The following figure shows the average cost curve, demand curve, and marginal revenue curve P. MR AC. MC B Demand ADEH DEBG OCFBG O ACFH O ABGH MC AC MR What points will calculate the equilibrium total cost? Quantity
Q: Given that Japan's economy is currently in the expansion phase of the business cycle, which of the…
A: Economics refers to the study of scarcity and its implications for the use of resources, production…
Q: The data in the above table show that the unemployment rate is currently above its full -employment…
A: Aggregate demand is the finished goods and services total demand that is produced in the economy. It…
Q: “Plagued by blackouts and high energy prices, South Africa’s energy sector is on the edge of being…
A: Privatization is the process of transferring ownership, control, and management of state-owned…
Q: QUESTION 5 5. Why do skilled workers generally earn more than unskilled workers? A. The demand for…
A: Wages is the payment made to the laborers for their work. Wages are thus a factor in payment made.…
Q: Share an example illustrating how government borrowing today can bring benefits to future…
A: Sustainable development is a method that aims to meet the current needs of society without…
Q: 1. The following table describes the number of yards of cloth and barrels of wine that can be…
A: DISCLSIMER "Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: QUESTION 1 If the nominal wages of carpenters rose by 5 percent and the price level increased by 3…
A: Since you have posted multiple questions, we will provide the solution to only the first question as…
Q: Draw and describe a diagram representing the cost curves – MC, AC, and AVC – for a profit-maximizing…
A: This can be described as a form of market in which no single producer or consumer has the power to…
Q: With property rights assigned to the polluter, what level of abatement can we expect before any…
A: According to Coase's theorem, if property rights are adequately defined and delimited,…
Q: D6: Please Discuss/Calculate The Gold Standard System or the GSS (Hint: Chapter 3 in G (e)…
A: The gold standard system (GSS) is a monetary system in which a country's paper money is pegged to a…
Q: Consider the following budget constraint 1=PB²B+ PT¹T and Utility Function U(x, y) (6T5+ 48 51.5…
A: Utility theory is a guide to well-being in the spheres of microeconomics. It measures satisfaction,…
Q: PRICE LEVEL 160 150 140 130 120 110 100 90 80 0 с 1 d X ៧. a N {} 2 3 4 5 REAL GDP (Trillions of…
A: Increase in inflation means that the prices of the products rises and the producers finds it…
Q: Consider a market with (inverse) demand and supply curves given by: P = 100 - QD and p = 3Qs What is…
A: Consumer surplus is the area below the demand curve and above the equilibrium price level.Producer…
Q: .Explain how the marginal product of labor and marginal cost are related? Draw one graph for MPL…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: In the Keynesian income-expenditure (TE-TP) model below, suppose the economy is currently at Q1, and…
A: The Keynesian framework of the TE-TP model refers to the overall production level and the…
Q: Rawlding is a manufacturer in the oligopolistically competitive market for footballs. Two other…
A: An oligopoly refers to a market structure dominated by a small number of large firms or sellers that…
Q: Mobile phone networks Predatory roaming They were in the bank, toting guns, as lots of money…
A: In the roaming market, collusion pertains to the possibility of collaboration amongst mobile…
Q: BN8.1 Public Goods are both Non-Rival & Non-Exclusive. Explain each of these Terms & Show how they…
A: Public goods are prone to market failure because their non-excludable and non-rivalrous nature makes…
Q: BN8.3 Case Three Neighboring Towns - Marshland, Dampland, & Wetland - all border the same Lake. The…
A: When the output is socially optimal, the marginal social costs (MSC) and marginal social benefits…
Q: A lawyer has two clients. She charges a yearly retainer plus a separate fee for each consultation.…
A: Marginal cost refers to the cost of providing an additional service or producing an additional unit…
Q: Snooki, a new marketing intern, was a little scatterbrained during the first meeting with her…
A: Pricing alludes to the most common way of setting a worth or monetary sum for a product or service…
Q: We are evaluating a project that costs $729,600, has an eight-year life, and has no salvage value.…
A: The cash break-even, accounting break-even, and financial break-even points are among the different…
Q: BN8.2 Why don't Cities charge each Individual their Marginal Benefit (MB) to distribute Public…
A: Public goods are prone to market failure because their non-excludable and non-rivalrous nature makes…
Q: Briley Cosmetics Inc. Briley Cosmetics manufactures and distributes a wide range of skin care…
A: Production optimisation is the technique of optimising production so that with minimum cost maximum…
Q: Which Americans benefit from the tariff? Why? Describe why the imposition of a tariff creates a…
A: A tariff is a levy that one nation imposes on the products and services that another nation imports…
Q: Price and cost (dollars) 70 60 50 40 30 20 10 0 MC₁ 50 Quantity MC₂ 100 Demand 150 The demand for…
A: The marginal cost is the change in the total cost that arises when the quantity produced is…
Q: Labor (workers per week) 0 1 2 3 4 5 6 10 In the table above, the marginal product of the 5th worker…
A: The production function shows the relationship between the input used and the output produced.The…
Q: Using Okun's law, fill in the four pieces of missing data in the table below. All of the following…
A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…
Q: In 2022, the corporate tax rate was reduced from 28% to 27%. This decision forms part of South…
A: The question is asking to identify the type of policy that the decision to reduce the corporate tax…
Q: Which of the following statements about the Quantity Theory of Money (M.V=P.T) is true? OA. Volocity…
A: According to the quantity theory of money the price level and supply of money in an economy are in…
Q: (a) output (Q): (1) € integral for the following marginal MR = f(Q) = Q³-50² + √Q MR = f(Q) = (Q+1)²…
A: Since you have posted two independent questions, according to the guidelines, only the first…
Q: In regards to whether the minimum wage should be raised, positive analysis would do all of these…
A: Minimum wages are the wages that the government sets or are set by bargaining done by the labor…
Q: in part b, how do we know that is the cost function? where are those variables coming from?
