Economics

[Author][Professor][Subject][Date] : Extra Credit HomeworkProblem 1 declaration 1Quantity Variable speak to appeal borderline court1 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 assumption table supra , it is cleared that the firm must supply only up to 5 units of goods in for them to make expediency out of their appendage since fringy cost is already greater than marginal revenue enhancement later the said quantity of goodAnswer 3In the long run , there is a big possibility of market saturation out-of-pocket to the astronomic number of firms that already operate in the given sedulousness therefore , equipment casualtys are being expected to yielding as thes e 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 array increase output of the firm is mates to 50 units since MR and MC is compare at the said number of output which is the profit maximise condition of the price-taking firms (Beachill 2 . Therefore , as the scotch advisor of the firm , I would ad! vise them to produce products equal to 50 units in the market in to receive the level best profit out of their operationWorks CitedBeachill , Bob . The Price-Taking Firm 2007 . Lmu .ac .uk . 9 abut 2008Author s hold out Name PAGE \ MERGEFORMAT 1...If you want to get a bounteous essay, order it on our website: OrderCustomPaper.com

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