Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? airplanes. (Enter your response using an integer.) What will be the firm's profit? $thousand. (Enter your response rounded to two decimal places.) Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? airplanes. (Enter your response using an integer.) What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.)
Q: The rate of interest written on a contract between a borrower and a lender is the
A: Interest rate is the cost of borrowing money or fund from the market. The rise in the interest rate…
Q: Q4: A project is considered to last for 10 weeks with a budget of $1,600,000. The cost behaviour of…
A: Cumulative cost variance considers the whole venture financial plan versus cost up a particular…
Q: .If MR > MC, the monopolist should: MR Marginal Revenue = MC Marginal Cost =
A: Monopolist refers to the market where only single firm exists in the market. Single firm is price…
Q: A key difference between monopoly and perfect competition is options: the demand curve faced…
A: The structure of a market where there are a large number of buyers and sellers in the market selling…
Q: A man wishes his son to receive $ 200000 after 10 years from now. What amount should he invest if it…
A: Given the information: Future value of investment = $200000 Time period = 10 years Interest rate =…
Q: (a) (b) (c) 'Write down Tom's budget constraint. Write down Tom's optimal consumption-leisure…
A: a) Tom's budget constrain can be written as C=w(h-l) C= Consumption w = wage rate h = 24…
Q: The fixed cost at Harley Motors are $1 Million annually. The min. product has revenue of $8.90 per…
A: Given Fixed costs = 1 Million $ Revenue per unit = 8.90 $ Variable cost = 4.50 $ per unit
Q: Why Ghana is considered an importer of inflation?
A: Inflation is generally a situation where the increase in prices can be seen and they are evident…
Q: An integrated, combined cycle power plant produces 285 MW of electricity by gasifying coal. The…
A:
Q: If the reserve ratio is 50%, what is the deposit multiplier?
A: Deposit multiplier is a factor by which maximum money supply changes when there is a change in…
Q: W2
A: The costs and the revenue are important for a firm to analyze because with the cost and the revenue…
Q: Opportunity cost can be measured as the: Select one: a. Increase in the quantity produced of one…
A: Production possibility frontier depicts the combination of two goods that a nation can produce by…
Q: Which describes our situation when quantity increases from 2 to 3 Economies of Scale ODiseconomies…
A: Quantity Long run T.C $ L.R A.T.C $ 0 8 -- 1 28 28 2 47 23.5 3 67 22.33 4 96 24 5 138…
Q: N + 37 49 56 ► 9. 9. A
A: Here, TC total cost FC fixed cost VC variable cost MC marginal cost Q quantity
Q: How much money must the company set aside now in an account that earns interest at a rate of 14% per…
A: Let's revisit the C.I formula --> A= P(1+r)^n Modify this formula to our requirement - Since…
Q: 6) You have a balance of $7500 on your credit card and you make no further charges. If your APR is…
A: Instead of just a monthly fee or rate, the term annual percentage rate of charge (APR) refers to the…
Q: If the price of suntan lotion increases from $6 to $8 per bottle and quantity demanded decrease from…
A: Price Elasticity is a proportion of the connection between an adjustment/change of the quantity…
Q: Trends in globalization continue to have an impact on businesses in every region of the world.…
A: High-quality content and brand consistency are guaranteed via a standardization strategy across all…
Q: 2. Classify each of the following items as a public good, a private good, a natural monopoly good,…
A: The commodity that is in turn made available for consumption to all the members of the economy are…
Q: What happens to the equilibrium price when there is an increase in demand and a decrease in supply…
A: b) Price Falls
Q: An economy produces two goods: tomatoes and ketchup. It is assumed that half of the tomatoes are…
A: Given information: Price of tomatoes in 2014 = $2 Price of Ketchup in 2014 = $7 Price of tomatoes in…
Q: A characteristic of the monopoly market structure is options: marginal revenue is greater than…
A: Monopoly is a type of market structure in which there exists only firm in the market. One buyer has…
Q: A 24-year-old man is the sole owner of a water refilling station in a certain district in the…
A: Consumers have several rights against safety and security which are framed to protect consumers from…
Q: Find Indirect utility function of the following function U= max (X, Y) subject to the budget…
A: Maximize U = Max(X,Y) Subject to Px*X + Py*Y ≤M This is the problem with cornor solution, here at…
Q: In 20 durum flour. Italians will soon be paying 20 percent more for pasta. Italian consumer groups…
A: Given, The price of durum floor roses by = 20% The total percent of pasta is = 70% The Italians pay…
Q: Rashed wants to make his investment triple its value at the end of twelve (12) years’ time. What…
A: We need to assume some terms such as interest rate , principle amount and then nee dto calculate the…
Q: 1. Calculate Real wage and comment who has the higher real wage salary Year Salary Mariam ude 7500…
