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Suppose there are 8 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 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.Note: Dashed drop lines wi

Suppose there are 8 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 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.Note: Dashed drop lines wi

The diagram below depicts the cost curves for a perfectly competitive jump drive producer that is currently operating at a loss. a. Suppose the market price of jump drives is 7. In the graph, outline an area that represents this firm's losses if it produces where M R=M C. b. If the firm in (a) instead shuts down and produces 0 units, it will lose only its fixed costs. Outline an area that represents this firm's costs. c. Which area is larger: its losses from producing where M R=M C, or its loss

The diagram below depicts the cost curves for a perfectly competitive jump drive producer that is currently operating at a loss. a. Suppose the market price of jump drives is 7. In the graph, outline an area that represents this firm's losses if it produces where M R=M C. b. If the firm in (a) instead shuts down and produces 0 units, it will lose only its fixed costs. Outline an area that represents this firm's costs. c. Which area is larger: its losses from producing where M R=M C, or its loss

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