# Question 6 25 3 pts 3 points using scenario btable b

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Question 6 2.5 / 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 templatePreview the document. 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.
Question 7 3 / 3 pts (3 points) Using Scenario B/Table B, draw this firm’s Supply curve on Graph 3. You should construct a supply curve as we did in lecture with point A representing the original price and output combination from scenario A (original price was \$20 combined with the profit maximizing Q of 28) and point B representing the price and output combination after the change in economic conditions in Scenario B (price rose to \$23, and the profit maximizing Q you found in your answer for #2 above). Connect the two points and label your supply curve. This work is to be done on your Homework 03 Graphing templatePreview the document. 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.
Question 8 2 / 2 pts (2 points) When comparing Scenario A to Scenario B, the firm now hires _______ workers.
Question 9 2 / 2 pts (2 points) When comparing Scenario A to Scenario B, the firm now produces _____ output.
Question 10 2 / 2 pts (2 points) When comparing Scenario A to Scenario B, the firm now earns _______ profit.
Question 11 6 / 6 pts SCENARIO C - We return to the original conditions (from scenario A) and now we let wages change. In particular, an increase in labor supply lowers the wage that the firm needs to pay to \$132. For question 11, fill in Table C. Each box is worth ½ point for a total of 6 points. TABLE C- The wage has changed to \$132 but the price of output (Q) is back at its original value of \$20. L Q MPL MRP Marginal Profit Total Profit 0 0 ----- ----- ------------ 0
1 8 8 \$160 \$ 28 \$ 28 2 20 12 \$240 \$ 108 \$ 136 3 28 8 \$160 \$ 28 \$ 164 4 35 7 \$140 \$ 8 \$ 172 5 41 6 \$120 \$ -12 \$ 160 6 45 4 \$80 \$ -52 \$ 108 Answer 1: Correct!28 Answer 2: