Findind Total Economic Profit

Here is the Scenerio- Labor is only variable input. Output is 4000 unit Marginal Product of labor is 10 Average Product of labor is 50 Price of labor is $150 Marginal product of capital is 40 Average product of capital is 60 Price of capital is $240 Total Fixed Cost is $16000. Output is 4000. Have to find out MC, AVC, AFC, ATC and TOTAL ECONOMIC PROFIT. I posted that problem before but ot 103997 didn’t give Total full answer. The Second portion of the problem is- How should a Firm Adjust quantities of labor and Capital to maximize profit from producing 4000 unit of output? How do we decide the Adjustment? what can be said about the costs, if the adjustment in part a are complete? ... click for more

Question

What is a product or service which features inelastic demand, and a product or service which features elastic demand?

Is price is a tool for changing surplus situations?

Is price is a tool for changing surplus situations?

Price as a tool for surplus in microeconomics

Is price a tool for changing surplus situations?

Calculating Consumer and Producer Surplus and Deadweight Loss

a)Calculate total consumer surplus at a price $8 and production of 6 million meals per day. b)For the same equilibrium, calculate total producer surplus If price remained at $8 but production were cut to 3 million meals per day: c)Calculate Producer Surplus and Consumer Surplus d)Calculate the deadweight loss from underproduction My answer: a)24CS 1/2bh b)24PS 1/2bh c)12CS 1/2bh 12PS 1/2bh d)12DW I'm rather lost in this subject of microeconomics. An explanation would be helpful, so I could apply it to my other problem sets. What am I missing?