# Table d the wage is 150 and the price of output q is

• Homework Help
• 7
• 94% (32) 30 out of 32 people found this document helpful

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 Q MP L MRP Marginal Profit Total Profit 0 0 ----- ----- ----------- 0 1 \$ \$ \$ 2 \$ \$ \$ 3 \$ \$ \$ 4 \$ \$ \$ 5 \$ \$ \$ 6 \$ \$ \$ Table for Individual Question Feedback 10 10 200 50 50 24 14 280 130 180 34 10 200 50 230 43 9 180 30 260 51 8 160 10 270 57 6 120 -30 240
Points Earned: 15.0/15.0 Correct 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: 240 22. Use Scenario D/Table D to answer the questions 22 – 24 below. (3 points) The profit maximizing output is . Table for Individual Question Feedback Points Earned: 3.0/3.0 51
23. (3 points) The profit maximizing level of labor input is workers. Table for Individual Question Feedback Points Earned: 3.0/3.0 5
24. (3 points) The maximum profit for this firm is . Table for Individual Question Feedback Points Earned: 3.0/3.0 Correct Answer(s): 270 25. (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. Table for Individual Question Feedback Points Earned: 3.0/3.0