Q: What is the total variable cost of 2 oil changes?
A: Total cost is the sum of fixed cost and variable cost.
Q: Ms.Mitchell, the CEO of CrunchOs, noticed her famous cereal brand has a demand and supply curve of p...
A: According to the question, Ms.Mitchell, the CEO of Crunch Os, noticed her famous cereal brand has a...
Q: Which of the following statements is false? 9) a. A profit maximizing firm still sets output such ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Which of the following statements is true? According to Okun's law: Select one or more: O a. unemplo...
A: Okun's Law: Okun's Law explains the relationship between output growth and change in the unemploymen...
Q: Which statement is correct? Select the best answer. eck Answer O Production expansion is cheaper and...
A: Tax revenue is the amount generated by the tax per unit on the goods and services imposed by the gov...
Q: What is meant by absolute versus relative poverty? What measures of income poverty are favored by de...
A: When a good or a service is put into process and manufactured, cost takes place for producing that ...
Q: Please for the following problems: a.) Find the Absolute advantage b.) Find OC/unit per unit c.) Fin...
A: As per the guidelines solution is provided for first three sub-parts. a) Japan has an absolute advan...
Q: n is an employer forced to keep the labor cost low? A. When the product demand is inelastic. ...
A: The wage rate will be competitive in the market structure where competition is high. When demand f...
Q: Price £/unit 'D3 D1 D2 Quantity Figure 5 Supply and demand curves for a normal good Figure 5 shows a...
A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity d...
Q: Question: You have the following information from the market Demand function: QD=270-5P L
A: Tax revenue is the pay that is gathered by states through taxation. Taxation is the essential wellsp...
Q: Plot the above AD-AS curves on the (Y, T) diagram. Describe the slopes of both the AD curve and the ...
A: Economists generally agree that the rate of money growth is one determinant of an economy's inflatio...
Q: Assume a good whose supply is perfectly (infinitely) inelastic. Without a tax, the price $10. If the...
A: When the supply is perfectly inelastic, it implies that the supply curve is vertical to the y-axis. ...
Q: Consider a city where everyone commutes to the city center, and the commuting cost per mile per mont...
A: Commuting cost per mile per month= $50 Each household has 1500 sq feet dwelling The worth of dwelli...
Q: Student Work Graphing Supply and Demand Curves 1.Use the data below to create a graph to analyze the...
A: The law of demand states that, keeping other factors unchanged, as the price of a good increases, th...
Q: Given the 12th term is nine and the 25th term is 100 .. find the 8th term.
A: Formula for nth term of AP is a + (n-1) d Where a is the first term and d is the common difference.
Q: Pp3
A: A perfectly competitive market refers to the market in which there are many firms that sell the iden...
Q: If the Keynesian consumption function is C = 100 + 0.75Y4 and there is no investment then, when disp...
A: The consumption function, or Keynesian consumption function, is an economic formula that represents ...
Q: Q3. Study Appendix Determining Adverse Impact. Textbook typo: Step D Since 53.8% is less than four-f...
A: Answer: Groups Job Applications Number Hired Selection rate% hired White 50 12 24% Black 80 ...
Q: The unemployment rate in the United States tends to be… a. Acyclical b. Countercyclical c. Procyclic...
A: An acyclical variable is a variable that has no significant relation with Gross Domestic Product(GDP...
Q: utomotive industry: in this industry, there are a few sellers that tend to dominate the market. O Pe...
A: 1 Oligopoly market if there is a few sellers dominating the market, it is refer to the Oligopoly mar...
Q: -Calculate the cost of eliminating our wholesalers • Revenues are $230 million • We will have to pay...
A: Introduction Revenue = $230 million Cost of transportation = 5% of 230 = 5100 × 230 = $11.5 million...
Q: Binter wants to have a fund amounting to Php6,500,000 available after 10 years. He will set up a sin...
A: The formula future value of annuity is as follows, F = P * [ { (1+i/12)n*12 - 1 } / i/12 ]
Q: a. Explain briefly what the consumer price index tries to measure? b. Describe three problems that m...
A: a) CPI or Consumer Price Index is a metric/measure that measures the average change in prices paid b...
Q: Assume that there are only two goods in the economy: goods 1 and 2. Further, assume that the markets...
A: Introduction Walras' law consider the economy as a whole. According to him, all price and all quanti...
Q: There are three popular types of social welfare functions. Benthamite Social Welfare Function - W (u...
A: Social Welfare Functions: Benthamite Social Welfare Function: W(u1, u2,... uN) =∑i=1Nui Egalitarian...
Q: When a company decides to sell its stock to the public for the first time, it hires the services of ...
