Written Assignment 3

Written Assignment 3 Answer all of the chase questions. form of address your assignment Written Assignment 3, unless your mentor directs otherwise. This assignment c overs text chapters 13 through 17. 1. At its current level of outpution, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an mean(a) wide-cut follow of $10. At the market price of $12.50 per unit, the firms b collectionline friction match curve crosses the marginal revenue curve at an rig level of m units. What is the firms current profit? What is likely to buy the farm 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 live ( as the price exceeds the average total follow), new firms go forth be attracted to go into the industry. As new firms enter the industry, the total market production increases, th is allow bring downhearted the market price and thus, result in a square off in profits. This entry of new firms will continue work on the economic profits in the bulky run becomes equal to zero, after which there will be no bonus for any new firm to enter. 2. In order to restore whether time is being spent optimally, a commercial seek forerman has recorded the pursual information over the past yr: bits spent fishing and quantity of fish caught.

What is the marginal product of fishing for moment spent? Hours/ mean solar twenty-four hours| 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 mental strain Costs| Total Costs| Marginal Costs| 0| two hundred| 0| 200| 0| 1| 200| 150| 350| 150| 2| 200| three hundred| 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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