3 points The maximum profit for this firm is Table for Individual Question

3 points the maximum profit for this firm is table

This preview shows page 2 - 5 out of 5 pages.

(3 points) The maximum profit for this firm is . Table for Individual Question Feedback Points Earned: 3.0/3.0 Correct Answer(s): 170 5. DOWNLOAD AND PRINT GRAPHING TEMPLATE (available in the homework 3 instructions). This template already shows the outcome from scenario A. You will be adding results from scenario B to these graphs. 35 4 170
(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. Table for Individual Question Feedback Points Earned: 2.0/2.0 Correct Answer(s): 6. (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. Table for Individual Question Feedback Points Earned: 3.0/3.0
Correct Answer(s): 7. (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 $22, and the profit maximizing Q you found in your answer for #2 above). Connect the two points and label your supply curve. Table for Individual Question Feedback Points Earned: 3.0/3.0 Correct Answer(s):
8. (2 points) When comparing Scenario A to Scenario B, the firm now hires _______ workers. A) more B) fewer Table for Individual Question Feedback Points Earned: 2.0/2.0 Correct Answer(s): A 9. (2 points) When comparing Scenario A to Scenario B, the firm now produces _____ output. A) more B) less Table for Individual Question Feedback Points Earned: 2.0/2.0 Correct Answer(s): A

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture