l. The table belovt.r shows the relationships between different levels of a variable input and the corresponding output. Assume the variable input costs $50 per unit and the output sells

l. The table belovt.r shows the relationships between different levels of a variable input and
the corresponding output. Assume the variable input costs $50 per unit and the output
sells $10 per unit. Complete the table and answer the questions that follow. (30 points) Input (X) Output Total Total Average Marginal Marginal Marginal
(Y) Revenue Input Physical Physical Value Input
Cost Product Product Product Cost A. is the profit maximizing amount of input to use? B. is the profit at this input level? C. is the profit if 3 units of inputs is used instead? D. Between 6 and 7 units of input:
a. Increases income by
b. Increases cost by
c. Increases profit by 2. If the quantity demanded changes from 5 to 10 units as the price changes from $14 to $9,
the elasticity is and is called 3. If the quantity demanded changes from 25 to 22 units as the price changes from $3 to
$10, the elasticity is and is called

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