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

This preview shows page 1 - 4 out of 7 pages.

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
Background image
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
Background image
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.
Background image
Image of page 4

You've reached the end of your free preview.

Want to read all 7 pages?

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

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes