Sophia Microeconomics Milestone 3.docx - Microeconomics...

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Microeconomics Unit 3 Milestone21questions were answeredcorrectly.1Using the data provided, what production quantity would representoutput optimization for this firm?10080709525CONCEPT
Output Optimization: Marginal Revenue / Marginal Cost2As a part of her research before hiring another employee to help sellcookbooks at her Books for Cooks store, manager Shelly calculated weeklyproduction numbers.
Number of WorkersTotal ProductMarginal ProductAverage Prod00------175757521578278.53213??42352258.7552754055What are the marginal product and average product for threeworkers?
What should the company do in order to maximize efficiency?The company should employ eight laborers and use eight helium balloons machines.The company should employ nine laborers and use six helium balloons machines.The company should employ 14 laborers and use two helium balloons machines.The company should employ eight laborers and use five helium balloons machines.CONCEPTProduction Function and Constraints4Product PriceUnit CostUnits SoldUnits ProducedOpportunity Co$35.00$5.001001000$750Given the information in the table shown here, the economic profitis which of the following?
-$2,250$2,250$1,500-$1,500CONCEPTEconomic Profit5Which of the following is true regarding how a market type interactswith constant, increasing and decreasing cost industries?

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Term
Fall
Professor
Benjamin Wright
Tags
Economics, Marginal product, Average cost

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