Advice for a Firm. You’ve been hired as an economic consultant by a price-taking firm that produces.

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.  

a. Fill in the blanks in the table. (Enter all of your responses as integers.)

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.  

a. Fill in the blanks in the table.

(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

 

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