Assignment: Chapter 8 Homework Print 2. Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and Paper size Letter marginal cost is MC. Airplanes sell for $192 thousand. q C MC 0 100 1 300 200 2 412 112 3 4921 80 4 548 56 5 620 72 6 700 80 7 788 88 8 928 140 9 1113 185 10 1343 230 1618 275 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? integer.) What will be the firm's profit? S thousand. (Enter your response rounded to two decimal places.) Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.) airplanes. (Enter your response using an integer.) airplanes. (Enter your response using an

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter22: Supply: The Costs Of Doing Business
Section: Chapter Questions
Problem 14E
Question

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Assignment: Chapter 8 Homework
Print
2. Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and
Paper size Letter
marginal cost is MC. Airplanes sell for $192 thousand.
q
C
MC
0
100
1
300
200
2
412
112
3
4921
80
4
548
56
5
620
72
6
700
80
7
788
88
8
928
140
9
1113
185
10
1343
230
1618
275
Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce?
integer.)
What will be the firm's profit? S
thousand. (Enter your response rounded to two decimal places.)
Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce?
What will be the firm's profit? $
thousand. (Enter your response rounded to two decimal places.)
airplanes. (Enter your response using an integer.)
airplanes. (Enter your response using an
Transcribed Image Text:Assignment: Chapter 8 Homework Print 2. Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and Paper size Letter marginal cost is MC. Airplanes sell for $192 thousand. q C MC 0 100 1 300 200 2 412 112 3 4921 80 4 548 56 5 620 72 6 700 80 7 788 88 8 928 140 9 1113 185 10 1343 230 1618 275 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? integer.) What will be the firm's profit? S thousand. (Enter your response rounded to two decimal places.) Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.) airplanes. (Enter your response using an integer.) airplanes. (Enter your response using an
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