A: In a market, a firm generally raise funds by issuing bonds or borrowing money from financial institu...
Q: • S = - 600 + 0.25Y, I= 400 -1100i • Ms = 1000, Mt = 0.15 Y, Mp = 0.10 Y dan Msp = 200 – 800i %3D • ...
A: Introduction The economy is in equilibrium so Ms = Mp 1000 = 0.10 Y So Y = 100010 × 100 Y = 10,000 N...
Q: A household of a wife and husband get utility from hours spent watching HBO (Z). To produce one unit...
A: GIVEN : =>Utility from watching HBO for both husband and wife=Z =>Cost of subscribing HBO = X ...
Q: If inflationary expectations increase, the Phillips curve will A) become flat B) become vertical C)...
A: Philips curve depicts the inverse relationship between inflation rate and unemployment rate. Inflat...
Q: ont Total cost Output pil changes per hour) (dollars p er hour) 10 1 20 35 3 50 4 so
A: Fixed cost is the cost that remains same at all levels of output whereas variable cost is the cost t...
Q: Question 8 Brightly colored emergency vehicles use this to get people's attention: perspective O mot...
A: 8. Vividness refers to an innate ability of an individual to notice bright and alluring images or co...
Q: An issuing bank is responsible for: O a. preparing a bill of lading b. making freight arrangements O...
A: In the banking sector, banks are now perform many more activities than accepting deposits and lendin...
Q: Individuals can withdraw their pension funds at any time, even before they reach retirement age. * ...
A: Labor Force: The term labour force refers to those people who are above 16 years of age or fall in t...
Q: Explain the two sources for potential GDP growth words and diagrams
A: GDP is a proportion of the worth of the merchandise in goods and administrations created in the econ...
Q: a) Economists call farm price supports "welfare for the rich" b) Rent controls help to fight h...
A: Economics is the branch of social science which deals with problems related to production, consumpti...
Q: Question 4 (3 points) Use economic concepts to explain if you agree or disagree with the following s...
A: The amount given as a wage rate by the producers to the workers is part of an operating surplus. The...
Q: Big Sky Mining Company must install $1.5 million of new machinery in its Nevada mine. It can obtain ...
A: 1. Total cost of owning an asset is the actual cost of purchasing any asset. And this is inclusive o...
Q: Which of the following people would be unemployed (or belonging to any labor market group) according...
A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find ...
Q: In Billion of AED Gross domestic product 23,560 Goods produced in foreign countries with UAE. Capita...
A: The Gross Domestic Product (GDP) can be measured in multiple approaches, like: The Product Approac...
Q: Lakes region in New York State produces wine. The climate favors white wines, but reds have been pro...
A: A fixed cost is the cost that does not change with output. It remains fixed throughout the period ev...
Q: If the bargaining power of the workers increases due to the unions becoming stronger: A) The wage s...
A: The most important part of production is labor. The price that is being paid to labor for contributi...
Q: Jane is saleswoman employed to sell TV sets on a salary and commission basis. Her fixed monthly sala...
A: Total earning of Jane in the month of January = 27,000 Her monthly fixed salary =12,500 Cost of TV s...
Q: How is Social Entrepreneurship a contributing factor to SDG
A: In the field of social development, the beginning of the new millennium had brought with it a sea of...
Q: What is the main purpose of AMLC (Anti-Money Laundering Council? * a. Monitor all transactions of ba...
A: Money laundering refers to the situation when a firm, bank or any other institution make an exchange...
Q: 1. The analysis of economic forces that justify the existence of trade and its degree between two na...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...
Q: 6. Mexico and Canada have flexible exchange rates. Suppose the real interest rate in C increases rel...
A: In an economy, savings and speculation give the main financial connection between the past, the pres...
Q: Economic Measurements Structural Characteristics of Developing Nations
A:
Q: explain transnationality and transnationalism connects to globalization
A: Globalization refers to the acceleration of global movements and exchanges (of people, goods, and se...
Q: If the Fed increases interest rates, other things remaining the same, foreigners demand dollars, cau...
A: Currency's demand and supply market is called the foreign exchange market, and The price of a domest...
Q: In an open economy, suppose the IS curve can be written as: Y = C[Y] + I[i] + G + T[Y, E] (1) The pa...
A: Introduction IS equation in open economy given as Y = C(Y) + I(r) + G + T(Y,E) Now condensed the equ...
You own a printing firm. Two of your
senior managers provide you with advice. The
first manager states that your company is
losing money for every unit that is printed. To
minimize losses, she advises that you reduce
your production levels. The second manager
states that if your firm sells some more units,
the price will cover your increase in costs. In
order to reduce losses, the second manager
recommends that you should increase
production. Explain which manager is
correct and who is offering the correct
advice?
