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Category > Economics Posted 12 Jul 2017 My Price 10.00

Marginal Analysis 1 - ECONOMIC

Marginal Analysis 1 - ECONOMIC
1.
Global Corp. sells its output at the market price of $13 per unit. Each plant has the costs
shown below:
Units of Output Total Cost ($) 0 5 1 8 2 14 3 23 4 35 5 50 6 68 7
89
What is the profit at each plant when operating at its optimal output level?
Please specify your answer as an integer. 2.
Suppose that you can sell as much of a product (in integer units) as you like at $46 per
unit. Your marginal cost (MC) for producing the qth unit is given by: MC=7qMC=7q
This means that each unit costs more to produce than the previous one (e.g., the first
unit costs 7*1, the second unit (by itself) costs 7*2, etc.).
If fixed costs are $70, what is the profit at the optimal output level?
Please specify your answer as an integer. 3.
Assume that a competitive firm has the total cost function: TC=1q3−40q2+870q+1500TC=1q3-40q2+870q+1500
Suppose the price of the firm's output (sold in integer units) is $700 per unit.
Using tables (but not calculus) to find a solution, how many units should the
firm produce to maximize profit?
Please specify your answer as an integer.

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SuperTutor
(15)
Status NEW Posted 12 Jul 2017 05:07 AM My Price 10.00

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