Graph the following and explain the graph pretty please?a) supply curve in Short run and...

Graph the following and explain the graph pretty please?

a) supply curve in Short run and Long run in a perfectly competitive Firm

b) supply curve in Short run and Long run in a Market in a perfectly competitive Market

c) Long run equilibrium in perfect competition firm-market

Expert Solution

Supply curve of firm in short run.

supply curve of industry in short run.

supply of firm and industry in long run will depend on whether input industry is constant cost increasing cost or diminishing cost.

Long run equilibrium of firm and industry.

Rahul Sunny answered 3 years ago

Why the aggregate supply curve slopes upward in the short run In the short run, the...

Why the aggregate supply curve slopes upward in the short run In the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen. For example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. Consider a soybean farmer who...

Why is the short run supply curve relatively more inelastic than the long run supply curve?

Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for persimmons.

10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for persimmons. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for persimmons. (Note: Place the points of the line either on N and M or on N and L.)

1.) Explain effect of each of the following on either the short-run aggregate supply (SAS) curve...

1.) Explain effect of each of the following on either the short-run aggregate supply (SAS) curve or the aggregate demand (AD) curve. a.) Deterioration in business expectations b.) The 2008 global financial crisis leads to a decrease in wealth. c.) Decrease in nominal wage rate d.) Oil prices increase dramatically e.) Deterioration in consumer expectations 2.) For an economy in which government expenditures is $100 billion, exports are $60 billion, imports are 15 percent of real GDP, autonomous consumption is...

Explain how each of the following events would affect the short-run aggregate supply curve. a. An...

Explain how each of the following events would affect the short-run aggregate supply curve. a. An increase in productivity b. A decrease in cost of energy c. A decrease in income tax d. Many firms relocate to China looking for lower wage rate e. A decrease in the number of discouraged workers

) Explain whether each of the following events shifts the short-run aggregate supply curve, the aggregate...

) Explain whether each of the following events shifts the short-run aggregate supply curve, the aggregate demand curve, both, or neither. For each event that does shift a curve draw a diagram to illustrate the effect on the economy (you don’t have to send me the graphs, but you should draw them on scratch paper for practice). Households decide to save a larger share of their income. Florida orange groves suffer a prolonged period of below-freezing temperatures. Increased job opportunities...

A firm’s short-run supply curve and market demand curve are given in the following table. The...

A firm’s short-run supply curve and market demand curve are given in the following table. The firm is selling its product in a perfectly competitive market, where there are 100 identical firms. What is the market equilibrium price and quantity? Short-run supply curve Market demand curve Output Marginal cost Price Quantity demanded 1 50 50 700 2 100 100 500 3 150 150 300

The following graph shows the current short-run Phillips curve for a hypothetical economy

5. Monetary policy and the Phillips curve The following graph shows the current short-run Phillips curve for a hypothetical economy; the point on the graph shows the initial unemployment rate and inflation rate. Assume that the economy is currently in long-run equilibrium. Suppose the central bank of the hypothetical economy decides to decrease the money supply. On the following graph, shift the curve or drag the blue point along the curve, or do both, to show the short-run effects of this policy. In the...

Use an income/spending graph and IS curve graph to show the short- run impact of an...

Use an income/spending graph and IS curve graph to show the short- run impact of an increase in autonomous investment on output in the goods market. Include a brief explanation in your answer and be sure to properly label your graphs.

The short-run supply curve for a firm in a perfectly competitive industry is: The short-run marginal...

The short-run supply curve for a firm in a perfectly competitive industry is: The short-run marginal cost curve that is above minimum average variable cost (which takes into account the fact that the firm should shut down if price falls below average variable cost). The entire average variable cost. The entire short-run marginal cost curve. The entire average total cost curve. Which of the following statements is true regarding short-run and long-run costs? (Assume all cost curves have typical shapes,...

Question