Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
An Economic Consultant by A Price-Taking Firm
Advice for a Firm. You' ve been hired as an economic consultant by a price-taking firm that produces scarves. The firm already has a factory, so it is operating in the short run. The price of scarves is $9, the cost per worker is $24, and each scarf requires $1 worth of material. The following table shows the relationship between the number of workers and the output of scarves.
Workers
10
11
12
13
14
15
Output
5
29
41
47
50
52
Labor cost
$240
264
nothing
312
336
360
Material cost
$5
29
nothing
47
50
52
Fixed cost
$2
2
2
2
2
2
Total cost
$247
295
nothing
361
388
414
Marginal cost
—
$2
nothing
5
9
13
2.
Advice for an Unprofitable Firm. You' ve been hired as an economic consultant by an unprofitable price-taking firm that produces baseball caps. The firm already has a factory, so it is operating in the short run. The price of caps is $5, the hourly wage is $12, and each cap requires $1 worth of material. The firm has experimented with different workforces and the results are shown in the first two columns of the table below.
(Enter
all responses as
integers.)
Workers
Caps
produced
Labor
cost
Material
cost
Variable
cost
Total
revenue
Marginal
cost
14
56
nothing
nothing
nothing
nothing
—
15
60
nothing
nothing
nothing
nothing
nothing
3.Draw the Supply Curves. The following table shows short-run marginal costs for a perfectly competitive firm:
Output
100
200
300
400
500
MC
$5
$10
$20
$40
$70
Suppose that the shut-down price is $10, What is the minimum quantity offered to the market by this firm?
nothing
units
4.
Draw the Supply Curves. The following table shows short-run marginal costs for a perfectly competitive firm:
Output
100
200
300
400
500
MC
$5
$10
$20
$40
$70
Suppose that the shut-down price is $10, What is the minimum quantity offered to the market by this firm?
nothing
units.
5.Long-Run Supply Curve of Lamps. Suppose each lamp manufacturer produces 10 lamps.
Complete the following table. (Enter all your responses as integers.)
Number of firms
Industry output
Total cost for typical firm
Average cost per lamp
40
nothing
$300
$nothing
80
nothing
360
nothing
120
nothing
440
nothing
6.
Increase in Housing Demand in Britain versus the United States. a. Suppose that in both Britain and the United States, the initial equilibrium price of housing is $200,000. Britain has more severe restrictions on residential development in the short run.
1.) Use the line drawing tool to draw and label the long-run supply curve for housing in Britian.
2.) Use the line drawing tool to draw and label the long-run supply curve for housing in the United States
Carefully follow the instructions above, and only draw the required
objects.Click toenlargegraph
Completion of All of The Weekly Discussions
RUBRIC |
||||||
Excellent Quality 95-100%
|
Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
|||
Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
|||
Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
|||
You Can Also Place the Order at www.collegepaper.us/orders/ordernow or www.crucialessay.com/orders/ordernow
Completion of All of The Weekly Discussions |
Completion of All of The Weekly Discussions