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 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 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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3

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 $176 thousand.
50
60
1245
q
0
1
2
3
4
5
6
7
8
9
10
11
C
100
300
412
492
548
620
700
788
933
1118
1343
1608
MC
200
112
80
56
72
80
88
145
185
225
265
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 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 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.)
Next
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Transcribed Image Text: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 $176 thousand. 50 60 1245 q 0 1 2 3 4 5 6 7 8 9 10 11 C 100 300 412 492 548 620 700 788 933 1118 1343 1608 MC 200 112 80 56 72 80 88 145 185 225 265 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 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 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.) Next een Sh 02.4.5 search JPG.pn- een Shot ...44.18 P.
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