Homework Answers
Answer 1. $5700
Producer surplus= (3400-3200)+(3400-2000)+(3400-1700)+(3400-1000)=$5700
Answer 2. $6
When P=6, Q=3 and ATC=$4.5
Profit= (6-4.5)*3=$4.5
Answer 3. 3 sweater
Reason- Opportunity cost of 1 jeans= $60/$20=3
Answer 4. produce 50 units in plant A and 60 units in plant B.
Reason- Firm will produce that output where P=MC
When P=$6, MC=P at Q=50 in plant A and Q=60 in plant B.
Note-According to HOMEWORKLIB RULES first four parts are answered
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