2. Fill in the table below. Output Fixed Cost 0 1 2 $120 Vanable Cost SO $60 $80 $90 $105 Total Cost Marginal Cost SO 3. Gary wants to buy gas and get a car wash. He pulls into a gas station and notices a sign that says if he buys 9 gallons of gas at $3.00 per gallon (what a deall), the car wash is $2, but if he buys 10 gallons of gas, the car wash is free. a. For Gary, what is the marginal cost of the 10th gallon of gas?

2. Fill in the table below. Output Fixed Cost 0 1 2 $120 Vanable Cost SO $60 $80 $90 $105 Total Cost Marginal Cost SO 3. Gary wants to buy gas and get a car wash. He pulls into a gas station and notices a sign that says if he buys 9 gallons of gas at $3.00 per gallon (what a deall), the car wash is $2, but if he buys 10 gallons of gas, the car wash is free. a. For Gary, what is the marginal cost of the 10th gallon of gas?

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410
AutoSave W- q5 micro OFF Home Insert Draw Design Layout References Mailings Review View Share O Comments Calibri (Bod... v 11 A^ A Аa v AaBbCcDdE AaBbCcDdEe AaBb( AaBbCcDc AaBbCcDdE€ AqBbCcDdEe > Paste A A No Spacing Subtle Emph... Styles Pane Sensitivity v ab X, Subtitle U Normal Heading 1 Heading 2 Title * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates Consider a monopolist that produces coal for energy, with demand curve defined by P = 190 – 20 and marginal cost given by MC = 10 + 2Q. Also, the firm's average total cost is ATC = 100/Q + Q+ 10. (Price and costs are in dollars per tonne of coal, while quantity is in thousands of tonnes.) Calculate the monopolisť's profit-maximizing quantity, price, and profit. For a monopoly, profit maximization occurs where the marginal revenue equals the marginal cost. a. b. What would be the competitive output and price if this monopolist operated as a competitive firm?…
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The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
K Joey "Jaws" Chesnut really likes eating Krystal burgers. The following table shows Joey's total cost (TC), marginal cost (MC), total benefits (TB), and marginal benefits (MB) for consuming Krystal burgers. Marginal Cost ructor Quantity of Krystal Burgers 0 1 456A W N 3 7 Total Cost $0.00 $1.00 $2.00 $.0 $4.00 $5.00 $6.00 N/A $1.00 $ $1.00 $1.00 $1.00 $1.00 $1.00 a.) Fill in the missing numbers table above. b.) How many Krystal burgers should Joey "Jaws" Chesnut optimally eat? Total Benefit $0.00 $4.41 $6.45 $8.03 $9.14 $10.05 Krystal burgers Clear all Marginal Benefit N/A $2.32 $2.09 $ $1.58 $1.11 $0.91 $0.36 Check answer 9. | ТСНIIP UI UDC | LTIvaty ruilty. I I CHTIIDDIUTƏ | LUTILOLL US T
Text Entry Copy and paste or type your submission right here. HTML Editor В I A - I E E 3 E E X' X, =三用▼ 12pt Paragraph Quantity Total Costs 20 10 1 30 12 2 42 13 55 20 4 75 25 100 30 16 ||130 128 words MacBook Pro 国 3.
ECON 2100 OL HW14 Compatibility Mode v Home Insert Draw Design Layout References Mailings Review View Share O Comments Times New... 12 v A^ A° Аa v AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdE AaBbCcDc AaBbCcDdEe AaBbCcDdEe > No Spacing Styles Pane Paste v ab x, x' A Title Subtitle Subtle Emph... Sensitivity В I U Normal Heading 1 Heading 2 * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates 2. The table shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly's marginal revenue. Labor Marginal Product of Labor Price of the Product 1 10 $10 8 $7 3 7 $5 $4 3 $2 1 $1 a. What is the monopoly's marginal revenue product at each level of employment? b. If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm's profit maximizing level of employment? Page 1 of 2 653 words English (United States) Focus + 268% 4-
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● ● The marginal benefit to Lesley of staycations during the year at a hotel are given by the ollowing schedule: Number of Weekend Staycations 1 2 3 4 5 Marginal Benefit $550 $460 $390 $250 $200 $150 If the marginal cost of a staycation at the hotel is constant and equal to $360, how many weekends at the hotel is Lesley likely to enjoy? If Lesley stays for 5 weekends, what is the net benefit/(cost)?