Business, 25.06.2019 08:50 SupremeNerdx

The industry in the figure below consists of many firms with identical cost structures, and the industry experiences constant returns to scale. consider a change in demand from d1 to d2, which increases price from $20 to $30 in the short run. instructions: round your answers to the nearest whole number. a. draw the new short-run market supply curve that will occur in response to the increase in demand and increase in price. instructions: use the tool provided (s2) and be sure your supply curve includes the new equilibrium quantity and price. b. draw the long-run supply curve. instructions: use the tool provided (lrs) and plot only the endpoints over the entire range of output (0 - 60). the new equilibrium price will be $ and the new equilibrium quantity will be .

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The industry in the figure below consists of many firms with identical cost structures, and the indu...

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