Profit is equal to revenue minus cost, where revenue equals price times quantity of output, while cost equals the wage rate times employment (assuming wages are the only cost of production). Assume that, on average, each firm produces 100 units of output a day, employs 90 workers, and pays a wage of $100 a day. a) As the price of output rises from $80 to $90, $100, $110, and $120, show how the profitability of firms? changes. b) At which of these price levels will firms have an incentive to raise or lower output? c) From these observations, construct an aggregate supply curve

this is an outline for the decisions that frankie is going to make

opportunity cost

willingness to buy

price or quality

of course, there could be many economic strategies that should be considered important while making decision. opportunity cost is the foremost significant factor while considering any economic option. when you buy something, you should know how much you are forgoing for this product. indeed, you could buy something different with this measure if you changed your mind. willingness to buy shows how much surplus you are earning while making a decision. it is important because it shows you buy what you want or you buy because you have only limited amount of money. the price or quality can be considered as a general economic option that we are applying while buying something. when you buy something, price or quality could be one of the options. indeed, they define the characteristics of the product.    

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