As a manager of a house painting firm like the Queen Anne Painting Company, a perfectly competitive firm in Seattle, Washington, you are maximizing your profit and are currently making an economic profit. For simplicity, assume that you use only capital and labor. You determine that at your current production, your long-run average cost curve is downward sloping; that is, if you increased both your capital and your labor by the same proportion, your long-run average cost would fall. The adjacent figure shows the firm's short-run average total cost (ATC), marginal cost (MC), and long run average cost (LAC) curves, and a demand and marginal revenue (d=MR) curve. Using the point drawing tool, show the point at which your firm is currently producing. Carefully follow the instructions above and only draw the required objects. The figure suggests that you increase the scale of your production. Price and cost ($ per house painted) Queen Anne Painting Company's cost curves $7,000- $6,000 $5,000- $4.000 $3,000 $2,000- $1,000- $0+ ATC MC 피 LAC d=MR 2 10 Quantity (houses painted per week)

As a manager of a house painting firm like the Queen Anne Painting Company, a perfectly competitive firm in Seattle, Washington, you are maximizing your profit and are currently making an economic profit. For simplicity, assume that you use only capital and labor. You determine that at your current production, your long-run average cost curve is downward sloping; that is, if you increased both your capital and your labor by the same proportion, your long-run average cost would fall. The adjacent figure shows the firm's short-run average total cost (ATC), marginal cost (MC), and long run average cost (LAC) curves, and a demand and marginal revenue (d=MR) curve. Using the point drawing tool, show the point at which your firm is currently producing. Carefully follow the instructions above and only draw the required objects. The figure suggests that you increase the scale of your production. Price and cost ($ per house painted) Queen Anne Painting Company's cost curves $7,000- $6,000 $5,000- $4.000 $3,000 $2,000- $1,000- $0+ ATC MC 피 LAC d=MR 2 10 Quantity (houses painted per week)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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