Question: PLEASE VERIFY TABLE IS CORRECT. Need help answer the following: a.Complete the cost table above making calculations as necessary (18). b.If the company can sell

PLEASE VERIFY TABLE IS CORRECT.

Need help answer the following:

a.Complete the cost table above making calculations as necessary (18).

b.If the company can sell every product it makes for $40 each, how many units should the company make each day?How many employees will it hire each day?What is the firm's MRP for the last employee hired? Will the company make an economic profit producing this quantity of output?Why or why not? (7)

c.What would be the profit-maximizing level of production if demand increased such that each unit sold for $60? By how much will this change the firm's profit? (5)

d.Suppose the demand significantly decreased so that the price for a unit of output slid to $30 each.What should the firm do? Why? (5)

PLEASE VERIFY TABLE IS CORRECT. Need help answer the following:a.Complete the cost

Q4. A small firm, operating in a purely competitive market, has fixed costs of $20 per day, compensates each employee $70 per day, and has daily output and raw material costs as indicated in the table below. (35 pts.) Marginal Employees Output Fixed Raw Labor Total Total Avg. Avg. Avg. Cost per costs Material costs Variable Cost (2) Fixed Variable Total extra unit (1) costs (3) costs (2) Cost Cost (2) Cost of output (2) (2) (4) 0 20 so 120 20 1 $ 50 W N 20 140 140 215 120 120 140 / 120 2 20 $ 75 235 10 20 1075 1175 / 95 4 $ 95 210 6 20 $ 120 280 305 325 400 420 76.25 /81.25/ 90 160. 107 70 95 6 20 $ 185 20 350 535 1075 565 3.33 3.38 89.17 92.5 135 7 $ 255 6 20 420 1095 $ 350 12.86 99.29 /102.15/ 140 490 /840 /860 13.33 / 140 143.33 145 a. Complete the cost table above making calculations as necessary (18). b. If the company can sell every product it makes for $40 each, how many units should the company make each day? How many employees will it hire each day? What is the firm's MRP for the last employee hired? Will the company make an economic profit producing this quantity of output? Why or why not? (7) c. What would be the profit-maximizing level of production if demand increased such that each unit sold for $60? By how much will this change the firm's profit? (5) d. Suppose the demand significantly decreased so that the price for a unit of output slid to $30 each. What should the firm do? Why

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