A greenhouse is selling rosemary plants. The demand curve is 10 - 0.20 Q, while their marginal cost to produce the plants is described by 1 + 0.25 Q. Say that the greenhouse sets their quantity to 10. What is the TOTAL willingness to pay for the 10 plants?
Q: Altruism: now consider the case where each individual cares about the benefit from the museum to the…
A: Marginal benefit is defined as an additional benefit that a producer receives from selling or…
Q: Assuming a $7 per unit tax is imposed, the revenue raised by the government will be $______.
A: An imposition of tax increase the production cost, and as a result, the supply curve shifts to the…
Q: The market demand is Qd=12 - 0.04P The market supply is Qs=3.8P + 4 Questions: 1) Calculate the…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Question 4 6. A prisoner's dilemma problem can be solved by a. the parties are kept from…
A: The Prisoner's Dilemma is a classic problem in game theory that models a situation where two…
Q: Republika UPLB has 50 workers. It produces only coffee and white cheese. The production of these two…
A: Production possibility curve shows the combination of two goods that can be produced with the use of…
Q: 5. Free-trade benefits There are a number of good outcomes associated with international trade for…
A: Free trade is a strategy where a government doesn't favor certain exporters over others or interfere…
Q: If the output gap is -0.6 and real potential output is 1.0, what is real GDP growth?
A: Real GDP growth depicts the percentage (%) change in the value of goods (final products) and…
Q: Countries with high per capita incomes are sometimes called affluent economies. Do these affluent…
A: Even though countries with high per capita incomes are often referred to as affluent economies, they…
Q: 7. A perfectly competitive firm can sell its product for a price of 10. The firm's (short run) total…
A: A market with many buyers and sellers in the market is said to be a perfectly competitive market. A…
Q: 7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of…
A: Marginal product of labor (MP) is the additional output that is produced by adding one more unit of…
Q: 2.2 A firm's short-run cost function is c() = 2009-692 +0.393 +400. Determine the fixed cost, F; the…
A: The short run total cost function is the sum of fixed and variable cost functions. CS(q) = F + V(q)…
Q: Trish earned a salary of $60,000 in 2002 and $80,000 in 2006. The consumer price index was 177 in…
A: CPI is the consumer price index. CPI is used to measure the inflation rate. Real value doesn't…
Q: 8 Average in-state tuition at public universities was $140 in 1960 and $4,694 in 2003. The CPI was…
A: Real value doesn't includes the effect of inflation. Nominal value includes the effect of…
Q: Explain conceptually how part of a tax comes out of consumer surplus, while some comes out of…
A: When a tax is imposed on a market, it affects both consumers and producers, with the tax burden…
Q: Firm Market Share (%) A 20 B 20 C 20 D 20 E 10 F 10 Refer to the data. If all the firms in the…
A: The Herfindahl index is a measure of market concentration that takes into account the market share…
Q: If I buy Apple common stock, AAPL in a primary offering, brand new stock that has never been issued,…
A: Gross Domestic Product, or GDP, is a measure of the value of all final goods and services produced…
Q: = Gina acts as if she maximizes U =x^\frac{1}{2} + y^\frac{1}[2} with income Y=16, and prices Px…
A: Whether the income falls, or the price of any good rises, the consumer will face a loss in utility.…
Q: Suppose Jordan is open to free trade in the world market for maize. Since Jordan is small relative…
A: Introduction The gap between a consumer's willingness to pay and their actual purchase price is…
Q: Question 5: Combined state and federal taxes on gasoline average around 50 cents per gallon, and…
A: An economic concept known as "inelasticity" describes an item or service's unchanging quantity while…
Q: Suppose the Federal Reserve conducts an open market purchase from a bank for $300 million. Assuming…
A: Suppose the Federal Reserve conducts an open market purchase from a bank for $300 million. =>…
Q: Assume that the cost data in the following table are for a purely competitive producer: Total…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: a. People have less disposable income on their hand due to an increase in the taxes b. Investors…
A: Introduction The volume of products and services traded at a given price is aggregate demand and…
Q: The Solow model: Y=AKªL(1-a); S=I=sY; Kt+1=(1-6)Kt + I; Kss = (sA/8)1/(1-α)L; Y=C+I; Kss =…
A: The production function shows the relationship between input used and output derived. Returns to…
Q: 5. Suppose that a number of new television series romanticizing life in the 1940's stimulates the…
A: Demand curve shows an inverse relationship between price and quantity demanded whereas supply curve…
Q: GDP per capita in the United States was approximately $63,000 in 2020. Use the growth formula (see…
A: In this case, GDP per capita is discussed here. GDP per capita is actually the division between…
Q: A bridge design firm is performing an economic analysis of two mutually exclusive designs for a…
A: The equivalent uniform annual cost (EUAC) of any expense is the amount expected to be paid in equal…
Q: 1) The union and the firm are bargaining over a wage. The union's wage strategy is to offer Wu (t) =…
A: Bargaining power refers to the ability of an individual or group to influence the outcome of a…
Q: Which of the following factors affect the Long-Run Aggregate Supply curve? Choose all that apply.…
A: The Long-Run Aggregate Supply (LRAS) curve shows the potential output of an economy in the long run,…
Q: Market research has revealed the following information about the market for lamps: The demand…
A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium…
Q: 12. In the context of the circular flow of economic activity, which of the following would not be a…
A: The circular flow of economic activity is a model that shows how households and firms connect in the…
Q: 14. Zero economic profit earned by firms in a perfectly competitive market indicates that A firms…
A: In perfectly competitive market, there are large number of firms selling homogeneous goods.
