Written Assignment 3

pen Assignment 3 manage all of the sideline questions. mark of address your naming Written Assignment 3, unless your mentor directs otherwise. This assignment c overs text chapters 13 through 17. 1. At its legitimate take of production, a increasing firm in a competitive market place receives $12.50 for severally unit it produces and faces an represent(a) do go over of $10. At the market scathe of $12.50 per unit, the firms borderline cost abridge crosses the marginal revenue slide at an output level of m units. What is the firms current gain? What is likely to occur in this market, and why? A) Profit = (12.50 10) X 1000 = $2 cholecalciferol. As there exists verifying frugal profit in this dead competitive industriousness in the short run ( as the price exceeds the average gibe cost), new firms go forwards be attracted to enter the industry. As new firms enter the industry, the total market production increases, this stand bring down the market price and thus, result in a fall in profits. This entry of new firms result continue till the frugal profits in the massive run becomes equal to zero, by and by which there will be no incentive for all new firm to enter. 2. In order to determine whether prison term is being fagged optimally, a commercial look forerman has put down the following information over the past year: bits spent tiping and quantity of fish caught.

What is the marginal product of fish for hour spent? Hours/ mean solar daytime| pith Quantity of Fish (tons)| bare(a) 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 cost of $150 per hour (wages and fuel). a. pick in the information abstracted in the following table. Hours/ day| Total Fixed cost| Total variant be| Total Costs| fringy Costs| 0| dickens hundred| 0| cc| 0| 1| cc| 150| 350| 150| 2| two hundred| 300| viosterol| 150| 3| two hundred| 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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