ECO 304KINTRO MICROFall 2012HickenbottomHOMEWORK #4(Due 11/2/12)1. Consider a firm with the following production schedule and a fixed cost in…

ECO 304KINTRO MICROFall 2012HickenbottomHOMEWORK #4(Due 11/2/12)1. Consider a firm with the following production schedule and a fixed cost in theshort run of 19. This fixed cost comes from using the unique quantity of the fixedinput that minimizes LRAC. Assume all of the firms are identical firms in the longrun and all the firms can only produce whole quantities (i.e., Q=3.5 not possible)qVC1162293404495596717868106a) Find the SR comp. eq. firm quantity and profit if the price is 9. (1 point)b) Find the LR comp. eq. price, firm quantity, and market quantity if this LRequilibrium has 100 firms. (1 point) Assume there is a new market demand for this good that contains the followingpoints:PQDPQDPQD813161311011888691273141058198431012301510152080011118716972217571211441792922714c) Find the new SRCE price, firm quantity, market quantity, and firm profit, andthe new LRCE price, firm quantity, and number of firms. (2 points)d) Draw a picture of the market and firm illustrating the SR and LR situation in(c). (1 point)For the production schedule of a perfectly competitive firm given below,answer the following:Units of LaborTotal OutputUnits of LaborTotal Output1 7419212521316622a) If the price of output is $50 per unit, find the specific values for the MarginalRevenue Product and the quantity of labor the firm hires if the market wage is$75 (1 point)b) If the price of output changes to $30, explain how this changes the results in(a) (1 point)c) Explain how it is possible that the changes in (b) do not change the marketwage. (1 point)

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