Are my values correct? Could I have help graphing? 2Q2-1004. Cherry Market= 0 a sce Q=6P=75The short run equilibrium market price in the perfectly competitive cherry market is:P* = 9The short run total cost equation of one cherry firm, Charlie's Cherries, is:SRTC = Q? + 3Q + 3a. Find and graph Charlie's short run average and marginal cost equations:QX3 + ê AVC = Q+3MC = 20+3AC =b. Identify the firm's short-run supply curve (S) in the diagram.C. Find and show in the diagram the profit-maximizing output, revenue, cost, profit, andproducer surplus, Check that PS = N + FC. TC = 20SRTC =Q43Q+3%3DTR=P.QP- MCa 3= 2739=2Q13TC 32+3l8)139+9 +3: 216=20Q* = 3T= TR-TCTR* =2727-21TC* = 21AL=3+3+AVC= 3+3AC* =3+3+1 = 7TR=F'AVC* =PS= (R-TC) + FCTレ+FCN* = 66+3=MC- 2at3PS =_9ProfitPSTR TC54SI47PMOHS4239353330272418122 345 174 10

Given Short-run cost function: SRTC=Q2+3Q+3 .... (1) Market price p*=9

4. Cherry Market The short run equilibrium market price in the perfectly competitive cherry market is: P* = 9 The short run total cost equation of one cherry firm, Charlie's Cherries, is: SRTC = Q? + 3Q + 3 a. Find and graph Charlie's short run average and marginal cost equations: Q+3+Q MC = 20+3 AC = AVC = Q+ 3 b. Identify the firm's short-run supply curve (S) in the diagram. C. Find and show in the diagram the profit-maximizing output, revenue, cost, profit, and producer surplus, Check that PS = N + FC. %3D

4. Cherry Market The short run equilibrium market price in the perfectly competitive cherry market is: P* = 9 The short run total cost equation of one cherry firm, Charlie's Cherries, is: SRTC = Q? + 3Q + 3 a. Find and graph Charlie's short run average and marginal cost equations: Q+3+Q MC = 20+3 AC = AVC = Q+ 3 b. Identify the firm's short-run supply curve (S) in the diagram. C. Find and show in the diagram the profit-maximizing output, revenue, cost, profit, and producer surplus, Check that PS = N + FC. %3D

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.3: The Various Measures Of Cost

Problem 3QQ

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