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- How does fixed cost affect marginal cost? Why is this relationship important?Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?
- Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?
- What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?What is die difference between accounting and economic profit?Refer to the to graph on the night Which level of output in the graph below represents the minimum efficent scale? OA 1,000 books B. 20.000 books C. 40,000 books $22.00 20.00 18.00 D. 80,000 boks Which sire bookstore is more likely to expenence diseconomies of scale? Long -nun Average cost OA Abookstore seling 1,000 books per month B. Abookstore seling 20,000 books per month OC. Abookstore selling 40,000 books per month 1,.000 20.000 Quantity of books sold per month OD. A bookstore selling 80.000 books per month 40,00,000
- The only vansble mput a jantorial service fim uses to clean offices s workors who are paid a wago w of $10 an hout Each worker cat clean four offices in an hout Use math to determine the vanable cost, the hverage variable cost, and the marginal cost of deaning one more office 27.00 20 00- 18.00 The vanable cost of deaning the frst office52 50 average vanable cost of ceanng one more offices20 and marginal cost of deaning on more office is $250 Eer your response munded to two decamal places) 16.00- 1400 1200 1 Ung the ne drawing tool, gaph the varable cost curve Label thn curve VC 10 00 2 Ung the e wng tool, graph the average variable cost curve Label tn curve AVC 3 ng the e doing tool grph the argnal cost curve Label s curve MG 16.00 Carefuty fow the intuchos aboe, and onty driw the equred olyecta 4.00 200 Quaity Oic deaned Cest Coetcer unt SPrice and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150Vinnie’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?