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- Illustrate and explain how the short-run supply curve of a price-taking firm is determined.
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- Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pecans. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pecans. (Note: Place the points of the line either on Z and A or on Z and B.)Graph the long-run supply curve for this market, with specific numbers on the axes as relevantWhich of the following will not cause the demand for product K to change?
- Draw the demand and supply curves and equilibrium points in the decrease in cost of tealeaves, for milk tea.In a competitive market, are market supply curves typically more elastic in the short run or in the long run? Explain within 40 words.Describe how we can identify a competitive firm’s short-run supply curve.
- 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.) PRICE (Dollars per lamp) 100 90 80 70 60 50 40 30 20 10 a 0 5 10 15 20 25 30 35 QUANTITY (Thousands of lamps) 40 45 50 Firm's Short-Run SupplyThe following graph shows the short-run supply curve for peca Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for pecans. (Note: Place the points of the line either on N and G or on N and Z.) PRICE (Dollars per pound) 24 20 16 12 N D G Short-Run Supply 10 QUANTITY (Thousands of pounds of pecans) Long-Run Supply ?Assume that the market for pasta is in long-run equilibrium and that the pasta industry is a constant-cost industry. Explain with a graph and words what will happen to the price and quantity in the market when the demand for pasta decreases.
- If the rent of the building the firm occupies increases, what will happen to the firm’s profit-maximizing quantity of hats in the short run?The figure below depicts the market supply and demand for the perfectly competitive rollerblade industry. S Price per pair of Rollerblades 1,140 070 50 150 Number of pairs of Rollerblades per week Based on the figure above, if the current quantity demanded of rollerblades is 150 per week, you accurately predict that in the short run, Q Select one: a. price and quantity supplied will increase and quantity demanded will decrease. b. price and quantity supplied will decrease and quantity demanded will increase. c. price, quantity supplied and quantity demanded will increase. d. price, quantity supplied and quantity demanded will decrease.Draw a long-run supply curve for a competitive market with identicalfirms, and describe its implications for profit-seeking firms