Psychology homework help

Psychology homework help. 1.Advice for a Firm. You’ve been hired as an economic consultant by a price-taking firm that produces scarves. The firm already has a factory, so it is operating in the short run. The price of scarves is $9, the cost per worker is $24, and each scarf requires $1 worth of material. The following table shows the relationship between the number of workers and the output of scarves.??a. Fill in the blanks in the table. (Enter all of your responses as integers.)Workers101112131415Output52941475052Labor cost$240264nothing312336360Material cost$529nothing475052Fixed cost$222222Total cost$247295nothing361388414Marginal cost–$2nothing59132.Advice for an Unprofitable Firm. You’ve been hired as an economic consultant by an unprofitable price-taking firm that produces baseball caps. The firm already has a factory, so it is operating in the short run. The price of caps is $5, the hourly wage is $12, and each cap requires $1 worth of material. The firm has experimented with different workforces and the results are shown in the first two columns of the table below.??a. Fill in the blanks in the table.(Enterall responses asintegers.)WorkersCapsproducedLaborcostMaterialcostVariablecostTotalrevenueMarginalcost1456nothingnothingnothingnothing–1560nothingnothingnothingnothingnothing3.Draw the Supply Curves. The following table shows short-run marginal costs for a perfectly competitive firm:??Output100200300400500MC$5$10$20$40$70Suppose that the shut-down price is $10, What is the minimum quantity offered to the market by this firm?nothingunits4.Draw the Supply Curves. The following table shows short-run marginal costs for a perfectly competitive firm:??Output100200300400500MC$5$10$20$40$70Suppose that the shut-down price is $10, What is the minimum quantity offered to the market by this firm?nothingunits.5.Long-Run Supply Curve of Lamps. Suppose each lamp manufacturer produces 10 lamps.Complete the following table. (Enter all your responses as integers.)Number of firmsIndustry outputTotal cost for typical firmAverage cost per lamp40nothing$300$nothing80nothing360nothing120nothing440nothing 6.Increase in Housing Demand in Britain versus the United States. a. Suppose that in both Britain and the United States, the initial equilibrium price of housing is $200,000. Britain has more severe restrictions on residential development in the short run.1.) Use the line drawing tool to draw and label the long-run supply curve for housing in Britian.2.) Use the line drawing tool to draw and label the long-run supply curve for housing in the United StatesCarefully follow the instructions above, and only draw the requiredobjects.Click toenlargegraph

Psychology homework help