Economics

[Author][Professor][Subject][Date] : Extra Credit HomeworkProblem 1 declaration 1Quantity Variable follow appeal borderline personify1 1 17 1 17 n .a2 4 20 2 10 33 9 25 3 8 .33 54 16 32 4 8 75 25 41 5 8 .2 96 36 52 6 8 .67 11 Answer 2Quantity Price 1 10 10 n .a .n .a2 10 20 10 33 10 30 10 54 10 40 10 75 10 50 10 96 10 60 10 11Based from the prone table to a higher place , it is cleared that the firm must supply only up to 5 units of goods in for them to make expediency out of their exercise since fringy cost is already greater than marginal revenue enhancement later the said quantity of goodAnswer 3In the long run , on that point is a big possibility of market saturation callable to the astronomic number of firms that already operate in the given sedulousness therefore , equipment casualtys are being expected to laps e as these firms compete with one another in damage of price competition just to attract more customers , cet . parProblem 2Answer 1Workers 0 10 11 12 13 14 15Output 0 5 29 41 47 50 52Labor cost 0 240 264 288 312 336 360Material cost 0 5 29 41 47 50 52Fixed cost 2 2 2 2 2 2 2 Marginal cost (per special scarf )n .

a 49 2 3 5 9 13 Marginal revenue n .a 9 9 9 9 9 9 Answer 2Based from the given table above , it is clear that the wampum increase output of the firm is mates to 50 units since MR and MC is adapted at the said number of output which is the simoleons maximise condition of the price-taking firms (Beachill 2 . Therefore , as the frugal advisor of the firm , I would advis! e them to produce products equal to 50 units in the market in to receive the upper limit profit out of their operationWorks CitedBeachill , Bob . The Price-Taking Firm 2007 . Lmu .ac .uk . 9 bunt 2008Author s hold out Name PAGE \ MERGEFORMAT 1...If you want to she-bop a bounteous essay, order it on our website: BestEssayCheap.com

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