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Expert Answer

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19,447 answers

P   Q P/S P/L

15 0 S L

20 0 S L

25 Either 0 Either P L
or 45000 or S

55 60000 P Breakeven

70 65000 P P

85 70000 P P

When there are 5 firms-

P Q Q-5 FIRMS

15 0 0

20 0 0

25 45000 225000

55 60000 300000
 70 65000 325000
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85 70000 350000

Blanks-

1) firms will produce as P>AVC

2) some firms will enter as the market is profitable since

P>ATC

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Practice with similar questions

Q: 6. Deriving the short-run supply curve Consider the competitive

market for dress shirts. The following graph shows
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A: See answer

Q: 6. Deriving the short-run supply curve Consider the competitive market for dress shirts. The following graph shows
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Questions viewed by other students

Q: 6. Deriving the short-run supply curve

Consider the 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.
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...

A: See answer

Q: Please be sure of your answers and show where exactly to

plot everything for the graphs

A: See answer 100% (3 ratings)

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