Kevin runs a surfing school on the North Shore of Oahu. He has two inputs: surfboards, which he rents from a local shop for $15 per day, and surfing instructors, whom he hires for $50 per day. Kevin has figured out that the marginal physical product (MPP) of the last instructor hired is 20 lessons, and the MPP of the last board used is 3 lessons. Which of the following statements is correct? Kevih could lower his costs without reducing his output if he employed fewer instructors and used more surfboards. Kevin could lower his costs without reducing his output if he employed more instructors and used fewer surfboards. Any of these answers may be right, depending on the price of a lesson. OKevin currently employs a cost-minimizing combination of surfboards and instructors.

True/False: Ryan has coffee shop. If the marginal cost of producing the tenth cup of coffee is $1.50, and if the average total cost of producing the nine cups of coffee is $2, then find the average total cost of producing the ten cups of coffee. Show your work.

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?

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…

Macmillan Learning At your local family fun center, miniature golf is $12 per person for unlimited rounds in a day, while each go-kart session is $8. Given this information, calculate the cost of the following. Total cost of 0 rounds of golf: $ Total cost of 2 rounds of golf: $ Total cost of 0 go-kart sessions: $ Total cost of 2 go-kart sessions: $ 11 Total cost of 1 round of golf: $ Total cost of 3 rounds of golf: $ Total cost of 1 go-kart session: $ #00 Total cost of 3 go-kart sessions: $