....Please help solve these assignments in Micro-economics.

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I need help with all the questions.

Il. Tangent Lines and Optimization in Business and Economics In business and economics, common questions of interest include how to maximize profit of revenue, how to minimize average costs, and how to maximize average productivity For questions such as these, the description of how to obtain the desired maximum or minimum represents an optimal (or best possible) solution to the problem. And the pro. cess of finding an optimal solution is called optimization. Answering these questions often involves tangent lines. In this project, we examine how tangent lines can be used to mini- mice average costs. suppose that Wittage, Inc. manufactures paper shredders for home and office use and that its weekly total costs (in dollars) for x shredders are given by C(x) = 0.03x] + 12.75x + 6075 The average cost per unit for x units (denoted by C(x)) is the total cost divided by the num- ber of units. Thus, the average cost function for Wittage, Inc. is 6075 ax (x) 0.03x' + 12.75x + 6075 0.03x 12.75x C(x) = 0.03x + 12.75 + 6075 Wittage, Inc. would like to know how the company can use marginal costs to gain informa- tion about minimizing average costs. To investigate this relationship, answer the following questions 1. Find Wittage's marginal cost function, then complete the following table. 100 200 300 400 500 600 c(x) MC (x) 2. (a) For what x-values in the table is C getting smaller? (b) For these x-values, is MC C, or MC = C? 3. (a) For what x-values in the table is C getting larger? (b) For these x-values, is MC C. or MC = C? 4. Between what pair of consecutive x-values in the table will C reach its minimum? 5. Interpret (a) C (200) and MC(200) and (b) C (400) and MC(400). 6. On the basis of what C and MC tell us, and the work so far, complete the following reasoning. statements by filling the blank with increase, decrease, or stay the same. Explain your (a) MC C means that if Wittage makes one more unit, then C will_ 7. (a) On the basis of your answers to Question 6, how will C and MC be related when C is minimized? Write a careful statement. (b) Use your idea from part (a) to find x where C is minimized. Then check your calculations by graphing C and locating the minimum from the graph.ASSIGNMENT - PRINCIPLES OF MICROECONOMICS 1. (40 points) Use the graph to answer the following questions. Show each answer completely. The following table presents cost and revenue information for Wiki Widgets. COSTS REVENUES Profit Quantity Total Marginal Average Average Average Quantity Total Marginal Average Produced Cost Cost Variable Fixed Cost Total Cost Demanded Price Revenue Revenue Revenue Cost 100 0 120 1 150 1 120 2 202 2 120 3 257 3 120 4 317 4 120 S 385 5 120 6 465 6 120 7 562 120 682 120 9 835 9 120 10 1030 10 120 A. What is the profit-maximizing level of output? Provide the reason for your answer. B. What is the efficient scale of firm? Provide the reason for your answer. C. Is the firm operating in short run equilibrium? Provide the reason for your answer. D. Is the firm operating in long run equilibrium? Provide the reason for your answer.Micro-Economics Unit 6 Profit Maximization Using the MC - MR Method Assignment A Name Assumptions: The product is tomatoes, and the firm is in the perfect competition market structure. The price per unit is $18. You may use the graph on the next page if you like. Worth 15 points. Quantity (Q) Total Revenue Marginal Total Cost (TC) Marginal Cost [TR) Revenue SO $14 1 30 2 36 44 56 72 92 116 Reminder: marginal cost and marginal 1) Complete the Total Revenue column. revenue data are listed (on a table) or plotted (on a graph) between the 2) Complete the Marginal Revenue column. quantity of output levels because the 3) Complete the Marginal Cost column. change in total cost occurs BETWEEN each additional whole unit of output 4) Graph and label MR curve. rather than exactly at each listed output level. Therefore, plot the first 5) Graph and label MC curve. MC of $16 BETWEEN the quantities of 6) What is the profit maximization level of output? 0 and 1. Plot the second MC BETWEEN the quantities of 1 and 2, etc. Assignment A MC-MR Method