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Question
collecting fossils and less time working as a wedding photographer. b. Plot these points in a graph with price on the vertical axis and quantity per day on the horizontal. What is this curve called? 2. The supply curves for the only two firms in a competitive industry are given by, respectively. P=2Q1 and P=2+Q2, where Q1 is the output of firm I and Q2 is the output of firm 2 . What is the market supply curve for this industry? (Hiat: Graph the two curves side by side: then add their respective quantities at a sample of different prices.) (LO2) 3. A price-taking firm makes air conditioners. The market price of one of its new air conditioners is $120. The firm's total cost The Market Supply Curve Assignment Discussion Paper
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Step-by-step

To find the market supply curve for this industry, add the quantities supplied by each firm at different prices.

First, let's graph the two supply curves side by side: The Market Supply Curve Assignment Discussion Paper

Price (P)

Firm 1 Supply (Q1)

Firm 2 Supply (Q2)

4

2

0

3

1.5

1

2

1

2

1

0.5

3

0

0

4

Explanation for step 1

Above is the introduction of the solution

Note that we can find the quantity supplied by each firm by solving their respective supply equations for Q1 and Q2:

For Firm 1:Q1=P2

For Firm 2:Q2=P−2

Now we can add the quantities supplied by each firm at each price to get the market supply:

Price (P)

Market supply (Q1 + Q2)

4

2

3

2.5

2

3

1

3.5

0

4

Explanation for step 2

Above is the explanation of the solution

The Market Supply Curve Assignment Discussion Paper

Expert Answer

Question

collecting fossils and less time working as a wedding photographer. b. Plot these points in a graph with price on the vertical axis and quantity per day on the horizontal. What is this curve called? 2. The supply curves for the only two firms in a competitive industry are given by, respectively.

P = 2 Q_{1}

and

P = 2 + Q_{2}

, where

Q_{1}

is the output of firm I and

Q_{2}

is the output of firm 2 . What is the market supply curve for this industry? (Hiat: Graph the two curves side by side: then add their respective quantities at a sample of different prices.) (LO2) 3. A price-taking firm makes air conditioners. The market price of one of its new air conditioners is

$120

. The firm's total cost The Market Supply Curve Assignment Discussion Paper

ORDER YOUR PAPER NOW

Step-by-step

To find the market supply curve for this industry, add the quantities supplied by each firm at different prices.

First, let's graph the two supply curves side by side: The Market Supply Curve Assignment Discussion Paper

Price (P)	Firm 1 Supply (Q1)	Firm 2 Supply (Q2)
4	2	0
3	1.5	1
2	1	2
1	0.5	3
0	0	4

Explanation for step 1

Above is the introduction of the solution

Note that we can find the quantity supplied by each firm by solving their respective supply equations for Q1 and Q2:

For Firm 1:Q1=P2

For Firm 2:Q2=P−2

Now we can add the quantities supplied by each firm at each price to get the market supply:

Price (P)	Market supply (Q1 + Q2)
4	2
3	2.5
2	3
1	3.5
0	4

Explanation for step 2

Above is the explanation of the solution

The Market Supply Curve Assignment Discussion Paper

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