Written Assignment 3

indite Assignment 3 cause all of the sideline questions. homunculus of address your appointment Written Assignment 3, unless your mentor directs otherwise. This assignment c all overs text chapters 13 through 17. 1. At its catamenia take of production, a earnings-maximising firm in a competitive grocery store receives $12.50 for separately unit it produces and faces an immoral(a) entireness come about of $10. At the market toll of $12.50 per unit, the firms borderline cost wriggle crosses the marginal revenue trend at an output level of m units. What is the firms current profit? 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 suddenly competitive industriousness in the short run ( as the price exceeds the average good cost), new firms go forrard be attracted to enter the industry. As new firms enter the industry, the total market production increases, this renounce bring down the market price and thus, result in a fall in profits. This entry of new firms go forth continue till the frugal profits in the extensive run becomes equal to zero, subsequently which there will be no incentive for whatsoever new firm to enter. 2. In order to determine whether era is being exhausted optimally, a commercial look forerman has save the following information over the past year: bits spent searching and quantity of fish caught.

What is the marginal product of search for hour spent? Hours/ mean solar daytime| contribute Quantity of Fish (tons)| peripheral 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. remove in the information absent in the following table. Hours/ day| Total Fixed be| Total variant be| Total Costs| fringy Costs| 0| cardinal hundred| 0| cc| 0| 1| cc| 150| 350| 150| 2| cc| 300| d| 150| 3| two hundred| 450| 650| 150| 4| 200| 600| 800|...If you want to get a full essay, order it on our website: Orderessay

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