L Q MP L MRP Marginal Profit Total Profit 0 0 1 2 3 4 5 6 Table for Individual

# L q mp l mrp marginal profit total profit 0 0 1 2 3 4

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TABLE D- The wage is \$150 and the price of output (Q) is \$20.L QMPLMRPMarginal ProfitTotal Profit0 0---------------------01\$\$\$2\$\$\$3\$\$\$4\$\$\$5\$\$\$6\$\$\$Table for Individual Question Feedback1010200505024142801301803410200502304391803026051816010270576120-30240
Points Earned:15.0/15.0Correct Answer(s):Box 1: 10;Box 2: 10;Box 3: 200;Box 4: 50;Box 5: 50;Box 6: 24;Box 7: 14;Box 8: 280;Box 9: 130;Box 10: 180;Box 11: 34;Box 12: 10;Box 13: 200;Box 14: 50;Box 15: 230;Box 16: 43;Box 17: 9;Box 18: 180;Box 19: 30;Box 20: 260;Box 21: 51;Box 22: 8;Box 23: 160;Box 24: 10;Box 25: 270;Box 26: 57;Box 27: 6;Box 28: 120;Box 29: -30;Box 30: 24022.Use Scenario D/Table D to answer the questions 22 – 24 below.(3 points) The profit maximizing output is .Table for Individual Question FeedbackPoints Earned:3.0/3.0Correct Answer(s):5151
23.(3 points) The profit maximizing level of labor input is workers.Table for Individual Question FeedbackPoints Earned:3.0/3.0Correct Answer(s):524.(3 points) The maximum profit for this firm is .Table for Individual Question FeedbackPoints Earned:3.0/3.0Correct Answer(s):27025.(3 points) Using Scenario D/Table D, go to Graph 1.Draw your new production function (remember technology [total factor productivity] increased, shifting the production function!) Label the new profit maximizing Q and L combination as point D.

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• Fall '10
• staff
• Macroeconomics, Correct Answer, Individual Question