SuperTutor

(15)

$15/per page/Negotiable

About SuperTutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
Last Sign in: 327 Weeks Ago, 5 Days Ago
Questions Answered: 12843
Tutorials Posted: 12834

Education

  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

Experience

  • Professor
    Strayer University
    Jan-2007 - Present

Category > Economics Posted 17 May 2017 My Price 10.00

Economics 200 Bonus

Economics 200 Bonus
1) Complete the table below: (7 points) Labor Capital TP
(Q)
0
8
0
1
8
2
8
3
8
4
8
5
8
200 MP AP TFC TVC TC AFC AVC ATC MC 100
40
50
50
30 Labor is paid a wage of $50/day.
All output is per day.
Where:
TP = total product; output; or quantity
MP = marginal product
AP = average product
TFC = total fixed cost
TVC = total variable cost
TC = total cost
AFC = Average fixed cost
AVC = average variable cost
ATC = Average total cost
MC = marginal cost
2) The firm depicted in the table below is in a PERFECTLY COMPETITIVE
MARKET. Complete the following table: (6points)
Quantity
0
10
20
30
40
50 Price
($/unit)
$20 Marginal
revenue Total
revenue Total cost
$200
$300
$460
$660
$1000
$1500 The profit maximizing price is $_________________.
The profit maximizing quantity is ________________.
The firm is making $__________________ in profit. Average
total cost Marginal
cost 3) (7 points) A monopolist can produce its output at a constant average and constant
marginal cost of:
ATC = MC = 5
The monopoly faces a demand curve given by the following function:
Q= 53-P
And a marginal revenue curve that is given by the function:
MR = 53 – 2Q
a) Draw the following:
a. The firm’s demand curve
b. The firm’s marginal revenue curve
c. The firm’s marginal cost curve
b) What is the monopolist’s profit maximizing price?
c) What is the profit maximizing quantity for this monopolist?
d) How much profit is the monopolist making?
e) Suppose the market is no longer depicted by a monopoly, but has become
perfectly competitive. What would the profit maximizing price and quantity be if
the market were perfectly competitive?

Attachments:

Answers

SuperTutor
(15)
Status NEW Posted 17 May 2017 08:05 AM My Price 10.00

-----------

Attachments

file 1495010052-Solutions file.docx preview (56 words )
S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e. ----------- H-----------YPE-----------RLI-----------NK -----------&qu-----------ot;-----------htt-----------p:/-----------/wo-----------rkb-----------ank-----------247-----------.co-----------m/&-----------quo-----------t; -----------\t -----------&qu-----------ot;-----------_bl-----------ank-----------&qu-----------ot;----------- -----------Tha-----------nk -----------you----------- -----------
Not Rated(0)