Q: If TC=42+ 20Q+4Q2, what is the marginal cost at when Q=10? Enter as a value.
A: The marginal cost in economics is the variation in total production costs that results from creating…
Q: Total reserves: $ 90 billion Transactions deposits: $ 750 billion Cash held by public: $ 400 billion…
A: Money supply is the stock of money in the economy in particular period of time.
Q: Assume that the quantities of other resources employed by the firm remain constant. Quantity of…
A: Marginal revenue is the revenue generated from the sale of an additional unit. Marginal revenue…
Q: 1. The utility function is given by the natural log of e: u (c) = ln (c). (a) If c= 1,000, then how…
A: Utility function: The utility function gives the sets of all those consumption bundles that offer…
Q: PRICE LEVEL à a a P₂ LRAS C! B Y, Y₂ QUANTITY OF OUTPUT SRAS, SRAS, AD Refer to Figure 33-3. In…
A: Introduction When total output and total demand are equal, this is referred to as short-run…
Q: The benefits of nationalism in the economy as per the Trade and Development Report 2020.
A: A political theory or movement that stresses the interests and identity of a specific nation or…
Q: GDP as a general indicator of general health of the economy is misleading. Discuss.
A: Introduction Gross Domestic Product (GDP) is a measure of the total value of goods and services…
Q: Assuming a $7 per unit tax is imposed, the net efficiency loss to the economy will be $______.…
A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium…
Q: (a) In Figure A, Supply and Demand do not make a market because the market is not at equilibrium.…
A: While “supply” refers to the total amount of a product made accessible on the market, the term…
Q: Refer to the T account for an imaginary bank Assets Liabilities Deposits $45,000 Reserve $5,000 Loan…
A: The excess reserve of a bank is the required minimum reserve kept by the commercial bank as per the…
Q: We obtain the following demand curve of beef in a market: Q = 30302.189-4303.602 In(P), where Q is…
A: The elasticity of demand describes how customers' consumption patterns change as the price of a…
Q: 2. Winners and losers from free trade Consider the imaginary economy of Meekerton and the market for…
A: Imports and Exports: The international economy often works together to operate effectively, meaning,…
Q: Which of the following factors affect the Long-Run Aggregate Supply curve? Choose all that apply.…
A: The link between an economy's overall output and the price level over the long run, assuming all…
Q: The two graphs show hypothetical markets for loanable funds and foreign-currency exchange in a small…
A: In the market for loanable funds, the equilibrium interest rate is determined at a point where the…
Q: Calculate income elasticity (E₁) using the arc elasticity formula the following market data: QD 224…
A: Arc elasticity of demand is given as: Arc elasticity of demand = [(Q2 -Q1) / mid point quantity ]…
Q: Part 1 Using this information, Create a line plot of the solutions with the price of good Y on the…
A: Utility function: The utility function gives the sets of all those consumption bundles that offer…
Q: What are at least nine determinants of economic growth. Discuss at least two of them in detail.
