Note: The answer should be typed.

please help! can u also please show the graph with the exact number for the grapgh 7. Short-run supply and long-run equilibrium Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. COSTS (Dollars per pound) AVC QUANTITY (Thousands of pounds) 7. Short-run supply and long-run equilibrium Consider the competitive market for rhodium. Assume that no matter ho operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and a (AVC) curves plotted in the following graph. The following graph plots the market demand curve for rhodium, Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms, Supply (10 firms) Supply (20 firma) PROCE (Dollars per pound) Supply (30 fema) 120 240 309 480 809 720 649 109 1080 1208 QUANTITY (Thousands of pounds)The following graph plots the market demand curve for rhod uni. Use the orange points (square speabo() to plot the initial short-ron industry supply curve when there are 10 frats in the market. (Mine: You can in of the supply curve the nice this is the industry supply curve. ) Next, use the symbol) to plot the short-rus industry supply curve when there are 20 forms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. (7) Supply (10 farra) Demand Supply (20 Formal PRICE (Dollars per pound) Supply (30 Arms) QUANTITY (Thousands of pounds) The following graph plots the market demand curve for rhodium. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finalih, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per pound) PUL C (spurod jo SPURSTOALL) ALLANYNO pinom sany 'ure busy out u! 'sigpalau " a True or False: Assuming implicit costs are poutlee, each of the firms operating in this industry in the long run earns negative access If there were 10 firms in this market, the short-run equilibrium price of thedum would be ($ per pound, At that price, firms in this industry per pound. From the graph, you can see that this means there will be_w. firms operating in the rhodium industry in long-run equilibrium @ Hide Transcribed Text Supply (20 firms) Supply (30 firms) If there were 30 firms in this market, the short-run equilibrium price of rhodium would be per pound. At that price, firms in this industry wouls - Therefore, in the long run, firms would the rhodium market. Because you know that competitive firms eam economic profit in the long run, you know the long-run equilibrium price must be per pound. From the graph, you can see that this means there will be frms operating in the rhodium industry in long-run equilibrium. Thue or False; Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit: True Fatse