A: The real living standard depends on the real income of workers. The nominal wage is adjusted for the…
Q: 8. Problems and Applications Q Suppose that in a year an American worker can produce 100 shirts or…
A: A country has comparative advantage in production of a particular good when it is able to produce…
Q: What is demand? (
A: Demand is a powerful economic factor because it drives businesses to produce, develop supplies, and…
Q: The demand for Widgets (QX) is a function of the price of widgets (PX), the price of wooz (PY), and…
A:
Q: Calculate Total Potential Deposit Creation given the following information. rrr = .09 Total…
A: Given; Required reserve ratio; rrr=0.09 Total Deposit= $6300 Total Reserves= $4200
Q: 6. A-One bakery in Brampton sells 350 fruit cakes slices each month for $3.25 each. They are looking…
A: To find the marginal revenue we need to find demand function stating the survey results . demand…
Q: gdp?asap
A: GDP = C + I + G + NX C - Consumption I - Investment G- Government expenditure Nx - Net export
Q: 7. Data for Windsurfing Sail Firm Q = Quantity; FC = Fixed Cost; VC =Variable Cost; TC =Total Cost;…
A: We have given the data for fixed cost and variable cost for the output level from 0 to 7 Q FC VC…
Q: The financial crisis of 2007 through 2010 was not limited to the United States. The ABCPs and CDOs…
A: Deleveraging is the point at which an organization or individual endeavors to diminish its all out…
Q: The following Table shows the relationship between fertilizers applica rate in kg per dunum and…
A: Fertilizer = Input = Variable factor Barley = Output = Total Physical Product (TPP) The price of…
Q: An average variable cost function is estimated as AVC = 96-2Q + 0.05Q2. Which of the following cost…
A: Here, average variable cost function is given as: AVC=96-2Q+0.05Q2 This function can be used to…
Q: Given, the following demand function, explain the different coefficients and interprete their signs.…
A: Demand refers to the quantity which a consumer is willing to buy at given time and place. It is…
Q: Given the cash flows shown, determine P. 80 P 100 120 140 160 0-1-2-3-4-5 i = 4%
A:
Q: Use the table below, which shows the demand for a public good in an economy consisting of two…
A: Public goods are those goods or commodities which are given to the people of the society by using…
Q: 6. Theory suggests that frictional unemployment in Canada will decrease if workers have higher…
A: Natural rate of unemployment = Structural unemployment + Frictional unemployment Natural rate is…
Q: Mohamed wishes to deposit BD10,000 to a bank that will guarantee BD15,938.48 after eight (8) years.…
A: Here we need to assume the interest rate she is expecting from the bank. Then following calculation…
Q: 2015: $29 in engine parts are imported into Canada and $22 in engine parts are produced in Canada.…
A: Answer to the question is as follows:
Q: The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) in the figure…
A: In the perfectly competitive market, equilibrium is established where the P=MC. An individual firm…
Q: Would a good economic model be more likely to address a positive statement or a normative statement?…
A:
Q: What is wrong with this answer?
A: The correct answer is No one would have an incentive to work once they had earned $200,000, so…
Q: Exhibit 8-10 Dollars per unit $60 56 52 48 44 40 36 32 28 24 20 16 12 I MC -MR ATC AVC 4+ 100 150…
A:
Q: The production engineers at Impact Industries have derived the optimal combinations of labor and…
A: Answer to the question is as follows:
Q: We assume that in a village there are farmers, carpenters, and tailors, who provide the three…
A: Introduction Input output model provide a description of an economy on the assumption that whatever…
Q: Shawn Pen & Pencil Sets Inc. has fixed costs of $421,400. Its product currently sells for $18 per…
A: Given; Fixed cost= $421400Price=$18Variable cost=$8.20 per unitAfter new equipment was…
3
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Use the following table and use your previous calculations: find the quantity where ATC is at a minimum and find the quantity that is the most efficient operating point for the firm. Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 30 and 40 Quantity ATC at minimum between 20 and 40 Quantity b. MC = ATC at 30 Quantity ATC at minimum between 20 and 40 Quantity c. MC = ATC at 40 Quantity ATC at minimum between 20 and 40 Quantity d. MC = ATC between 30 and 40 Quantity ATC at minimum between30 and 40 Quantity e. MC = ATC between 20 and 40 Quantity ATC at minimum between 20 and 40 QuantityLisa’s Lawn Company (LLC) is a lawn-mowing business in a perfectly competitive market for lawn-mowing services. The following table sets out Lisa’s costs. Quantity (Lawns per hour Total Cost (dollars per lawn) 0 $30 1 40 2 55 3 75 4 100 5 130 6 165 If the market price is $30 per lawn, how many lawns per hour does Lisa’s LLC mow? If the market price is $30 per lawn, what is Lisa’s profit in the short run? If the market price falls to $20 per lawn, how many lawns per hour does Lisa’s LLC mow?Consider the competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. V AVC COSTS (Dollars per ton) 100 882 889 80 20 0 MC 5 25 30 35 QUANTITY (Thousands of tons) 15 20 10 45 40 50 The following diagram shows the market demand for steel.
