nts per question) 1a0od it produces is constant, than it NAME: NT A QUIZ ABC Limited sells its product in a perfectly competitive market for a price of $15 1. per unit and hires workers at a daily wage of $75. Labor is the only factor cost, and the firm is currently earning profits. If ABC hires one more worker and output increases by 5 units per day, the firm's profits will a. decrease by $5 b. decrease by $75 c. increase by $75 d. increase by $15 e. remain unchanged.

Assume coffee machine and labor are the only two inputs for a coffee shop. The labor demand elasticity will be larger if A. Coffee machine is the substitute for labor in the shop. in the short run. B. Coffee has a relative inelastic demand C. Labor cost is around 80% in the total cost of the shop. D. The supply of tea machine is quite elastic.

Just a student stuck on this Economic question for awhile. Question in image.  I appreciate you helping me learn :)

Fill out chart am confused

Tire Co. has total fixed costs of $1000 per month. The firm's variable cost is $800 for 10 tires. At that level of output, the firm's average variable costs equal: A. S80 B. S180 C. $100 D. 5120

S IC raw Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Price of Strawberries (per Box) $2 2 2 2 2 2 2 222 Total Revenue (per Hour) $0 10 20 28 34 38 40 40 36 30 Marginal New Price Revenue of Product Strawberries $10 10 8 6 4 NO 2 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 New Total Revenue (per Hour) $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 $ 76 80 $ 80 $ 72 $ 60 $ www 20 20 16 12 8 4 0 -8 -12

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A Lyft driver has the short-run costs below, what is the fixed cost? What is the marginal cost of the 5th ride?   What is the minimum price that this driver would be willing to accept for a ride?

Question 6 90- 70 40 30 50 OB. $3,000, OC. $4,500. OD. $2,800. MC 100 ATC AVC 2 Figure shows a firm's marginal cost, average total cost, and average variable cost curves. The firm's total fixed cost is: OA $7,000.

1. Every firm will have a U-shaped cost curve in the short-run because a. Every firm faces resource limitations b. Every firm faces rising capital costs during an economic recession c. Of the law of diminishing marginal returns d. Of labor unions