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hi i was wondering if i could get some help to compare with my answers:) III. (50 points) Graphical Analysis 1. (10 points) Draw and
hi i was wondering if i could get some help to compare with my answers:)
III. (50 points) Graphical Analysis 1. (10 points) Draw and fully label the three total cost curves and the TR curve. On your graph indicate the following points: a) the point of maximum profit, b) the production level where the break even cost level first occurs in the short run, c) the first break even cost level in the long run. 2. (13 points) a) Show graphically (after labeling fully) how the utility maximizing combination of goods is determined. b) Show what happens to the budget line if the Pc increases, c) Show and label the new utility maximizing combination of goods if the consumer stays on the same indifference curve. d) Is the consumer better off, worse off, or the same? Why? (be specific) 3. (6 points) Show graphically how the supply curve for an individual firm is determined. Be complete and show profit maximizing criterion. 4. (5 points) Given Px=$4,Py=$3,TFC=$10, and a) What is MC of 14 unit of outpur? b) What is MRP of 2al unit of inpur? c) What is profit maximization level of outpur? d) What is MR? c) What is MFC? III. (50 points) Graphical Analysis 1. (10 points) Draw and fully label the three total cost curves and the TR curve. On your graph indicate the following points: a) the point of maximum profit, b) the production level where the break even cost level first occurs in the short run, c) the first break even cost level in the long run. 2. (13 points) a) Show graphically (after labeling fully) how the utility maximizing combination of goods is determined. b) Show what happens to the budget line if the Pc increases, c) Show and label the new utility maximizing combination of goods if the consumer stays on the same indifference curve. d) Is the consumer better off, worse off, or the same? Why? (be specific) 3. (6 points) Show graphically how the supply curve for an individual firm is determined. Be complete and show profit maximizing criterion. 4. (5 points) Given Px=$4,Py=$3,TFC=$10, and a) What is MC of 14 unit of outpur? b) What is MRP of 2al unit of inpur? c) What is profit maximization level of outpur? d) What is MR? c) What is MFC Step by Step Solution
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