Cost (dollars per bogel 0 MC ATC AVC 5 10 15 20 25 30 35 40 45 50 Quantity (hundreds of bagels per day) Select one: O a. up to 500 bagels O b. up to 3500 bagels O c. up to 3000 bagels O d. up to 2000 bagels The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?

Cost (dollars per bogel 0 MC ATC AVC 5 10 15 20 25 30 35 40 45 50 Quantity (hundreds of bagels per day) Select one: O a. up to 500 bagels O b. up to 3500 bagels O c. up to 3000 bagels O d. up to 2000 bagels The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...

See similar textbooks

Similar questions

What is die difference between accounting and economic profit?
How does fixed cost affect marginal cost? Why is this relationship important?
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.
Why will profits for films in a perfectly competitive industry tend to vanish in the long run?
Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?
Output TFC TVC TC MC ATC A 25 25 ---- -- ------- 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the marginal cost of the 2nd unit of output? Cannot be determined. 15 25 30 O O O O
O O Price (dollars) 160 120 8 40 0 2 4 Quantity According to the figure above, the total cost of producing 5 units is $24 $80 $8 $120 $40
A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
4. Millie manufactures potteries which requires renting a workshop at AED 30,000 per month and hiring a pottery oven at AED 10,000 per month. Her variable cost per month is given in the table below; Quantity of potteries Variable cost per month (AED) 0 0 500 1000 1500 2000 2500 3000 3500 4000 5,000 8,000 9,000 14,000 20,000 34,000 50,000 72,000 (a) Calculate Millie's average variable cost, average total cost and marginal cost for each quantity of output. (b) In the same graph, draw Millie's Marginal Cost curve, Average Variable Cost curve, Average Fixed Cost curve, and Average Total Cost curve. (c) What can you say about the average total costs in the long run compared to those drawn in 4b? (d) Describe the shape of the average total cost curve. What factors contribute to this shape? Explain how these factors play a role.
Marginal cost is given by 20 + 10Q- 12Q2. Fixed cost is 100. What is the average cost? O A. 100 -3Q2 + 20Q + 20 + 20 O B.402 + 5Q+80 + 20 OC3Q2 + 10Q+ 80 + 100 4Q2 + 5Q +20 + Type here to search ASUS VivoBook SC 图 prt sc insert (3 ) f7 f9 home f11 Pgup f12 Pgdn fo f10 end & 7 4 %$4 5. 1/2 #3 of 3.
The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity adriveways cleared) Abbreviation Formula: Total Revenue TR Total Cost TC $0 $25 20 30 40 50 60 70 80 34 41 46 49 51 54 60 70 95 145 10 100 What is the total profit of cleaning five driveways if the price Mr. Plow can charge is $10 per driveway? s 01/21 VIEW sOLUTION O OF 21QUESTIONS COMPLETED 28 MacBook Pro 59
View O Tell me what you want to do.. References Mailings Review Design Layout AL T AaBbCcD AaBbCc AaBbCcDc AaBbC New Ro 12 A A Aa - I Normal Body Text I No Spac. Heading 1 U - abx x, x A - aly. A - Styles Font Paragraph Question 2. MC ATC A VC 2.8 10 11 12 Quankily (per day The graph above shows the cost structure of a perfectly competitive firm, Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. arch ASUS F7 180/Q 112 /A 16 8. 9. R Y 10 Price and cos b (dollos)