Using Scenario BTable B draw this firms Supply curve on Graph 3 You should

# Using scenario btable b draw this firms supply curve

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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: 0.0/3.0 Correct Answer(s):
8. (2 points) When comparing Scenario A to Scenario B, the firm now hires _______ workers. A) moreB) fewerCorrect Answer(s):A Table for Individual Question Feedback Points Earned: 2.0/2.0 9. (2 points) When comparing Scenario A to Scenario B, the firm now produces _____ output. Table for Individual Question Feedback Points Earned: 2.0/2.0 10. (2 points) When comparing Scenario A to Scenario B, the firm now earns _______ profit. Table for Individual Question Feedback Points Earned: 2.0/2.0
11. 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 \$130 . For question 11. Fill in Table C - Each box is worth ½ point for a total of 6 points for Table C TABLE C- The wage has changed to \$130 but the price of output (Q) is back at its original value of \$20. L Q MP L MRP Marginal Profit Total Profit 0 0 ----- ----- ------------ 0 1 8 8 \$160 \$ \$ 2 20 12 \$240 \$ \$ 3 28 8 \$160 \$ \$ 4 35 7 \$140 \$ \$ 5 41 6 \$120 \$ \$ 6 45 4 \$80 \$ \$ Table for Individual Question Feedback Points Earned: 3.0/6.0
Box 8: 180; Box 9: -10; Box 10: 170; Box 11: -50; Box 12: 120 12. Use Scenario C/Table C to answer the questions 12 – 14 below. (3 points) The profit maximizing output is . Table for Individual Question Feedback Points Earned: 3.0/3.0
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