perfect Competiti X MindTap - Cengage Learning X MindTap - Cengage Learning X Dashboard X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... / CJ 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 100 -0- 90 Firm's Short-Run Supply EI 80 70 + 60 50 PRICE (Dollars per shirt) bongo 30 20 10 ? 0 A+ 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of shirts) O Suppose there are 5 firms in this industry, 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 industry's short-run supply curve that 1 43.F 11:38 AM Mostly cloudy Q Search 3/28/2024Sign in Homework: Perfect Competiti X MindTap - Cengage Learning X MindTap - Cengage Learning X Dashboard X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&elSBN=978133... A" CJ 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. A-Z E Note: Dashed drop lines will automatically extend to both axes. o ? EI 100 + 1 2 Industry's Short-Run Supply Demand bongo 70 60 Equilibrium 50 PRICE (Dollars per shirt) 40 30 ? A+ 20 10 C+ O 0 25 50 75 100 125 150 175 200 225 250 QUANTITY OF OUTPUT (Thousands of shirts) 1 43OF Mostly cloudy Q Search W 11:38 AM 3/28/2024Sign in Homework: Perfect Competiti X MindTap - Cengage Learning X MindTap - Cengage Learning X Dashboard X + X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... / CENGAGE | MINDTAP Q Search this course ? Homework: Perfect Competition (Ch 22) X (? A-Z 100 90 o Industry's Short-Run Supply 80 Demand 70 60 Equilibrium + 1 2 50 PRICE (Dollars per shirt) 40 bongo 30 20 10 0 0 25 0 75 100 125 150 175 200 225 ? QUANTITY OF OUTPUT (Thousands of shirts) A+ 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 1 43OF Q Search W 11:38 AM Mostly cloudy 3/28/2024