Assuming your city government has been contracting with a single garbage collection firm that has been granted an exclusive franchise, the sole right, to pick up trash within the entire city limits. The city government has estimated the price residents are willing to pay for various numbers of garbage collections per month and the total cost facing the garbage collector per resident as shown in the following table: Pickup Price per Total Marginal Total Average Marginal Profit Total Cost Cost (MC) (ATC) (Q) Pickup Revenue Revenue Cost (Demand) (TR) (MR) (TC) $4.20 $3.20 1 3.80 4.20 2 3.40 5.60 3 3 7.80 4 2.60 10.40 5 2.20 13.40 6 1.90 16.80 (a) Please complete the table above (b) Given that the current garbage collection firm has a monopoly in garbage collection services, what is the current number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain (C) If competitive bidding were allowed and therefore a competitive market for garbage collection services developed. What will be the number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain

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D) Granite Tops for You uses 15 units of capital at $5,000 per unit and employs 50 employees at a cost of $500 each. What is the company's fixed cost? A) $250,000 B) $500 C) $75,000 Which of the following is used to measure market structure and performance? B) Four-firm concentration ratio A) Eight-firm concentration ratio C) HHI (Herfindahl-Hirschman index) D) All of the answers are correct. An industry is comprised of 40 firms, each with an equal market share. What is the four-firm concentration B) 0.1 ratio of this industry? A) 02 C) 0.3 D) 0.4 D) $5,000 tly competitive market, then it will most likely

PakPerfect Inc. estimates equation of its total costs of production as TC = 500 + 10Q + 5Q2 and market demand for its product as Qd = 105 – (1/2) P, where Q is quantity in units and P is price in Pak$. Write the equations of the firm’s costs, as a function of Q: Average Total Cost ATC Average Variable Cost AVC Average Fixed Cost AFC Given above costs can you determine what will be the firm’s production in Stage 1? What is the breakeven price and breakeven quantity for this firm? What is the shutdown price and quantity for this firm? Draw the firm’s costs in a graph as per your determination in (a). Label the breakeven and shutdown price and quantity using information in (b) and (c) above. Given the market price of Pak$ 50 how many units should the firm produce? how many firms are competing in this market in short-run? How many firms will be in the industry in the long-run? How do you interpret the profit or loss condition of PakPerfect? Use a two-panel graph of the Market and…

The relationship between the price charged and the resulting amount purchased can be shown as the variable cost experience curve break-even chart target cost demand curve

The Lead Zeppelin Company produces powered and steerable lighter-than-air craft. The company’s airships are specially lined and are therefore safer than normal dirigibles. The table below shows the weekly production of dirigibles, along with the associated Average Cost and Total Revenue figures (the Average Cost and Total Revenue figures are actually in thousands of dollars, so the $15 represents $15,000, but we have left off the zeros to save space).   Quantity Average Cost Total Cost Total Revenue 0  -- 0 $0 1 $15 15 $10 2 $9 18 $20 3 $8 24 $30 4 $8.50 34 $40 5 $9 45 $50 6 $10 60 $60 7 $12 84 $70   The Lead Zeppelin Company has decided that it will produce at least 1 dirigible. Now the question becomes, how many more dirigibles should it produce to make as much profit as possible?   Use the profit-maximizing rule to explain how many dirigibles the Lead Zeppelin Company should produce to…

The company that produces microwave ovens operates in a competitive environment. The total cost function has the form:TC = 100 + Q2 Define : 1) how many furnaces need to be produced to get the maximum profit, if the price of the furnace is 60; 2) what is the profit of the company.

A company manufactures a variety of camp stoves at different locations. The total cost C(x) (in dollars) of producing x camp stoves per week at plant A is shown in the figure. Discuss the graph of the marginal cost function C'(x) and interpret the graph of C'(x) in terms of the efficiency of the production process at this plant. C(x) $100,000 $50,000 500 1,000 Choose the correct answer below. A. The graph of y C'(x) shows that the marginal cost function is positive and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. B. The graph of y C'(x) shows that the marginal cost function is negative and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. C. The graph of y C'(x) shows that the marginal cost function is negative and increasing. Since marginal costs are increasing, the production process is becoming less efficient as production…

Q.4 Marginal Cost is closely related to: (a) Total variable cost (b) Total cost (c) Total fixed cost (d) All of the above