Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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If output is 1, total cost is 7, and total revenue is 10. What is the marginal revenue?
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- If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal costarrow_forwardIt costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $250. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary. Do not enter a fraction. Only type a whole number (do not type any units on your answer).arrow_forward1. Micky's auto mechanic shop has a daily total cost represented by: C = 98 + 2q + 2q². Shop's marginal cost is given by: MC = 2 + 4q, where q is the number of repaired cars. a. b. Derive an expression for average cost. Find the quantity range where the shop experientes the economies scale (Hint: scale economy AC index is given by: S = MC). At what production level are scale economies exhausted??arrow_forward
- Calculate the value of Marginal revenue when marginal cost is $73 and the marginal profit is 0arrow_forwardIt is common for people trying to lose weight to notice that the first 10 pounds are much easier to lose than the last 10 pounds. Use the concept of increasing marginal cost of explain why this is the case.arrow_forwardThis refers to the ratio of a small increment of cost and a small increment of output. a. Increment cost b. Marginal cost c. Differential cost d. All of thesearrow_forward
- explain why the lower marginal cost firm can never produce the same as the high marginal cost firmarrow_forwardQUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) 0 30 60 90 120 150 Total Fixed Cost TFC (vatu) 5600 5600 5600 5600 5600 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.arrow_forwardExplain why earning zero economic profit is not as bad as itsounds.arrow_forward
- What is the difference between Economic Profit and Accounting profit?arrow_forwardUse the table below to answer the following question. Units Total Fixed Cost Total Variable of Output (dollars) Cost (dollars) 1 150 25 2 150 48 3 150 70 150 100 What is the marginal cost (MC) of producing the fourth unit of output?arrow_forwardGiven the following table: OUTPUT TOTAL COST 0 1 2 3 4 5 6 SAENASS 59 67 74 80 87 95 Part 1: The TVC of producing 4 units of output is Number Part 2: The AFC of producing 6 units of output is: Number Part 3: The marginal cost of producing the fifth unit of output is: Number Part 4: The ATC of producing 5 units of output is: Numberarrow_forward
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