12. Graph the following table:
- What is the marginal product and average product at each level of production?
- Graph marginal product and average product.
- Label the areas of increasing marginal productivity, diminishing productivity, and diminishing absolute productivity.
10. Draw short run marginal cost curve, short-run average cost curve, and long-run average total cost curve for an efficient firm producing where there are diseconomies of scale (L012-2)
9. Draw marginal cost, marginal revenue, and average total cost curves for a typical perfectly competitive firm in long0run equilibrium and indicate the profit-maximizing level of output and total profit for that firm (LO13-3)
9. A monopolist with a straight-line demand curve finds that it can sell 2 units at $12 or 12 units at $2 each. Its fixed cost is $20 and its marginal cost is constant at $3 per unit.
- Draw the MC, ATC, MR, and demand curves for this monopolist.
- At what output level would the monopolist produce?
- At what output would a perfectly competitive firm produce?
5. Most magazines offer enormous subscription deals for college students. For example, Time magazine offered a one-year subscription for $5, when the over price was $5.99 per issue. This more than a 90 percent discount.
- Why do magazines offer special deals to students?
- How would you answer change if you were told tat most subscribers get enormous discounts, and that Times subscription revenues does not cover its costs?
- What is the likely reason why magazines sell their subscriptions so cheaply?
NO AI score — 0%
Plag — possibly 0%
The GRAPHS CANNOT BE GENERIC IMAGES OBTAINED FROM THE INTERNET. DRAW THEM IN WORD DOC.
