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The figure to the right shows a perfectly competitive firm's marginal cost + curve (MC), average fixed cost curve (AFC), average variable cost curve 30
The figure to the right shows a perfectly competitive firm's marginal cost + curve (MC), average fixed cost curve (AFC), average variable cost curve 30 (AVC), and average total cost curve (ATC). Illustrate the firm's short-run 28- supply curve. Assume all fixed costs are sunk in the short run. Using the line drawing tool, draw the firm's short-run supply curve in the MC figure to the right. Label this line 'S'. Carefully follow the instructions above, and only draw the required object. ATC Therefore, in the short run, if the market price is $10.00, then the firm Price (dollars per unit of output) should produce units of output (enter this and the remaining AVC responses rounded to one decimal place.); if the market price is $14.00, then the firm should produce units of output; and if the market price is $18.00, then the firm should produce units of output. AFC o - 2 3 4 5 6 7 8 9 10 11 Output
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