PSU ECON 104 Homework 3

# PSU ECON 104 Homework 3 - Points Awarded 91.75 Points...

• Homework Help
• 14
• 100% (29) 29 out of 29 people found this document helpful

This preview shows pages 1–5. Sign up to view the full content.

Points Awarded 91.75 Points Missed 8.25 Percentage 91.8% 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 B TABLE B- The wage is still \$150 and the price of output (Q) is now \$22. L Q MP L MRP Marginal Profit Total Profit 0 0 ---- ---- ------------- 0 1 8 8 \$ 176 \$ 26 \$ 26 2 20 12 \$ 264 \$ 114 \$ 140 3 28 8 \$ 176 \$ 26 \$ 166 4 35 7 \$ 154 \$ 4 \$ 170 5 41 6 \$ 132 \$ -18 \$ 152 6 45 4 \$ 88 \$ -62 \$ 90 Table for Individual Question Feedback Points Earned: 9.0/9.0 Correct Answer(s): Box 1: 176; Box 2: 26; Box 3: 26; Box 4: 264; Box 5: 114; Box 6: 140; Box 7: 176; Box 8: 26; Box 9: 166; Box 10: 154; Box 11: 4; Box 12: 170;

This preview has intentionally blurred sections. Sign up to view the full version.