MINDTAP ECONOMICS FOR MANKIW'S ESSENTIA
8th Edition
ISBN: 9781337096645
Author: Mankiw
Publisher: Cengage Learning
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Question
Chapter 12.2, Problem 2QQ
To determine
The farmer’s production function and total cost curve.
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If Farmer Jones plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gets 3 bushels of wheat. If she plants 2 bags, she gets 5 bushels. If she plants 3 bags, she gets 6 bushels. A bag of seeds costs $100, and seeds are her only cost. Use these data to graph the farmer’s production function and total-cost curve. Explain their shapes.
Answer the attached question
Joanne sells silk screened T-shirts at community festivals and craft fairs. Her marginal cost to produce one T-shirt is $3.50. Her total cost to produce 70 T-shirts is $305, and she sells
them for $7 each
a. Find the linear cost function for Joanne's T-shirt production
b. How many T-shirts must she produce and sell in order to break even?
c. How many T-shirts must she produce and sell to make a profit of $700?
a. The linear cost function is C(x)=
b. Joanne must produce and sell
c. Joanine must produce and sell
T-shirts in order to break even, because the number of T-shirts must be a whole number
T-shirts to make a profit of $700, because the number of T-shirts must be a whole number
Chapter 12 Solutions
MINDTAP ECONOMICS FOR MANKIW'S ESSENTIA
Ch. 12.1 - Prob. 1QQCh. 12.2 - Prob. 2QQCh. 12.3 - Prob. 3QQCh. 12.4 - Prob. 4QQCh. 12 - Prob. 1CQQCh. 12 - Prob. 2CQQCh. 12 - Prob. 3CQQCh. 12 - Prob. 4CQQCh. 12 - Prob. 5CQQCh. 12 - Prob. 6CQQ
Ch. 12 - Prob. 1QRCh. 12 - Prob. 2QRCh. 12 - Prob. 3QRCh. 12 - Prob. 4QRCh. 12 - Prob. 5QRCh. 12 - Prob. 6QRCh. 12 - Prob. 7QRCh. 12 - Prob. 8QRCh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Prob. 5PACh. 12 - Prob. 6PACh. 12 - Prob. 7PACh. 12 - Prob. 8PACh. 12 - Prob. 9PACh. 12 - Prob. 10PA
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- If Farmer Jones plants no seeds on his farm, he gets no harvest. If heplants 1 bag of seeds, he gets 3 bushels of wheat. If he plants 2 bags, he gets 5 bushels.If he plants 3 bags, he gets 6 bushels. A bag of seeds costs $100, and seeds are his onlycost. Use these data to graph the farmer’s production function and total-cost curve. Explaintheir shapes.arrow_forwardMarcel leases a garage. He must pay $400 every week for his lease regardless of how many cars he fixes. The number of cars he fixes each week depends on how many mechanics he hires. The table below summarizes his cost information. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Instructions: Enter your answers as a whole number, Marcel's Production Costs Total Fixed Output 0 15 25 35 45 55 Cost (dollars) $400 400 Total Variable Cast (dollars) 50 400 800 1,200 Total Cost (dollars) $400 2,000 2,400arrow_forwardGraph the following: Average Total Cost curve and Average Variable Cost curve with proper positioningarrow_forward
- Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $180 per day and the greenhouse is rented for $300 per day. Fill in total cost in the table below. (Enter your responses as integers.) Etext pages Get more help Labor Capital Output Total Cost 0 1 0 1 1 120 2 360 480 4 5 540 570 80 a 0 1 F2 F3 F4 F5 F6 & Clear all Check answer A DII 4 F7 F8 F9 F10 F11 F12 * deletearrow_forwardEbba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost of $50,000. If I produce 10,001 pizzas, my total cost will rise to $50,011. Therefore, my marginal cost of producing pizzas must be increasing." ( 1.) Using the point drawing tool, indicate the point of marginal cost. Label this point "Marginal cost." 2.) Using the point drawing tool, indicate the point of average total cost. Label this point "Average total cost." Carefully follow the instructions above, and only draw the required objects. Costs(dollars per pizza) (5.95,0) MC Quantity (pizzas per month) points ATCarrow_forwardthe numbers inputed on the graph are correct so fararrow_forward
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- Suppose Honda's total cost of producing 4cars is $225000and its total cost of producing 5cars is $250000 .what is the average total cost of producing 5cars? What is the marginal cost of the fifth car? Draw the marginal cost curve and the average cost curve for a typical firm and explain why these curves cross where they do.arrow_forwardSlider owns a hamburger restaurant. Slider's minimum average variable cost is $10 at a quantity of 100 hamburgers, and his minimum average total cost is $15 at a quantity of 200 hamburgers. His total fixed cost is $300. Use this information to answer the questions. What is Slider's AVC when he sells 200 hamburgers? Slider's AVC: $ At a quantity of 250 hamburgers, the average total cost curve is increasing. below average variable cost. not able to be calculated from the information given. Or, none of the other answers are correct. decreasing.arrow_forward
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