Q: he marginal cost of driving a mile is $0.33. (Round your response to two decimal places) an deciding…
A: The answer is as follows:-
Q: For a producer under complete competition, the following production function applies. Q = F (K, L)…
A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…
Q: Consider a producer with the following input factors of production costs. Specify the producer's…
A: Var/unit Fixed/yr Labor $5.00 $100,000 Materials $10.00 Capital $40,000 Land $10,000
Q: QUESTION 9 The slope of the iso-cost curve O a. Depends on the marginal productivity of the inputs…
A: Iso-cost curve: It can be defined as the combination of labors and capital used for production of…
Q: Total Product Labor (pairs of shoes) 1 20 50 3 75 80 75 Refer to Table 7.2, which shows labor and…
A: A consumer's increased enjoyment from having one more unit of an item or service is referred to as…
Q: sume that a firm can produce product A, product B, or product C with the resources it currently ys.…
A: Given Product Market Price Output Total Cost A $5 8 30 B $4 20 30 C $1.5 50 30
Q: Figure 1 shows price, marginal cost and gavecege.cost.cUDces for a fioD- Figure 1 Costs MC AC (RM)…
A: Since you have posted muti-subparts questions, as per answering guidelines we will solve the first 3…
Q: Refer to Figure 5.1. On the graph that shows total costs, what is the level of variable costs when 6…
A: The value of money that in turn has been used up for producing a good or delivering a service, and…
Q: In economics, how long is the long run? O 5 years or more O More than 12 months O 24 months or…
A: Mainly, there are two types of run in economics. 1. Long run 2. Short run
Q: 3. Determined whether each statement is true or false and provided an explanation. A. If a firm has…
A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…
Q: When a firm increases its output by one unit, its average total cost (AC) decreased, this implies…
A: The cost that depicts the total cost of a product or service that is being divided by the number of…
Q: If You are the owner and only employee of a company that writes computer software that is used by…
A: One of the key motives of forms operating in a market is profit. Profit is the difference between…
Q: Which of the following does not change with the level of output? O Marginal cost O Total fixed cost…
A: Marginal cost is the change in total cost with respect to change in output. Average Fixed cost is…
Q: Which type of cost does depend on a firm's output? Select one: O A. marginal cost O B. total cost O…
A: Fixed cost is the cost that is incurred on fixed factors and does not change with the level of…
Q: Output TFC TVC TC MC ATC A 25 25 --- --- ---- -- В 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E…
A:
Q: COST QUANTITY OF OUTPUT TC Refer to Figure 13-3. Which of the following can be inferred from the…
A: Diminishing marginal utility alludes to the peculiarity that each extra unit of gain prompts a…
Q: 41. A firm's average fixed cost is Rs.20 at 6 units of output. What will it be at 4 units of output?…
A: Average fixed cost = total fixed cost /quantity of units produced So, Total fixed cost =20*6…
Q: QUESTION 7 If a firm increases all of its inputs by 10 percent and its output increases by 10…
A: When there is rise in both inputs (labor and capital) and outputs by the same proportion, constant…
Q: What is the diference between accounting proft and economic profit? OA Economic profit subtracts…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: 12) Hector's mill produces flour. His short-run total cost function is C(y) = 200+800y, where y is…
A: Profit maximisation is the ultimate goal of every private firm operating in the market.
Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…
A: Disclaimer :: as you posted multiple questions we are supposed to solve the first one only. Cost is…
Q: The short run is a period of time in which: OC. Prices and wages O A. The quantities of some…
A: Input resources are those resources that are used in the production process to produce the output.
Q: Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of…
A: Hours of operation depend on profit-maximizing situation. here we calculate the given by following…
Q: are likely a fixed cost of a firm. O a. The payments for supplies O b. Travel expenses to meet with…
A: Costs which are fixed in short run is called fixed cost.
Q: Marginal cost tells us a. the amount fixed cost rises when output rises by one unit O b. the…
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: Labor (workers) Output 0. 1 20 50 3 70 4 80 5 85 The table shows daily output for small pizzeria…
A: Costs refers to the price which is charged for the product or service in the market. It is referred…
Q: Total cost is calculated as Lütfen birini seçin: O A. the sum of average fixed cost and average…
A: Sum of average fixed cost and average variable cost is the average total cost. The sum of all the…
Q: Consider the three figures below, depicting possible cost functions for a firm. The horizontal axis…
A: The summation of all of the costs being incurred in the production for a specific output level by a…
Q: MC ATC 20 -MR 16 14 22 Firm 30 40 At what level of output is average total cost minimized? 30 22 14…
A:
Q: A Managment instutute can operate for a maxium 12 hours .lectures are the outout of the institute…
A: A function affirms the connection between one info and one result, or many contributions to yield a…
Q: If a firm will produce an additional unit of good or services, determine what will happen to their…
A: The total cost of production equals the sum of the fixed cost and the variable cost. The fixed cost…
Q: Labor (workers) Output 1 20 2 50 70 4 80 85 The table shows daily output for small pizzeria based on…
A: Labor refers to the complete group of people who labour for a living in economics. The phrase…
Q: stlon 24 One of these intersects the horizontal axis and may reach the negative area: O Total…
A: Question 24 The answer is Option 2 - Marginal Product Therefore, Marginal product intersect the…
Q: 69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a…
A: please find the answer below.
