# Homework 3 - Maximum number of choices allowed is{0...

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Maximum number of choices allowed is {0}.Submitted by ZEHLER, IAN (IFZ5002) on 2/15/2015 11:32:31 PMSelect regrade mode Choose a regrade mode Change points or correct answer Drop question Give full credit This regrade will affect all users who submitted this Assessment containing this question. Regrade not available This is a linked Assessment or Question. Only the owner has edit rights. Regrade not available This content item's settings prohibit regrade on this item. Points Awarded63.50Points Missed36.50Percentage63.5%1. SCENARIO B: Suppose that due to favorable economic conditions, the price that this firm can sell its product for rises to \$22.For question 1. Fill in Table B - Each box is worth ½ point for a total of 9 points for Table BOk CancelCancelCancel
TABLE B- The wage is still \$150 and the price of output (Q) is now \$22.LQMPLMRPMarginal ProfitTotal Profit00---------------------0188\$\$\$22012\$\$\$3288\$\$\$4357\$\$\$5416\$\$\$6454\$\$\$Table for Individual Question FeedbackPoints Earned: 5.5/9.0
2. Use Scenario B/Table B to answer the questions 2 – 4 below. (3 points) The profit maximizing output (Q) is .Table for Individual Question FeedbackPoints Earned: 3.0/3.0
3. (3 points) The profit maximizing level of labor (L) input is workers.Table for Individual Question FeedbackPoints Earned: 3.0/3.0
4. (3 points) The maximum profit for this firm is .Table for Individual Question FeedbackPoints Earned: 3.0/3.0
5. DOWNLOAD AND PRINT GRAPHING TEMPLATE (available in the homework 3 instructions). This template already shows the outcome from scenario A. You will be
adding results from scenario B to these graphs. (2 points) Using Scenario B/Table B, go to Graph 1. Label the new profit maximizing Q and L combination on the production function as point B.Table for Individual Question FeedbackPoints Earned: 0.0/2.0 Correct Answer(s):6. (3 points) Using Scenario B/Table B, go to Graph 2 and draw this firm’s newMRP curve (remember that MRP = P* MPL, and since price changed, we know we have a new MRP curve!). Shade in the new area of profit. Also label the new profit maximizing point as letter B.Table for Individual Question FeedbackPoints Earned: 0.0/3.0 Correct Answer(s):