A: In part B of the question, you are asked to find expressions for the cost-minimizing levels of labor…
Q: How much deadweight loss results if this single-price monopolist profit-maximizes?
A: A monopolist will show eagerness to produce goods as long as their return from productivity is…
Q: The purchase of a used pickup for $22,000 is being considered. Records for other vehicles show that…
A: Annual cost of owning and operating the truck:Fuel cost = $1950Oil, tires, and repairs cost =…
Q: 4. Consider a 4-bidder auction model. The auction is second price sealed bid. How- ever, now, the…
A: Consider a second-price sealed-bid auction with complete information involving four bidders (1, 2,…
Q: Consider a demand curve given by Q D = 60-13p. What is the consumer's total benefit when he/she…
A: Demand refers to the quantity of goods or services that a consumer is willing and able to buy at a…
Q: Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging…
A: The question is asking about the type of inflation that could occur in South Africa due to a rise in…
Q: The table shows Wanda's total utility from ice cream and nuts. The price of an ice cream cone is $2,…
A: The price of an ice cream cone is $2 and the price of nuts is $4 per bag. The total income of the…
Q: For an online retailer who is not able to offer low prices, what can the retailer do to boost its…
A: Strategy is a high-level plan that outlines the goals and objectives that an organization wants to…
Q: a. What is the maximum price that a consumer is willing to pay for the 200th sandwich? 2 b. What is…
A: This can be defined as a concept that shows the summation of the surplus of both parties that…
Q: Use the appropriate formulas to create two new columns (7 and 8) for total profit and profit margin,…
A: Profit is the financial gain earned from an economic activity or transaction. It is the difference…
Q: 29. Suppose the absolute value of elasticity of demand for flat screen TVs is 3.00 and the…
A: Tax incidence:It is a necessary payment that is made to the government for the consumption of goods…
Q: The value of the Russian Ruble changed from 94 to the dollar to 91 to the dollar. What is the likely…
A: The foreign exchange market, frequently shortened as the Forex or FX market, is a worldwide…
Q: The following table shows some data for an economy that produces only 2 goods: bread and butter.…
A: National income analysis is an important statistic for measuring the health of an economy since it…
Q: How quickly does GDP need to grow in order to provide for population growth?
A: Gross Domestic Product (GDP) is a comprehensive measure used to gauge the total economic output of a…
Q: Question 4 $ OBCEF O HIKL O CF O HK OIL O BE Xo A B X₁ What is the minimum the polluter would accept…
A: The Coase theorem deals with the property rights of the individual. The theory creates a market for…
Q: Fiat money is money: a. accepted by law regardless of its intrinsic value. b. C. that is not…
A: The question rotates around the idea of fiat money, a type of cash that is acknowledged by…
Q: How might a thriving entrepreneurial sector have a positive impact on the trade balance?
A: Trade balance refers to the numerical difference between a nation's exports and imports, reflecting…
Q: Check all that apply The firm is breaking even when it produces its profit maximizing outpu The…
A: The perfectly competitive market refers to a market where many buyers and sellers exist. All sellers…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
- 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.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?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?
- A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?You are given the following cost data: Total fixed costs are $60. 9 0 1 2 3 4 5 6 TVC 0 25 40 60 90 130 185 How many units of output will this firm produce at a price of $22 and at a price of $42? What is the total reve- nue and total cost at each price? What is the profit at each price? Briefly explain using the concept of marginal cost.100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)
- 4. 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.. Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165a. Calculate average variable cost, average total cost,and marginal cost for each quantity.b. Graph all three curves. What is the relationshipbetween the marginal-cost curve and theaverage-total-cost curve? Between the marginalcost curve and the average-variable-cost curve?Explain.Macmillan Learning (Figure: The Cost Curves for Charlie's Cookie Confections) Use Figure: The Cost Curves for Charlie's Cookie Confections. The curve labeled X represents the firm's Cost per unit marginal O average 0 fixed costs per unit O variable costs per unit. cost curve. V W xह Y Quantity
- Consider this statement: “A firm should increaseoutput when it makes a profit.” Do you agree ordisagree? Explain.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 Quantitybo Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Macmillan Learning Total revenue Costs Apples Utilities Lease Abner's forgone wages Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? What is Abner's Apple Art's economic profit? Amount $220 $30 $20 $20 $70 Accounting profit = $ Economic profit = $ thousand thousand