Explain the situation in the market when a cost of grouper fingers is $7 per plate The table below sets out the demand and supply schedules for grouper fingers.PriceQuantity Demanded(Per Week)Quantity Supplied(Per Week)(S per plate)6.1,5001,5001,4001,7001,3001,8009.1,2001,900101,1002,000

When Price = $7, Quantity demanded (Qd) = 1,400 Quantity supplied (Qs) = 1,700

Answered: Explain the situation in the market…

Business

Economics

Explain the situation in the market when a cost of grouper fingers is $7 per plate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

Q: How can we predict cost behavior?

A: Cost behaviour shows the relation between the total cost and activities level. We can predict the…

Q: What are the positive and negative effect of economic factors to the operation system?

A: An economic factor is anything that might potentially change or affect a person's financial…

Q: 4) In the fourth setup there are only two firms, but both of them provide both types of car. You…

A: Given Information Demand curveP0 = 250 - Q0 - Q1/2P1 = 120 - Q1 -Q0/2 Cost…

Q: The firm producing 7 units iPhone in a hour and cost of producing it at $250 What is firm total…

A: Given values: Number of iPhones (Q) = 7 units Cost of producing one iPhone = $250

Q: For a supermarket, would the overtime paid to the store's manager be classified as a fixed cost?…

A: In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are…

Q: The yearly demand for a widget is 5000 units. The cost of ordering is $100 per order and the cost of…

A: Economic Order Quantity, also known as Economic Purchase Quantity, is the order quantity that…

Q: What are the short-run and long-run costs of the production of Adidas?

A: Short run Cost is the cost price of manufacturing processes that have short-term inferences, i.e.,…

Q: TC = 134 + 20Q + 4Q2 What is the average fixed cost when 11 units are produced? Enter as a value.…

A: TC=134+20Q+40Q2AFC=134+20Q+40Q2QNow,AFC11=134+20(11)+40(11)211 =5,19411 =472.18

Q: What is optimization? How does it blow up the myth about profit being a result of a mere…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: What is the slope of an iso-cost line equal to and why? Provide mathematical explanation

A: Iso-cost line are that cocas of bundle of factors of production whereproduction Total cost is…

Q: If the government says that firm X must pay 50000 in taxes simply because it in the business…

A: In a market, government imposes different types of taxes on different products and services based on…

Q: Suppose the cost function for a product is linear and the marginal costis $5. If the profit is $200…

A: Answer a) The marginal profit gives us the slope of the profit function's line. Using this slope…

Q: When the quantity is placed in the cost equation / function I am getting a different price. Aren't…

A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…

Q: Describe marginal cost in your own words.

A: Cost accounting is a method of financial management that examines a business's variable and fixed…

Q: A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total…

A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: what is explicit cost with example

A: The correct answer is given in the second step .

Q: if the short run is six months, does it follow that the long run is longer than six months?

A: In economics, the fluctuation in market factors is defined differently in the short-run and…

Q: Parkway Travel Tours is organizing a five-day trip from Toronto to Branson, Missouri, a family town…

A: A break-even chart is a graphical representation of the relationship between revenue, costs, and…

Q: Product A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: Justify the statement. T/F Variable cost change with the change in the level of output in a…

A: Cost is the monetary value of the resources that are given up or depleted in order to accomplish a…

Q: can you answer part D The average cost of production per thousand board feet is (Round to…

A: Total Cost = Total Fixed Cost + Total variable costAverage cost = Total Cost / Quantity

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: TC = 144 + 27Q + 3Q2 What is the average fixed cost when 17 units are produced? Enter as a value.…

Q: What is another term for marginal costs

A: Marginal cost refers to the additional cost incurred by firm or a producer when one additional unit…

Q: Describe the various cost components that affect the retailgasoline price?

A: Gasoline is one of the many petroleum products which is made by refining crude oil. The price of…

Q: that the cost to produce 30Tshirts is $112.59, while the cost to produce 40 Assue the cot Csalinear…

A: The marginal cost is the change in the total cost that arises when the quantity produced is…

Q: The total cost, C, (in thousands of dollars) to make reading glasses is a function of the number of…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: What effect might a decrease in the demand for high definition televisions have on the short-run…

A: In this case, there would be no effect of the demand for high-definition television on the short run…

Q: If people thought in a rational way before spending money on anything, would they truly avoid sunk…

A: Rational behavior refers to the situation where people making their decision sensibly. In other…

Q: The term for representing the cost of the shopping basket of goods and services of a typical South…

A: In an economy, households are the people who make demand for output and pay for thate output to…

Q: For a restaurant that sells hamburgers, which of the following costs would be a variable cost? O The…

A: Variable cost is those cost which is not fixed in nature. These costs change in proportion to…

Question

Explain the situation in the market when a cost of grouper fingers is $7 per plate

The table below sets out the demand and supply schedules for grouper fingers.
Price
Quantity Demanded
(Per Week)
Quantity Supplied
(Per Week)
(S per plate)
6.
1,500
1,500
1,400
1,700
1,300
1,800
9.
1,200
1,900
10
1,100
2,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1.

VIEW

Step 2.

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Marah is deciding whether or not to open a lemonade stand. She expects to sell 20 cups of lemonade for $1 per cup. She already made a sign that cost her $10 and will have $15 worth of additional costs for cups and lemonade mix if she decides to open the stand.
A movie theater shows films for a community of 10000 people. Right now, the price per ticket is $17.50. In the past, when they increased or decreased the price per ticket, they discovered that for every dollar (or fraction) that the price was increased or decreased, the attendance decreased or increased proportionally by 200 people. The theater owner pays the Film Distribution Company $10 (incremental cost) in royalties per person whoviews the film. Find a. The willingness to pay distribution of the movie goers. b. The average price they would be willing to pay. c. The price per ticket that maximizes revenue. d. Should the theater owner increase or decrease the price per ticket if she wants to maximize contribution? e. Find the consumer surplus if the tickets are priced at the price that maximizes contribution. Please complete in excel showing formulas on how it was completed
What is the economies of scale of General Motors?
What is the marginal cost forumla for TC= 10+5Q?
When the price of salad was $5, a cafeteria sold 50 packets of salad dressing a day at $0.50 per packet. When they increased the price of salad by 40%, but kept the dressing at the same price, they sold 50% fewer packets of salad dressing.
A movie club charges a one-time membership f $25. It allows members to purchase movies for each. Another club does not charge a membersh fee and sells movies for $12 each. How many mc must a member purchase for the total cost of th two clubs to be equal?
Explain why optimal marks- up vary
Complete the below table if the fixed the costs of production is $6000. Price Quantity TR Fixed cost 2. 2.
How to calculate Samsung's cost (C(Q)) of producing 1, 2,...15?
What is the marginal cost of producing an additional unit:
What is the difference between marginal product and marginal cost?
Which of the following is the best example of a transactions cost? the price of labor and materials used to produce a house the value of the time spent negotiating a contract O the cost associated with producing a golf club the price of food the price of a new set of tires