Macroeconomics Quiz 3 Homework 03.docx - Homework 03 Started Feb 5 at 10:01am Quiz Instructions Homework 03 Lesson 05 100 points This homework is

# Macroeconomics Quiz 3 Homework 03.docx - Homework 03...

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Homework 03 Started: Feb 5 at 10:01am Quiz Instructions Homework 03 Lesson 05 100 points This homework is composed of multiple choice, fill-in-the-blank and graphing questions. Graphing questions must be done on your Homework 03 Graphing template . Complete instructions can be found in the " Homework 03 Instructions " page. There is no time limit. It will be available for review starting the day after the assignment is due. Flag this Question Question 1 9 pts 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. TABLE B- The wage is still \$150 and the price of output (Q) is now \$22. L Q MPL MRP Marginal Profit Total Profit 0 0 ---- ---- ------------- 0 1 8 8 \$ \$ \$ 2 20 12 \$ \$ \$ 3 28 8 \$ \$ \$ 4 35 7 \$ \$ \$ 176 26 26 264 114 140 176 26 166 154 4 170
5 41 6 \$ \$ \$ 6 45 4 \$ \$ \$ Flag this Question Question 2 3 pts Use Scenario B/Table B to answer the questions 2 – 4 below. (3 points) The profit maximizing output (Q) is _______. Flag this Question Question 3 3 pts (3 points) The profit maximizing level of labor (L) input is ______ workers. Flag this Question Question 4 3 pts (3 points) The maximum profit for this firm is ______. Flag this Question DOWNLOAD AND PRINT GRAPHING TEMPLATE (available in the Homework 03 instructions ). This template already shows the outcome from Scenario A. You will be adding results from scenario B, C, and D to these graphs. Use this template for questions 5 - 7 (Scenario B), 15 - 17 (Scenario C) and 25 - 27 (Scenario D) . You will then upload the completed template for the file upload question #31. Flag this Question Question 5 2 pts (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. 132 -18 152 88 -62 90 35 4 170
This work is to be done on your Homework 03 Graphing template . You will upload this work, along with other work to be done on the template, to question #31 at the end of this HW. Enter the word "Finished" into the text-box below when ready to move on. HTML Editor Keyboard Shortcuts p Flag this Question Question 6 3 pts (3 points) Using Scenario B/Table B, go to Graph 2 and draw this firm’s new MRP 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. This work is to be done on your Homework 03 Graphing template . You will upload this work, along with other work to be done on the template, to question #31 at the end of this HW. Enter the word "Finished" into the text-box below when ready to move on.

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