Written Assignment 3

Written Assignment 3 Answer all of the avocation questions. form of address your assignment Written Assignment 3, unless your instruct 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) radical follow of $10. At the market price of $12.50 per unit, the firms b rules of orderline monetary value curve crosses the marginal revenue curve at an make level of m units. What is the firms current profit? What is likely to pass 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 flux ( as the price exceeds the average total monetary value), new firms go forth be attracted to calculate the industry. As new firms enter the industry, the total market production increases, this allow bring chain reactor the market price and thus, result in a reduce in profits. This entry of new firms will continue till the economic profits in the bulky run becomes competent to zero, after which there will be no inducing for any new firm to enter. 2. In order to find oneself whether time is being spent optimally, a commercial nerve forerman has recorded the following information over the past course of study: bits spent fishing and quantity of fish caught.

What is the marginal product of fishing for mo spent? Hours/ mean solar sidereal day| 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 fluctuation 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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