Q: QUESTI ON 16 Suppose that for a particular firm the only variable input into the production process…
A: Disclaimer :- as you posted multiple questions we are supposed to solve the first one only as per…
Q: The difference between accounting profit and economic profit is O total revenue. O marginal product.…
A: Profit is the income earned after deducting the total costs or expenses from the total revenue of…
Q: A firm's total short-run cost function is C(1)) 5y-12y + 110y +9. %3D What is the average variable…
A: Since you have asked multiple questions, we have answered the first question for you. If you require…
Q: How do you derive the marginal cost (MC) curve of a firm? b) How are average variable cost (AVC) and…
A: Marginal cost is the additional cost that is incurred in order to produce an additional unit of an…
Q: 8. A firm's fixed costs for 0 units of output and its average total cost of produc ing different…
A: Hi student, thanks for posting the question. As per the guidelines, we can provide the answer for…
Q: A firm has a fixed production cost of $1,000 and a constant marginal cost of production of $700 per…
A: Given that, Total fixed cost (TFC) = $1,000 Marginal cost (MC) = $700 1)Total fixed cost remains…
Q: Consider this production function. Study hours 1. 21 3 4. 10 11 12 13 14 15 or more 6 8. 6. Grade o…
A: Average Product is the total product per unit of output. Marginal Product is the additional amount…
Q: Economic profit or loss is equal to total revemnue mulls O all explicit costs O all implicit costs O…
A: When we say economic profit that means we incorporate opportunity cost in the total cost in…
Q: Figure: Cost curves for a firm Price MC 17+ 16 15 14 ATC Duantiy Refer to Figure. At the price of…
A: Total cost is the sum of variable cost and Fixed cost, total cost shows how much cost incurred in…
Q: 5) Sarah's Pretzel plant has the following short-run cost function: Cg, K) wg3 + 50K where q is…
A: Cost refers to the amount the is incurred for using factors of production to produce goods. Profit…
Q: QUESTION Other things equal, if the fixed costs of a firm were to increase by $100,000 per year,…
A: Fixed cost is a cost which remain fixed or unchanged at all the level of output. Fixed cost is…
Q: Labor Output (units per week) (workers per week) 1. 20 50 3 70 4. 85 5. 95 6. 100 The table above…
A: Marginal cost: - marginal cost is the cost incurred in the production of an additional quantity of…
Q: c) Define the firm's cost function and derive it. Assume that each wheel costs £4 and each frame…
A: A general fixed proportions production function is of the form when the output requires 1/a units…
Q: =tu1et10r.07.099 ● Question 18 of 20 Which of the following statements is true? O a. When marginal…
A: Answer to the question is as follows:
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- What is the profit of loss of firm A at the profit maximizing level of production.Draw tfc, tvc, tc and marginal cost curve on the same graph.Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?
- Connor produces and sells Thirium (a type of mineral). When Connor produces 10 containers of Thirium, the total cost is $125. When Connor produces 11 containers of Thirium, the total cost is $160. What is Connor's marginal cost of producing the eleventh container of Thirium? Select one: a. $40 b. $160 c. $35 d. $125 e. $251. A firm has three different production facilities, all of which produce the same product. Whilereviewing the firm’s cost data, Ron, a manager, discovered that one of the plants has a higher averagecost than the other plans and suggests closing this plant. Another manager, Jack, notes that the high-cost plant has high fixed costs but that the marginal cost in this plant is lower than in the other plants.He says that the high-cost plant should not be shut down but should expand its operations. Who isright? 2. Should a firm shut down if its weekly revenue is $1,000, its variable cost is $500, and its fixed cost is$800, of which $600 is avoidable if it shuts down? Explain.Gater Tools, a profit-maximizing firm, has a patent on a power tool, making it the only producer of that power tool. Thegraph above shows GaterTools' demand, marginal revenue, average total cost, average variable cost, and marginal costcurves.(a) Calculate GaterTools' total revenue if the firm produces the allocatively efficient quantity. Show your work.(b) Starting at a price of $12, if GaterTools were to increase the price by 4%, will the quantity demanded decrease bymore than 4%, less than 4%, or exactly 4%? Explain.(c) At a quantity of 10 units, is GaterTools' marginal product increasing, decreasing, or constant? Explain. (f) Does GaterTools have a dominant strategy? Explain using numbers from the payoff matrix.(g) Identify the Nash equilibrium. Explain why this is a Nash equilibrium using information from the payoff matrix.(h) Suppose HandyBilt makes a credible commitment to GaterTools that if GaterTools maintains its price, then HandyBiltwill pay GaterTools $250. Will this offer…
- Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?I am trying to figure out how to do the marginal cost and how to get the total cost answers w what is provided. Thanks chapter 13 mankiwd. The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed cost of production is RM2000. Marginal cost of Good U (RM) Good U (units) 100 10 200 5 300 3 400 2 500 3.5 600 4.5 700 8 800 11 900 13 1000 18 Table 2.2 i. Compute the average cost based on Table 2.2. ii. We cannot use the cost information in the last column of Table 2.2 to determine whether the production of Good U shows economies or diseconomies of scale. TRUE / FALSE iii. Until which output level that that the production starts to exhibit diseconomies of scale? Why?
- QUESTION 4 Use the graph to determine the extemal marginal cost of a producing a honey bun. Market for Honey Buns $9.00 $5.00- $4.50 $4.00 $0.50 $1.00 $4.50 Ⓒ$5.00 500 600 SMC S = PMC D=PMB = SMB QCompute the firm’s profit for A, B, and C and enter this data into the table.QUESTION 6 Easy-toothy is a price-taking producer of tooth fairy's sling bags (these are bags for tooth fairies to carry coins and teeth). The following table depicts Easy-toothy's total cost of producing different quantities of tooth fairy's sling bags. Output level Total Cost ($) 0 1 2 13 4 5 10 0000 13 8 00 X 30 50 Which of the following values of x is consistent with Easy-toothy to optimally produce 3 units of output when the price of tooth fairy's sling bags is $10/unit? 17 20 27 There is insufficient information to determine.
