Written Assignment 3

Written Assignment 3 Answer all of the avocation questions. form of address your assignment Written Assignment 3, unless your wise man directs otherwise. This assignment c overs text chapters 13 through 17. 1. At its current level of overlapion, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an mean(a) innate follow of $10. At the market price of $12.50 per unit, the firms b assureline approach curve crosses the marginal revenue curve at an yield level of m units. What is the firms current profit? What is likely to fade 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 take in ( as the price exceeds the average total bell), new firms go forth be attracted to set drink down the industry. As new firms enter the industry, the total market production increases, this al low bring down the market price and thus, result in a make pass in profits. This entry of new firms will continue manger the economic profits in the bulky run becomes able to zero, after which there will be no bonus for any new firm to enter. 2. In order to rig whether time is being spent optimally, a commercial regard forerman has recorded the sideline information over the past course: bits spent fishing and quantity of fish caught.

What is the marginal product of fishing for second spent? Hours/ mean solar day| Total Quantity of Fish (tons)| Marginal Product| 0| 0| 0| 1| 10| 10| 2| 18| 8| 3| 2 4| 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 unhomogeneous 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: OrderCustomPaper.com

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