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(solution) The following table contains information about the revenues and costs for Barry"s Golf Ball Manufacturing.


 The following table contains information about the revenues and costs for Barry"s Golf Ball Manufacturing. All data are per hour. Complete the first group of columns which correspond to Barry"s production if P = €3.(TR = total revenue, TC = total cost, MR = marginal revenue, MC = marginal cost).transtutors.com/qimage/image04152015644.png" alt=" />b. If the price is €3 per golf ball, what is Barry" s="" optimal="" level="" of="" production?="" what="" criteria="" did="" you="" use="" to="" determine="" the="" production?<="">c. Is €3 per golf ball a long-run equilibrium price in the market for golf balls? Explain. What adjustment will take place in the market for golf balls and what will happen to the price in the long run?d. Suppose the price of baseballs falls to €Fill out the remaining three columns of the table above. What is the profit-maximizing level of output when the price is €2 per baseball? How much profit does Barry"s Baseball Manufacturing earn when the price of baseballs is €2?e. Is €2 per golf ball a long-run equilibrium price in the market for golf balls? Explain. Why would Barry continue to produce at this level of profit?f. Describe the slope of the short-run supply curve for the market for golf balls. Describe the slope of the long-run supply curve in the market for golf balls.

 


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