A: Economic growth implies an increase in the natural level of output, which is the long run output of…
Q: Explain how each event affects production possibilities. (a) The population becomes more educated…
A: The Production Possibilities Frontier (PPF) is a graph that shows every one of the various mixes of…
Q: At the threat point, the union has payoff ___ and the firm has payoff ____. At outcome A, the…
A: The above diagram shows - • On Y-axis(Vertical Axis) Starting point (0,4),(0,14) (Approximation) •…
A greenhouse is selling rosemary plants. The demand curve is 10 - 0.20 Q, while their marginal cost to produce the plants is described by 1 + 0.25 Q.
Say that the greenhouse sets their quantity to 10. What is the TOTAL willingness to pay for the 10 plants?
Only typed answer
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If the market price is 12, will the firm produce more than 120, exactly120 or less than 120 units? ExplainFor each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the graph to identify its total variable cost. Assume that if the firm is indifferent between producing and shutting down, it will produce. (Hint: You can select the purple points [diamond symbols] on the graph to see precise information on average variable cost.) Price Quantity Total Revenue Fixed Cost Variable Cost Profit (Dollars per air freshener) (Air fresheners) (Dollars) (Dollars) (Dollars) (Dollars) 10.00 44,000 16.00 44,000 40.00 44,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $44,000 per day. In other words, if it shuts down, the firm would suffer losses of $44,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price-that is, the price below which it is optimal for the…for the second part The orange make a profit if the price of oranges is above $ per crate. (Enter your response as an integer.).
- |1.6.1 A company manufactures and sells x dellphones per week. The weekly price-demand and cost equations are given below. p= 400 - 0.5x and C(x) = 20,000 + 140x (A) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly revenue? What is the maximum weekly revenue? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly revenue is $ (Round to the nearest cent as needed.) (B) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly profit? What is the maximum weekly profit? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly profit is $ (Round to the nearest cent as needed.)Suppose the quantity of apples supplied in yourmarket is 2,400. If there are 60 apple producers,each with identical cost structures, how manyapples does each producer supply to the market?The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.
- Based on Zangwill (1992). Murray Manufacturing runs a day shift and a night shift. Regardless of the number of units produced, the only production cost during a shift is a setup cost. It costs $8000 to run the day shift and $4500 to run the night shift. Demand for the next two days is as follows: day 1, 2000; night 1, 3000; day 2, 2000; night 2, 3000. It costs $1 per unit to hold a unit in inventory for a shift. a. Determine a production schedule that minimizes the sum of setup and inventory costs. All demand must be met on time. (Note: Not all shifts have to be run.) b. After listening to a seminar on the virtues of the Japanese theory of production, Murray has cut the setup cost of its day shift to $1000 per shift and the setup cost of its night shift to $3500 per shift. Now determine a production schedule that minimizes the sum of setup and inventory costs. All demand must be met on time. Show that the decrease in setup costs has actually raised the average inventory level. Is this…Assume demand is: P = 76 – Q - and total cost is: TC = 20 + Q² What is the quantity that maximizes profit? (type your answer below)Two farmers produce milk for local town with local milk demand given by Q=100-1/3P (P denotes price measured in Rands, Q denotes the quantity measured in litres). Both farmers have the same cost function given by TC=150+2q (where q denotes output)a. What output should farmer 1 produce if he or she expects their rival to produce 20 units?
- A7 You are the manager of a bakery that produces and packages gourmet muffins, and you currently sell muffins in packages of 3. A consultant’s report has estimated the (inverse) demand of a typical consumer to: P = 3 − 0.5Q If your cost of producing bran muffins is C(Q) = Q: (a) What is the marginal cost of muffins? (b) Draw the demand and marginal cost on a diagram. (c) Determine the optimal number of muffins to sell in a single package. (d) What price should the firm charge for each park?Suppose the cost of flying (operating) a 300-seat plane from Washington D.C. to New York City for Delta airline is $35,000. The average price for each ticket sold is $200. There are 10 empty seats on a flight tonight. If the marginal cost of having one customer is $50, Delta airline should a. sell the last 10 seats at $40 per ticket to fill up the cabin. b. not sell the last 10 seats for anything lower than $200 per seat c. sell the last 10 seats for at least $50 per seat d. not sell any extra ticket for that flight because they have made enough money from that flight alreadyConsider the graph above. If the demand curve intersects the marginal & average cost curve at 100 units, calculate the profit-maximizing quantity. Profit-maximizing quantity = Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