- 11/1//23 Use the graph below to answer the following question. 2 OF 20 QUESTIONS COMPLETED Price and cost 20 18 16 14 12 이 10 8 6 4 2 MC 2 4 6 8 10 12 14 16 18 20 < 03/20 ATC The graph shows the cost curves of a firm in a competitive industry. If the firm is making zero profit at its optimal level of production, the market price is $ Quantity SUBMIT ANSWERQUESTION 17 Use the following table and use your previous calculations: find the quantity where ATC is at a minimum and find the quantity that is the most efficient operating point for the firm. Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 30 and 40 Quantity ATC at minimum between 20 and 40 Quantity b. MC = ATC at 30 Quantity ATC at minimum between 20 and 40 Quantity c. MC = ATC at 40 Quantity ATC at minimum between 20 and 40 Quantity d. MC = ATC between 30 and 40 Quantity ATC at minimum between30 and 40 Quantity e. MC = ATC between 20 and 40 Quantity ATC at minimum between 20 and 40 QuantitySuppose Felix runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Felix's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Felix produces. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 50 25 0 -25 0 1 ● ^ 2 O ☐ A ☐ A 3 4 5 QUANTITY (Frying pans) O ☐ 6 Total Cost ☐ 7 8 o Total Revenue Profit ? image 1 Calculate Felix's marginal revenue and marginal cost for the first seven frying pans he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.
- The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue is4. A puppet maker calculates that the yearly cost of running his manufactory is $14,000. Additionally it costs him $60 to create each of his puppets. The price per puppet is determined by the following price-demand equation: p=500–2x a. Find the Cost equation for the total number of puppets produced and sold Find the Revenue equation for the total number of puppets produced and sold b. c. How many puppets does he need to make and sell to break even? d. Use the Cost and Revenue equations to find the Profit function What is the price that he needs to charge if he wants to sell exactly 80 puppets? e.Suppose the graph depicts the marginal cost (MC) curves of two profit maximizing Texas cotton farmers, Jesse and Neal. Assume Jesse and Neal sell their cotton in the same competitive market. What is the most efficient way for Jesse and Neal to produce a total of 1200 bales of cotton? Jesse's optimal output: Neal's optimal output: 400 Incorrect 200 Incurrect bales bales Price and cost $10- 9- 8- 7- 6- MC MC 0 100 200 300 400 500 600 700 800 900 1000 Bales of cotton
- Suppose XYZ sells widgets in a competitive market. Suppose that, when the quantity of production is 10 units, XYZ's: • marginal profit is $3 • average variable cost is $9 • average total cost is $11 • average fixed cost is $2 • average revenue is $15 What is XYZ's marginal cost when the quantity of production is 10 units? titiesSuppose that the market for frying pans is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per p) 100 90 80 70 28 899 00 50 40 30 20 10 0 0 ATC Z AVC MC 5 10 15 20 25 30 35 40 QUANTITY (Thousands of pans) Price (Dollars per pan) 25.00 70.00 100.00 45 50 For 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.) Quantity (Pans) ? Total Revenue Fixed Cost (Dollars) (Dollars) 1,600,000 1,600,000 1,600,000 Variable Cost (Dollars) Profit (Dollars) If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case,…10:497 (Back 5 Comments Today ECON101 A firm produces 20 units of output at a market price of $5, a marginal cost of $5, and an average cost of $3. From the information given above answer the following: The firm's economic profit is: 1. $33 2. $0 3. $60 4.$40 501.alue 9:06 PP Discussion started