#### Question Details

Marginal Analysis 1 - ECONOMIC 1. Global Corp. sells its output at the market price of $13 per unit. Each plant has the costs shown below: Units of

HELP! I don't understand Economics!Attached are 3 Marginal Analysis problems, I'm supposed to solve using manual methods or Excel, but NOT with Calculus. Please explain your answer using words and numbers to help a non-math person understand:-)Marginal Analysis 1 - ECONOMIC

1.

Global Corp. sells its output at the market price of $13 per unit. Each plant has the costs

shown below:

Units of Output

Total Cost ($)

5

1

8

2

14

3

23

4

35

5

50

6

68

7

89

What is the proFt at each plant when operating at its optimal output level?

Please specify your answer as an integer.

2.

Suppose that you can sell as much of a product (in integer units) as you like at $46 per

unit. Your marginal cost (MC) for producing the qth unit is given by:

MC=7q

MC=7q

This means that each unit costs more to produce than the previous one (e.g., the Frst

unit costs 7*1, the second unit (by itself) costs 7*2, etc.).

If Fxed costs are $70,

what is the proFt at the optimal output level?

Please specify your answer as an integer.

3.

Assume that a competitive Frm has the total cost function:

TC=1q

3

âˆ’40q

2

+870q+1500

TC=1q3-40q2+870q+1500

Suppose the price of the Frm's output (sold in integer units) is $700 per unit.

Using tables (but not calculus) to Fnd a solution, how many units should the

Frm produce to maximize proFt?

Please specify your answer as an integer..

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