L Q MP L MRP Marginal Profit Total Profit 0 0 1 8 8 160 2 20 12 240 3 28 8 160

L q mp l mrp marginal profit total profit 0 0 1 8 8

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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: 6.0/6.0 30 30 110 140 30 170 10 180 -10 170 -50 120
Correct Answer(s): Box 1: 30; Box 2: 30; Box 3: 110; Box 4: 140; Box 5: 30; Box 6: 170; Box 7: 10; 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 Correct Answer(s): 35 13. (3 points) The profit maximizing level of labor input is workers. Table for Individual Question Feedback Points Earned: 3.0/3.0 Correct Answer(s): 4 14. (3 points) The maximum profit for this firm is . Table for Individual Question Feedback Points Earned: 3.0/3.0 Correct Answer(s): 180 35 4 180
15. (2 points) Using Scenario C/Table C, go to Graph 1 . Label the profit maximizing Q and L combination as point C. Table for Individual Question Feedback Points Earned: 2.0/2.0 Correct Answer(s): 16. (3 points) Using Scenario C/Table C, go to Graph 4 and draw in this firm’s new wage line. The MRP curve is unchanged since MRP = P* MPL, and neither P nor MPL has changed. Shade in the new area for profit. Also label the profit maximizing point as letter C.

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

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