The maximum profit for this firm is points earned 303

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14.(3 points) The maximum profit for this firm is .Points Earned:3.0/3.0
15.(2 points) Using Scenario C/Table C, go to Graph 1. Label the profit maximizing Q and L combination as point C.B and C are on the given curve.Points Earned:0.0/2.0354
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.Points Earned:3.0/3.0Correct Answer(s):
17.(3 points) Using Scenario C/Table C, go to graph 3 and add this firm’s new supply curve (remember that wages fell, so output supply increases). Label as point C the price and output combination occurring after the change in economic conditions in Scenario C (P= $20, and the profit maximizing Q you found in your answer for #12 above). You only have one point on this supply curve, but you can sketch it as an upward sloping supply curve that is parallel to the supply curve you drew earlier.Points Earned:3.0/3.0
18.(2 points) When comparing Scenario A to Scenario C, the firm now hires _______
Points Earned:2.0/2.0Correct Answer(s):A19.(2 points) When comparing Scenario A to Scenario C, the firm now produces _____A) moreB) less
Points Earned:2.0/2.0Correct Answer(s):A
20.(2 points) When comparing Scenario A to Scenario C, the firm now earns _______ profit.
Points Earned:2.0/2.0

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