sub= 24 help City Condos Construction, CCC, obtained a loan to purchase city land for a premium condominium building.CCC paid a real estate analyst $100,000 to write a report on the market. The report stated-and CCC believes-that each condo will sell for $5 million and they will build 10 condos on each building floor. The city's condomarket is competitive but limits condo towers to 6 floors only. Construction costs rise with the number of floorsbuilt. The construction costs are $5 million (or $5m) to build one floor, $20m for two floors, $45m for 3 floors,$80m for four floors, $125m for five floors, and $180m for six floors. (Notice these values are not per floorcosts.) In addition to these costs, CCC pays $1m per year in interest on its loan which it cannot avoid and willpay overhead costs for construction of $5m per year which are incurred only when construction occurs.MC, AC,MRMCАСaMR$10Condo FloorsGiven the cost and revenue information above, the numeric values for CCC's cost curves in the plot below are a= $,b $,c =, and d =The optimal number of floors to build iswhich will generate total profits of $million.

In question, the provided figure implies competitive market equilibrium of condo floors. MC =…

In addition to these costs, erhead costs for construction of $5m per year which are incurred only when construction occurs pays $1m per year in interest on its loan which it cannot avoid CMR MC 4C a MR b 10 Condo Floors the cost and revenue information above, the numeric values for CCC's cost curves in the plot below ,b = $ , and d = ,c= otimal number of floors to build is which will generate total profits of $ million.

In addition to these costs, erhead costs for construction of $5m per year which are incurred only when construction occurs pays $1m per year in interest on its loan which it cannot avoid CMR MC 4C a MR b 10 Condo Floors the cost and revenue information above, the numeric values for CCC's cost curves in the plot below ,b = $ , and d = ,c= otimal number of floors to build is which will generate total profits of $ million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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