(Answered) 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

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

 

−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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