The figure to the right shows a perfectly competitive firm\'s marginal cost curv

Question

The figure to the right shows a perfectly competitive firm's marginal cost curve (MC), average fixed cost curve (AFC), average variable cost curve (AVC). and average total cost curve (ATC). Illustrate the firm's short-run supply curve Assume all fixed costs are sunk in the short run. To do this, draw the firm's short-run supply curve (S) in the figure to the right using the line drawing tool. Attach the provided label. If you are not prompted for a label, then you have used the wrong droving tool. Therefore, m the short run. if the market price is $12.00, then the firm should produce units of output (enter a numeric response using a real number rounded to two decimal places); if the market price is $13.00, then the firm should produce units of output, and if the market price is $16.00, then the firm should produce units of output.

Explanation / Answer

The SR supply curve is the MC curve above/right of the AFC curve. Price of $12: looks like output should be 4.5. Price of $13: looks like output should be 5. Price of $16: looks like output should be 6.5.

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