Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $200 thousand. q 0 1 2 3 4 5 6 7 8 9 10 11 C 200 400 512 592 648 720 800 888 1028 1208 1428 1688 MC 200 112 80 56 72 80 88 140 180 220 260 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes w the firm produce? airplanes. (Enter your response using an integer) What will be the firm's profit? $thousand. (Enter your response rounded to two decimal places) Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? airplanes. (Enter your response using an integer) What will be the firm's profit? $thousand. (Enter your response rounded to two decimal places)

Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $200 thousand. q 0 1 2 3 4 5 6 7 8 9 10 11 C 200 400 512 592 648 720 800 888 1028 1208 1428 1688 MC 200 112 80 56 72 80 88 140 180 220 260 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes w the firm produce? airplanes. (Enter your response using an integer) What will be the firm's profit? $thousand. (Enter your response rounded to two decimal places) Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? airplanes. (Enter your response using an integer) What will be the firm's profit? $thousand. (Enter your response rounded to two decimal places)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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