(Solved) A firm’s product sells for $2 per unit in a highly competitive market. The firm produces output using capital (which it rents at $75 per hour)
Question: A firm’s product sells for $2 per unit in a highly competitive market. The firm
produces output using capital (which it rents at $75 per hour) and labor (which) is paid a wage of $15 per hour under a contract for 20 hours of labor services).
Complete the following table and use that information to answer the questions that follow.
K L Q MPk APk APl VMPk
0 20 0
1 20 50
2 20 150
3 20 300
4 20 400
5 20 450
6 20 475
7 20 475
8 20 450
9 20 400
10 20 300
11 20 150
- What is the variable cost of producing 475 units of output?
- How many units of the variable input should be used to maximize profits?
-
What are the maximum profits this firm can earn?
Price: $2.99
Solution: The downloadable solution consists of 4 pages
Deliverable: Word Document
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