Solve questions give me the coordinates for graph and fill out blanks First blank would be "shut down" or "produce" second blank would be "firms will neither enter nor exist" or "some girls will exit" or "some firms will enter " please give me the actual answer to these questions thank you

10 [ Back to Assignment 0 44 L 4 F 4 L 0 5 10 15 2 25 0 3B 40 45 50 Attempts Keep the Highest / 2 OUTPUT (Thousands of bushels) 5. Short-run equilibrium Consider a perfectly competitive market for corn in Kent County, Michigan. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: The following graph shows the market demand for corn. 1. Use the orange points (square symbol) to plot the short-run industry supply curve for the corn industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) 00 2. 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.) Mc 80 =7 3 = 2 & ATC @ 2 @ 5 3 S w0 = % 8 w0 _/ o 20 Avc Supply Curve 10 9 3 Equilibrium 0 5 10 15 20 25 2 3B 40 45 50 % OUTPUT (Thousands of bushels) 2 & e w S z & The following graph shows the market demand for corn. 0 600 1200 1800 2400 3000 3600 4200 4800 5400 6000 1. Use the orange points (square symbol) to plot the short-run industry supply curve for the corn industry. Specifically, place an orange QUANTITY (Thousands of bushels) point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) At the current short-run market price, firms will w in the short run. In the long run, o s 2. Place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: given the current market price. Dashed drop lines will automatically extend to both axes.) [lCCLR LT Save & Continue Continue without saving