Step by step
Solved in 2 steps
- Vintage Camera T Temple MIS G is You have the following data for product X: sales revenue $14,000, allocated fixed costs $12,000, variable costs $20,000. You cannot increase the price of product X or improve the production process to increase profitability. What should you do about product X? O do nothing - unprofitable products are just one of the costs of doing business O keep the product both in the short term and in the long term O keep the product in the short term and drop it in the long term O drop the product both in the short term and in the long term O drop the product in the short term and keep it in the long termJYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)The following discussion describes a new inventorysystem used by J. C. Penney39:In an industry where the goal is rapid turnaroundof merchandise, J.C. Penney stores now holdalmost no extra inventory of house-brand shirts.Less than a decade ago, Penney would have storedthousands of them in warehouses across the U.S.,tying up capital and slowly going out of style.The entire program is designed and operated byTAL Apparel Ltd., a closely held Hong Kong shirtmaker. TAL collects point-of-sale data for Penney’sshirts directly from its stores in North America foranalysis through a computer model it designed.The Hong Kong company then decides how manyshirts to make, and in what styles, colors, andsizes. The manufacturer sends the shirts directlyto each Penney store, bypassing the retailer’swarehouses and corporate decision makers. a. Discuss how this case illustrates the concept ofthe opportunity cost of capital.b. How does this innovation also help in demandmanagement?
- Price You are the manager of a firm that charges customers $16 per unit for the first unit purchased, and $12 per unit for each additional unit purchased in excess of one unit. The accompanying graph summarizes your relevant demand and costs. 0 18 16 + 12 10 20 14 8 6 4 2 0 1 2 3 4 Quantity MC-AC D 5 6 7 ernal browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-grow a. What is the economic term for your firm's pricing strategy? First degree price discrimination O Fourth degree price discrimination O Third degree price discrimination O Second degree price discrimination Seved b. Determine the profits you earn from this strategy.Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?Gains from Trade - End of Chapter Problem Between 2016 and 2017, Nintendo produced 2.3 million NES Classic Edition mini consoles that sold out almost immediately as they arrived at stores. The retail price of the mini console was $59.99. However, if you were to check eBay at the time, you would see that people were buying the units for $250 each from scalpers. a. The price of $250 tells scalpers O they should continue to buy the console at the store and resell it on eBay for a higher price. they should keep the consoles they have already purchased and hang onto to them, as they will be considered antiques someday. they should no longer buy and resell the consoles because the price on eBay is too high to make a profit. b. Upon observing that the only way to obtain the gaming console is to buy it on eBay for $250, a consumer might do which of the following? Select all that apply. Consider buying another type of gaming console that is cheaper. Approach a family member about sharing the…
- A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?1. DIHL Co. isa Danao-based logisiCs company owned by Engr. Donaid H. Lalican. Antcipating the growing demand for delivery services, he developed a strategic plan for the year 2022. The options are to hire additional delivery crews in their Mandaue facility, construct a new facity in Talisay City, or subcontract Ohiala Move, a smal-time company. A study conducted by the marketing department forecasted the following payoff values, which are summartzed in the tabie below. The values are expressed as gains and alpha = 0.6. What decision will Engr. Lalcan make using the different criteria under conditions of uncertainty. Question is what is the worst possible decision he will make? States of Nature Decision Alternatives Failure Low Moderate High Hire additional Drivers in Mandaue 450,000 250,000 250,000 500,000 Construct a facility in Talisay 800,000 400,000 300,000 700,000 Subcontracting Ohlala Move 100,000 10,000 150,000 300,000Figure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut down
- What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costsJeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a bookstore inhis neighborhood. He now pays $500 in rent, $80 in utilities and $120 in wages every month. He also paysthe publisher $5 per book sold. This month Jeremy sold 100 books at the price of $30 per book.a. What was the total revenue this month? Calculate this month’s explicit fixed cost, the variable costand the total cost.b. How much accounting profit did Jeremy make?c. How much economic profit did Jeremy make?d. If Jeremy had not quit his job at the bank, he could have been promoted and got a pay raise of 30percent. How would this affect his accounting profit and his economic profit?You have the following data for product X: sales revenue $14,000, allocated fixed costs $12,000, variable costs $20,000. You cannot increase the price of product X or improve the production process to increase profitability. What should you do about product X? O do nothing - unprofitable products are just one of the costs of doing business O keep the product both in the short term and in the long term O keep the product in the short term and drop it in the long term drop the product both in the short term and in the long term O drop the product in the short term and keep it in the long term