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
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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DATE ANSWEREDJan 02, 2020
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