You run a coffee shop that is open all day. You are considering staying open in the evening. The total benefit (i.e., revenue) from keeping your coffee shop open for each additional hour at night is shown in the table. Fill out the marginal benefit (the difference from one row to the next). (Enter your answers as a whole number. Include a negative sign (-) if the answer is negative but do not include a plus sign (+) if the answer is positive.) Hours per Night 0 1 2 3 4 5 6 Total Benefit $0 60 90 110 120 110 95 Marginal Benefit If your goal is to maximize total revenue, you should keep your store open hours. (Enter your answer as a whole number.) If you go beyond this amount, the marginal revenue Suppose it costs $25 for each additional hour that you keep the store open. If this is the case, you should keep your store open for hours at night. (Enter your answer as a whole number.)

You run a coffee shop that is open all day. You are considering staying open in the evening. The total benefit (i.e., revenue) from keeping your coffee shop open for each additional hour at night is shown in the table. Fill out the marginal benefit (the difference from one row to the next). (Enter your answers as a whole number. Include a negative sign (-) if the answer is negative but do not include a plus sign (+) if the answer is positive.) Hours per Night 0 1 2 3 4 5 6 Total Benefit $0 60 90 110 120 110 95 Marginal Benefit If your goal is to maximize total revenue, you should keep your store open hours. (Enter your answer as a whole number.) If you go beyond this amount, the marginal revenue Suppose it costs $25 for each additional hour that you keep the store open. If this is the case, you should keep your store open for hours at night. (Enter your answer as a whole number.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You run a coffee shop that is open all day. You are considering staying open in the evening. The total benefit (i.e., revenue) from keeping your coffee shop open for each additional hour at night is shown in the table. Fill out the marginal benefit (the difference from one row to the next). (Enter your answers as a whole number. Include a negalive sign (-) if the answer is negalive but do not include a plus sign (+) if the answer is positive.) Hours per Night Total Benefit $0 Marginal Benefit 80 120 150 4 170 5 180 6 170
Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) 4 (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your
Maria can purchase shirts for $22.00 each. She considers the benefit of one shirt to be $40.00, but with each additional shirt she purchases the benefit decreases by $5. According to the Principle of Optimization at the Margin, Maria will purchase... shirts. (Enter your response as a whole number.)
12) Melquiades is worried about his grades from the microeconomics course, according to the rules for grading, the final grade is obtained as the minimum between the grade for the midterm test (x) and the final test (y). The utility function of Melquiades will depend on the grades obtained from those two tests Now, Melquiades has researched that the average student needs to study 24 minutes an additional point in each test (tests are graded from 0 to 100) obtain a) If Melquiades has 20 hours to study for both tests (x and y), how much time would he employ for each test? Figure out the grade that Melquiades will obtain in each test and his final grade in microeconomics. Elaborate a graph. b) How much additional study time would Melquiades require to increase his final grade by 10 points. Elaborate a graph. c) Suppose the difficulty of the final test increases in such a way that now each additional point would require 26 minutes of study. What would be the total cost (in minutes)…
Maria can purchase shirts for $22.00 each. She considers the benefit of one shirt to be $40.00, but with each additional shirt she purchases the benefit decreases by $5. According to the Principle of Optimization at the Margin, Maria will purchase..... shirts
Use the highlighted point to elaborate. (Short answer)
U.S. food markets consumers viewed beef as a normal good from 1960-1976, but viewed it as an inferior good after that point. This type of change is not abnormal, in that as average household incomes rise, preferences might change. For instance, as households move from poor to middle-class, their consumption of beef might increase. However, as households move from middle- class to upper-middle-class, they might choose to purchase more exotic foods products. Assuming you are a beef producer in 1983, what will happen if incomes continue to increase? a. The marginal cost of beef will increase. b. The marginal cost of beef will decrease. c. The demand for beef will increase. d. The demand for beef will decrease.
a) You need to take a trip by a car to another town that you never visited before. Therefore, you are studying a map to determine the shortest route to your destination. Depending on which route you choose, there are five other towns (call them A, B, C, D, E) through which you might pass on the way. The map shows the mileage along each road that directly connects two towns without any intervening towns. These numbers are summarized in the following table, where a dash indicates that there is no road directly connecting these two towns without going through any other towns. Table 3: Miles between Adjusted Towns Town A B C D E Destination Origin 40 60 50 A 10 70 B 20 55 40 с 50 D 10 60 E 80 i) Formulate a network model for his problem as a shortest path problem by drawing a network where nodes represent towns, links represents roads, and numbers indicate the length of each link in miles. ii) Use the network form in i) to find the shortest path from origin to the destination.
Your own a chocolate producing company which can advertise on both television (T) and internet(I). The effect of TV and online commercials on sales is again given byS(T,I) = 500 + 48T−6T2+ 112I−6I2+ 4TI. You have a budget of $25 that you can spend on T and I. The price of aTV commercial is $12per unit and the price of an online commercial is also $12 per unit. 1. Determine the optimal level of TV commercials T and online commercials I if you have to spend all of your budget. You should provide two methods to solve this, by direct substitution and by setting up the Lagrangian. Is the Lagrange multiplier positive or negative? Give an intuitive interpretation of why this is the case? 2. Now determine the optimal level of TV commercials T and online commercials I if you DO NOT have to spend all of your budget. Do you obtain the same answer as subquestion 5.1? What is the Lagrange multiplier equal to in this case? Discuss.
A local restaurant has an advertising budget of $10,000. The restaurant can purchase TV ads from a local station (X) or send mailers to local mailboxes (Y).The price for a TV ad is PX= $1,000. The price to send ads through the mail is PY= $500 per campaign. Suppose the local tv station is running a special where if an advertiser buys 5 TV ads, the sixth ad is free (limit one free ad). On the graph below, how much is A? A B O 10 BOD O 20 05 06 CD BL E X
Please give me the correct answer for each please correctly
Olivia and Yixing are volunteering at a cat rescue shelter. The shelter supervisor asks them to clean out kennels and haul bags of cat food from the donation area into storage. It takes Olivia 6 minutes to clean out a kennel and 6 minutes to move a bag of food. It takes Yixing 10 minutes to clean out a kennel and 12 minutes to move a bag of food. For the following questions, round each answer to the nearest tenth. a. ( Yixing, Olivia _______has an absolute advantage in completing both tasks. b. Olivia’s opportunity cost of cleaning a kennel: _____ bags of food moved. c. Olivia’s opportunity cost of moving one bag of food: ______kennels cleaned. d. Yixing’s opportunity cost of cleaning a kennel: ______bags of food moved. e. Yixing’s opportunity cost of moving one bag of food: ______kennels cleaned. f. Yixing says it does not matter which task each of them performs, because Olivia is faster at both tasks.…