, CENGAGE MINDTAP Q Search this course I4 Homework: Chapter 09 o X Back to Assignment Attempts 1.6 I I Keep the Highest 1.6 / 3 7. The long-run supply curve in different cost industries The following graph shows the market for tortilla chip. Initially, the market is in a longrun equilibrium. Suppose that a change in tastes resulted in a rightward shift in demand. On the following graph, shift the demand or supply curve to reect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. 10 O 8 Short-run Supply Demand El 6 Short-run Supply a (Dollars per bag) CENGAGE | MINDTAP Q Search this course Homework: Chapter 09 X Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. 10 Short-run Supply Demand O Short-run Supply PRICE (Dollars per bag) Short-run Equilibrium Demand N Long-run Equilibrium A 0 2 4 6 8 10 Long-run Supply QUANTITY (Thousands of bags) In the short run, firms will . In the short run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long-7\" CENGAGE MINDTAP Q Search this course Homework: Chapter 09 o X 5 El 3 S 5 5 Short-run Supply 0. E 2 ' 6 I E! (\"3' 4 Short-run Equilibrium E Demand I? 2 Long-run Equilibrium A o o 2 4 6 8 10 Long-run Supply QUANTITY (Thousands of bags) In the short run, firms will v . In the short run, the supply curve will v . On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting new long- run equilibrium. Comparing the two long-run equilibria on the graph, you can see that the tortilla chip market is an example of v . On the previous graph, use the green line (diamond symbols) to plot the long-run market supply curve for tortilla chips. Continue without saving