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

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;