Antje currently produces fish and fruit at point A in the graph.Use the graph to complete the following sentence.Antje's marginal cost of producing an additional unit of fish isOA. 2/52 units of fruitOB. 52 units of fruitO c. 3 units of fruitO D. 52/2 units of fruitC60-Fruit (units)Fish (units)ģPPF1012>>> Click on the graph to work out the answer.Q

In economics, the marginal cost of production is the adjustment of the total production cost that…

Antje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is ⒸA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit OD. 52/2 units of fruit 60- Fruit (units) 8 PPF 6 Fish (units) >>> Click on the graph to work out the answer. 10 12 Q

Antje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is ⒸA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit OD. 52/2 units of fruit 60- Fruit (units) 8 PPF 6 Fish (units) >>> Click on the graph to work out the answer. 10 12 Q

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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Vicky currently produces corn and beef at point A in the graph. What is Vicky's marginal cost of producing an additional unit of corn? Vicky's marginal cost of producing an additional unit of corn is OA. 4/45 units of beef OB. 5 units of beef C. 45 units of beef OD. 45/4 units of beef 60- Beef (units) 45 PPF 10 12 Com (units) >>> Click on the graph to work out the answer.
KE Ann currently produces cookies and bread at point A in the graph Use the graph to complete the following sentence Ann's marginal cost of producing an additional unit of cookies is OA 550 units of bread OB. 55 units of bread OC 055 units of bread OD 1 unt of bread Bread (units) PPE Cookies (unit) Click on the graph to work out the answer
Suppose your dad owns a voodworking shop where he makes handmade benches. The following graph shows the marginal cost (MC) and average variable cost (AVC) for your dad's business. 100 90 80 MC 70 60 AVC 50 40 30 20 10 10 20 30 40 50 60 70 80 90 100 OUTPUT (Benohes per month) For each of the prices in the following table, use the graph to determine the number of benches your dad would produce in order to maximize his profit. Also, for each of the prices, indicate whether the firm will produce or shut down (or be indifferent between the two) in the short run. Price Output (Dollars per bench) (Benchs per month) Produce or Shut Down? 32 36 42 55 66 76 COST (D olars per bench)
Homework (Ch 13) Douglas Fur is a small manufacturer of fake-fur boots in Houston. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost (Pairs) (Dollars) (Dollars) (Dollars) 0 78°F Sunny 1 2 3 4 5 6 60 155 220 255 300 350 450 2 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $95, so you should…
for these two graphs answer the following question what is the fixed cost?
In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?
Imagine that a pizzeria has a small pizza oven, "Oven 1". In the immediate future, they must use this oven in order to make pizzas. However, in one year's time, they have the option to upgrade to "Oven 2". The table below displays the average total cost of producing a given quantity of pizzas using each oven. | Number of Pizzas Oven 1 Average Total Cost Oven 2 Average Total Cost 100 200 $5 $4 $5 $6 $7 $7 $5.50 $4 $2.50 $4 300 400 500 In the short run, the average total cost of producing 200 pizzas is $ A In the long run, the average total cost of producing 200 pizzas is $ A . In the long run, it makes sense for this particular pizzeria to use Oven A if they plan on producing 200 pizzas.
Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost of $50,000. If I produce 10,001 pizzas, my total cost will rise to $50,011. Therefore, my marginal cost of producing pizzas must be increasing." ( 1.) Using the point drawing tool, indicate the point of marginal cost. Label this point "Marginal cost." 2.) Using the point drawing tool, indicate the point of average total cost. Label this point "Average total cost." Carefully follow the instructions above, and only draw the required objects. Costs(dollars per pizza) (5.95,0) MC Quantity (pizzas per month) points ATC
9. Firm's Cost Schedule Jane's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Average Total Cost (Dollars) Quantity Variable Cost Total Cost Marginal Cost Average Variable Cost (Vats of juice) (Dollars) (Dollars) (Dollars) (Dollars) 30 1 35 2 15 45 3 30 60 4 50 80 5 75 105 6 105 135
If Farmer Jones plants no seeds on his farm, he gets no harvest. If heplants 1 bag of seeds, he gets 3 bushels of wheat. If he plants 2 bags, he gets 5 bushels.If he plants 3 bags, he gets 6 bushels. A bag of seeds costs $100, and seeds are his onlycost. Use these data to graph the farmer’s production function and total-cost curve. Explaintheir shapes.
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Jane's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity (Vats of juice) (Dollars) Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) 30 1 10 40 25 55 3 45 75 4 70 100 5 100 130 135 165 AMAAAA