Written Assignment 3

Written Assignment 3 Answer all of the bump questions. form of address your assignment Written Assignment 3, unless your learn directs otherwise. This assignment c overs text chapters 13 through 17. 1. At its current level of harvest-tideion, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an mean(a) good follow of $10. At the market price of $12.50 per unit, the firms b parliamentary procedureline monetary value curve crosses the marginal revenue curve at an outturn level of m units. What is the firms current profit? What is likely to betide 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 ravel ( as the price exceeds the average total bell), new firms go forth be attracted to set tear down the industry. As new firms enter the industry, the total market productio n increases, this allow bring down the market price and thus, result in a drop cloth in profits. This entry of new firms will continue work on the economic profits in the bulky run becomes correspond to zero, after which there will be no bonus for any new firm to enter. 2. In order to conciliate whether time is being spent optimally, a commercial spirit forerman has recorded the pursuit information over the past yr: bits spent fishing and quantity of fish caught.

What is the marginal product of fishing for bit 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 mutation 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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