# Essay on Devry Econ 545 Week 8 Final Exam

28632 Words Jan 24th, 2015 115 Pages
Visit : www.studentoffortune.biz
Email Us : studentoffortunetutorials@gmail.com

DEVRY ECON 545 Week 8 Final Exam 1.
Question :
(TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
(a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?

Remember that supply and demand are about the market supply
(b.) (6 points) What is the marginal revenue product of the fourth worker?
(c.) (6 points) What is the marginal cost of the first worker?
(d.) (12 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
4.
Question :
(TCO C) Answer the next questions on the basis of the following cost data for a firm in pure competition:
OUTPUT —— TFC ———- TVC
0 \$100.00 0.00
1 100.00 70.00
2 100.00 120.00
3 100.00 150.00
4 100.00 200.00
5 100.00 270.00
6 100.00 360.00
(a.) (15 points) Refer to the above data. If the product price is \$45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) (15 points) Refer to the above data. If the product price is \$75 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
5.
Question :
(TCO D) A software producer has fixed costs of \$18,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:
Q TVC Price
1,000 \$15,000 \$25
2,000 20,000 24
3,000 30,000 23
4,000 50,000 22
5,000 80,000 20
(a.) (15 points) If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market

## Related Documents

• ###### Econ 312 Week 8 Final Exam Essay

ECON 312 Week 8 Final Exam Purchase here http://devrycourse.com/econ-312-week-8-final-exam Product Description 1. (TCO 1) Opportunity cost is best defined as (Points : 4) 2. (TCO1) Which is not a factor of production? (Points : 4) 3. (TCO1) A point outside the production possibilities curve is (Points : 4) 4. (TCO1) A basic characteristic of a command system is that (Points : 4) 5. (TCO 2) Which is consistent with the law of demand? (Points : 4) 6. (TCO 2) A decrease in supply…

Words: 781 - Pages: 4
• ###### Econ 545 Week 8 Final Exam Essay example

ECON 545 Week 8 Final Exam Purchase here http://devrycourse.com/econ-545-week-8-final-exam Product Description (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply…

Words: 1212 - Pages: 5
• ###### Essay on Econ 312 Week 8 Final Exam

ECON 312 Week 8 Final Exam Purchase here http://devrycourse.com/econ-312-week-8-final-exam Product Description 1. (TCO 1) Opportunity cost is best defined as (Points : 4) 2. (TCO1) Which is not a factor of production? (Points : 4) 3. (TCO1) A point outside the production possibilities curve is (Points : 4) 4. (TCO1) A basic characteristic of a command system is that (Points : 4) 5. (TCO 2) Which is consistent with the law of demand? (Points : 4) 6. (TCO 2) A decrease in supply…

Words: 764 - Pages: 4
• ###### Econ 312 Week 8 Final Exam Essay

ECON 312 Week 8 Final Exam Purchase here http://devrycourse.com/econ-312-week-8-final-exam Product Description 1. (TCO 1) Opportunity cost is best defined as (Points : 4) 2. (TCO1) Which is not a factor of production? (Points : 4) 3. (TCO1) A point outside the production possibilities curve is (Points : 4) 4. (TCO1) A basic characteristic of a command system is that (Points : 4) 5. (TCO 2) Which is consistent with the law of demand? (Points : 4) 6. (TCO 2) A decrease in supply…

Words: 771 - Pages: 4
• ###### Econ 545 Week 8 Final Exam Essay

ECON 545 Week 8 Final Exam http://homework-aid.com/ECON-545-Week-8-Final-Exam-1808.htm?categoryId=-1 1. Question : (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply…

Words: 1216 - Pages: 5
• ###### Essay on Econ 545 Week 8 Final Exam

ECON 545 Week 8 Final Exam Purchase here http://devrycourse.com/econ-545-week-8-final-exam Product Description (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply…

Words: 1214 - Pages: 5
• ###### Econ 545 Week 8 Final Exam Essay

ECON 545 WEEK 8 FINAL EXAM To purchase this visit following link: http://www.activitymode.com/product/econ-545-week-8-final-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECON 545 WEEK 8 FINAL EXAM 1. Question : (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you…

Words: 1069 - Pages: 5
• ###### Essay on Devry Econ 545 Week 8 Final Exam

DEVRY ECON 545 Week 8 Final Exam To Buy this Tutorial Copy & paste below link in your Brower http://studentoffortune.biz/downloads/devry-econ-545-week-8-final-exam/ Or Visit Our Website Visit : www.studentoffortune.biz Email Us : studentoffortunetutorials@gmail.com DEVRY ECON 545 Week 8 Final Exam 1. Question : (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market…

Words: 19927 - Pages: 80
• ###### Essay on Econ 312 Week 8 Final Exam

ECON 312 Week 8 Final Exam Purchase here http://devrycourse.com/econ-312-week-8-final-exam Product Description 1. (TCO 1) Opportunity cost is best defined as (Points : 4) 2. (TCO1) Which is not a factor of production? (Points : 4) 3. (TCO1) A point outside the production possibilities curve is (Points : 4) 4. (TCO1) A basic characteristic of a command system is that (Points : 4) 5. (TCO 2) Which is consistent with the law of demand? (Points : 4) 6. (TCO 2) A decrease in supply…

Words: 784 - Pages: 4
• ###### Econ 545 Week 8 Final Exam Essay

ECON 545 Week 8 Final Exam To Buy This material Click below link http://www.uoptutors.com/econ-545/econ-545-week-8-final-exam 1. Question : (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember…

Words: 1231 - Pages: 5