Suppose you are the manager of a manufacturing firm that uses K and Las inputs. The firm produces and sells a given output. If w-$25.75. r- $50, MPL 154.5, and MPK-250, theOA is cost minimizingfirmOB. should use less L and more K to cost minimizeOC should use more L and less K to cost minimizeOD should use Sess of both L and K to cost minimizeOE is profit maximizing but not cost minimizing

A firm minimizes the cost at the following points:(MPL / w) = (MPK / r) -----------------> cost…

Suppose you are the manager of Ag firm OA is cost minimizing OB should use less L and more K to cost minimize OC should use more L and less Kto cost minimine OD should use less of both Land K to cost minimize OE in profit maximizing but not cost minimizing Kand em produces and sells a given output if w-$25.75 - $50, MPL 1545, and MPK-250, the

Suppose you are the manager of Ag firm OA is cost minimizing OB should use less L and more K to cost minimize OC should use more L and less Kto cost minimine OD should use less of both Land K to cost minimize OE in profit maximizing but not cost minimizing Kand em produces and sells a given output if w-$25.75 - $50, MPL 1545, and MPK-250, the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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the next hree le production schedule for Great Balls of Fire, a food truck that sells alls of Fire has a lease on the truck itself that costs $1200 per week that at the food truck produces and sells any meatballs. They may hire up to ind sell the meatballs, workers cost $600 per week. The production any meatballs would be produced with the varying levels of employees. Fixed Costs Variable Cost Total Cost Average Variable Cost 30 0 1200 30 1800 3000 3000 30 3000 4200 2100 30 3600 4800 1600 le, please round all answers to the nearest cent. Do not enter any its (Ex. If your calculator says 12.376, just enter 12.38.) If your answer is I don't need to include the cents (Ex. you may enter 10 instead of 10.00) tting to the outer columns to enter your answer. First, make sure you try extending your browser window, pull the corner out so the window is TAB button on your keyboard to move between cells to get to the column that works, you can email me your answers to this question. Average Total…
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ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $