Please go ahead and submit one or two solution at a time so that I can continue to work and post. Please update me as you.
Please go ahead and submit one or two solution at a time so that I can continue to work and post. Please update me as you. Even if you can not do all of them it is ok. try as many as you can thanks Regards Time limit only by next one and half hour. ATTACHMENT PREVIEW Download attachment1.(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that producesWidgets. (30 points)(Part A) You know that you are operating in a monopolistically competitive market, that is, you are asmall part of a large market with many competitors in this market. From data collected on the WidgetMarket, you know that market demand has recently decreased and market supply has recentlydecreased. Name two shift factors/determinants that could have caused the market demand todecrease and two shift factors and determinants that could have caused the market supply todecrease. Also as manager of the facility, what decisions should you make regarding production levelsand pricing for your Widget facility? (15 points)Remember that supply and demand are about the market supply and market demand, which is muchbigger than your own company. You are being given data on supply and demand for the whole marketand are being asked what e±ect that has on you as a small part of that market. You want to identifythe possible change in market equilibrium price and possible change in market equilibrium quantitybased on the shifts in demand and supply and adjust your own price and quantity to match themarket.(Part B) Now, suppose that the following changes in demand and supply occur: (1) a complimentarygood goes down in price and (2) your costs of production decrease. What decisions will you makeregarding production levels and pricing for your Widget facility based ONLY on these changes, forexample, do not factor in the changes in part (a) here? (15 points) (Points : 30)Question 3.3.(TCOs C and D) You have been hired to manage a small manufacturing facility whosecost and production data are given in the table below. (20 points)Workers Total Labor Cost Output Total Revenue1$50100$7002$100250$1,1503$150300$1,4404$200380$1,6205$250440$1,7206$300480$1,7807$350500$1,820
View the Answer(Part A) (5 points) What is the marginal product of the second worker?.(Part B) (5 points) What is the marginal revenue product (MRP) of the fourth worker?(Part C) (5 points) What is the marginal cost (MC) of the Frst worker?(Part D) (5 points) Based on your knowledge of marginal analysis, how many workers should you hire?Explain you answer.(Points : 20)Question 4.4.((TCO C) Answer the next questions (Parts A and B) on the basis of the following costdata for a Frm operating in pure competition. (20 points)OutputT±CTVC0$150.00 0.001$150.00 90.002$150.00 160.003$150.00 200.004$150.00 260.005$150.00 340.006$150.00 450.00(Part A) Refer to the above data. If the product price is $75, at its optimal output, will the Frm realizean economic proFt, break even, or incur an economic loss? How much will the proFt or loss be? Showall calculations. (10 points)(Part B) Refer to the above data. If the product price is $55, at its optimal output, will the Frm realizean economic proFt, break even, or incur an economic loss? How much will the proFt or loss be? Showall calculations. (10 points) (Points : 20)
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