21Refer to the figure below and assume that price is fixed at $36,000 and that Buzzer Auto needs five workers for every automobileproduced.$36,000DHDL770920Cars per week1220If demand is DMand Buzzer wants to perfectly match its output and sales, how many cars will Buzzer produce?How many workers will it hire?If, instead, demand unexpectedly falls from DM to DL, how many fewer cars will Buzzer sell?How many fewer workers will it need if it decides to match production to these lower sales?Price

Every firm in the perfectly competitive market structure produces an identical or homogenous good or…

Answered: Refer to the figure below and assume…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Are there fixed costs in the lung-run? Explain briefly.
Refer to the figures below and assume that price is fixed at $37,000 and that Buzzer Auto needs 2 workers for every 1 automobile produced. Automobile Market Fixed Prices B' C' $37,000 DM 700 900 1,150 Cars per week Instructions: Enter your answers as a whole number. a. If demand is DM and Buzzer wants to perfectly match its output and sales, how many cars will Buzzer produce? cars How many workers will it hire? workers b. If, instead, demand unexpectedly falls from Dyto DL, how many fewer cars will Buzzer sell? cars How many fewer workers will it need if it decides to match production to these lower sales? workers Price
The demand and supply schedules in this table list the quantity supplied and quantity demanded of steelworkers at different salaries. Provide your answer below: Annual Salary ($) 60000 40000 20000 Annual Salary $40,000 $45,000 $50,000 $55,000 $60,000 огсгт The highest and lowest points on the supply and demand curves have been plotted for you and are stationary. Using the demand and supply schedule provided above, move the other points on the graph to their correct coordinates to discover the equilibrium point where the demand curve of those employers who want to hire steelworkers intersects with the supply curve of those who are qualified and willing to work as steelworkers. 0 Demand and Supply of Steelworkers Quantity Demanded Demand 20, 000 15, 000 10, 000 (4000, 37-000) 5,000 0 (13000, 58000) (18000, 66000) Supply (11000, 50000) (6000, 27000) (13000, 32000) 20000 Quantity Supplied 10,000 15, 000 20, 000 40000 Quantity of Workers 25,000 30,000
Two months after launching the 8 GB iPhone in 2007Applereduced its price from $599 to $399 Unit sales not only increased , they soared, Front Page After iPhone Price CutSales Are Up by 200 Percent reports Refer to the and this price-cut information to answer one question FRONT PAGE iPhone Price Sales Up by 200 Piper Gene Munster, the person for a survey dedicated to Apple in which he estimated number of iPhones were sold, has come up with yet another interesting theory According to Munster and the week Apple announcement about 1 Phones the take the that the price sales increased to percent By Apple and AT&T were an average of 9,000 Phones a day before the price reduction, which would have put their quarterly sales as of September the end of the , he believes Apple will have of 2007 What was the quarterly price elasticity of demand for iPhones in 2007
Starbucks is hoping to make use of its excess restaranunt capacity in the evenings by experimenting with selling beer and wine . It speculates that eh only additional costs are hiring more of the same sort of workers to cover the additional hours and costs of the new line of beverages, What hisdden costs might emerge?
Homework 2.1 Suppose a business manager of the factory wants to assess in terms of elasticity of demand, whetherthe products that his business is producing are complement goods or substitute goods inconsumption. So please explain which are the factors need to consider the long-run average cost curve in terms of usage of input?
The use of cannibus was legalized in canada in 2017. Lets assume that the cannibus in canada sector perfectly competitive. Assume labour is the only variable input and that an additional input of labour increases total output from 5 to 12 ounces of cannibus. If cannibus sells for 10$ per ounce in perfectly competitive matket, the MRP of this additional worker is A) 120$ B) 10$ C) 7$ D) can be possitive or negative E) 70$
Will decrea n he fong run, assume a firm uses both labor and capital to produce 25 units of output. The marginal product of the last unit of labor being employed is 100; the marginal product of the last unit of capital being employed is 500. The wage rate of labor is $10. If the firm is minimizing the cost of producing 25 units of output, what must be the unit price of capital?
2:32 PM O O ® ……. ll ll 6 69 ME ASSIGNMENT - Read-only Sign in to edit and save changes to this file. 1. Suppose that a demand function for computer is Od = 30- 15p, and a supply function for computer is C = 40+25p. Calculate the price and the quantity at equilbrium 2. Name the return to scale in each column Units of Canital Units of Labour Tatal Outnut % Change in Inputs % Change in Output Returns to Output Scale e 20 150 3000 7500 12000 100 50 33 25 40 300 150 60 450 60 B0 800 16000 33 100 750 18000 13 3. S.NO TOTAL MARGINAL | RETURNS TO PRODUCT PRODUCT SCALE 18 8 2 3 28 10 10 38 48 56 10 15 6 62 6 4 Complete the following table Marginal Average Average Average cost MC Output Fixed Variable Total cost cost AFC variabie cost AC cost cost F cost AVC 84 1 84 10 2 84 21 3 84 28 4 84 36 5 84 54 6 84 81 7 84 108 84 136 84 178 10 84 226 ...
The blue curve on the follovwing graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Goods 250 225 I Quantity Demanded 25 200 (Units) 175 Demand Price (Dollars per unit) 125.00 150 125 100 75 Demand 50 25 30 QUANTITY (Units) 5 10 15 20 25 35 40 45 50 On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results 3130 2817 Total Revenue 2504 2191 1878 + 1565 1252 939 626 313 5 10 15 20 25 30 35 40 45 50…
A new law requires employers to provide health benefits to all workers who are employed more than 10 hours per week. This law results in a $3 per hour increase in the cost of the equilibrium hiring workers. The law is likely to the demand for labor and wage paid to workers. O increase: decrease increase : increase decrease: decrease decrease: increase ASUS
CAREFULLY EXPLAIN WHAT IS HAPPENING IN THE FOLOWING MARKETS. INDICATE THE IMPACT IF ANY ON THE PRICE, QUANTITY, DEMAND AND SUPPLY THE PRICES OF INPUT FOR THE PRODUCTION OF BAND X HANDBAGS HAVE INCREASED. CONCURRENTLY TASTE AND PREFERENCES HAS FAVOURED THIS BRAND OF HAND BAG IN THE LAST FOUR MARKET PERIOD. IMPACT OF DEMAND IIMPACT OF SUPPLY IMPACT OF PRICE IMPACT OF QUANTITY

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