Written Assignment 3

Written Assignment 3 Answer all of the pursual questions. form of address your assignment Written Assignment 3, unless your teach directs otherwise. This assignment c overs text chapters 13 through 17. 1. At its current level of point of intersectionion, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an mean(a) enumerate follow of $10. At the market price of $12.50 per unit, the firms b clubhouseline make up curve crosses the marginal revenue curve at an turnout level of m units. What is the firms current profit? What is likely to fare in this market, and why? A) Profit = (12.50 10) X 1000 = $2 cholecalciferol. As there exists verifying economic profit in this perfectly competitive industriousness in the short cash in ones chips ( as the price exceeds the average total terms), new firms go forth be attracted to take spate the industry. As new firms enter the industry, the total market pro duction increases, this allow bring down the market price and thus, result in a reduce in profits. This entry of new firms will continue bowl the economic profits in the bulky run becomes contact to zero, after which there will be no inducing for any new firm to enter. 2. In order to ascertain whether time is being spent optimally, a commercial waitress forerman has recorded the interest information over the past division: bits spent fishing and quantity of fish caught.

What is the marginal product of fishing for minute of arc spent? Hours/ mean solar daylight| Total Quantity of Fish (tons)| Marginal Product| 0| 0| 0| 1| 10| 10| 2| 18| 8| 3| 24| 6| ! 4| 28| 4| 5| 30| 2| 6| 31| 1| 3. The fisherman has a fixed cost of $cc per day and variable costs of $150 per hour (wages and fuel). a. Fill in the information missing in the following table. Hours/ day| Total Fixed Costs| Total build Costs| Total Costs| Marginal Costs| 0| two hundred| 0| 200| 0| 1| 200| 150| 350| 150| 2| 200| ccc| 500| 150| 3| 200| 450| 650| 150| 4| 200| 600| 800|...If you want to get a full essay, order it on our website: BestEssayCheap.com

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