Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
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Chapter 2, Problem 9SQ
To determine
Marginal cost.
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2. The relationship between price and demand per month for a consumer product is
p = 3500 -1.1D5
where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per
month and the variable cost is $4.00 per unit.
What is the optimal number of units that should be produced and sold per month?
a.
b. What is the maximum profit per month?
A firm produces one good and has average cost equal to 115, average variable cost equal to 75, and fixed cost equal to 5000.
3P. How many units does the firm produce?
7. A tire dealer buys 4000 tires a year from a local distributor. Each tire costs
$75, the ordering fee is $30 per shipment and the storage cost is $24 per tire
per year. How many tires should be ordered in each shipment in order to
minimize the total cost?
Chapter 2 Solutions
Economics For Today
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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- when samsung reallocates its resources to produce 3.75 million tablets instead of 2 million tablets the opporunity cost a. 1.75 million tablet b 1.75 million phone c. 7 million phone d.7 million tabletarrow_forward1. Show complete solution. Help me plsarrow_forwardIf Jakob knows the marginal cost of the 1st foot of stream bank restored is $21, the marginal cost of the 2nd foot of stream bank restored is $40, and the marginal cost of the 3rd foot of stream bank restored is $17, what is the total variable cost of restoring 3 feet of stream bank? OA. $26 OB. $78 OC. $17 OD. $61arrow_forward
- The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production that yields maximum profit, and find the maximum profit. units P-$ Need Help? Talk to a Tutor Read t Watch itarrow_forwardA manufacturer produces bolts of a fabric with a fixed width. The quantityqof this fabric(measured in yards) that is sold is a function of the selling pricep(in dollars per yard), sowe can writeq=f(p). Then the total revenue earned with selling pricepisR(p)=pf(p).arrow_forwardA dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the table below. The price of butter per pound is $0.5 and the price of cheese per pound is $2. If the dairy business wishes to maximize its profit, it will produce of cheese. Cheese gained (in pounds) Profit gained from increased Butter forgone (in pounds) Profit lost from decreased production of cheese production of butter (C) 1 1 1 1 a. 1 pound Ob. 3 pounds 4 pounds * c. Od. 2 pounds (A) (B) 2 3 4 5 6 (D) (E)arrow_forward
- 7. A 200-pound steer can be sustained on a diet calling for various of grass and grain. These combinations are shown in the table. proportions Pounds of Grass 50 56 60 68 80 88 Pounds of Grain 80 70 65 60 54 52 a. Plot the isoquant corresponding to the inputs necessary to sustain a 200-pound steer. Comment on its shape. b. The rancher's cost of grass is $.10 per pound; the cost of grain is $.07 per pound. He prefers a feed mix of 68 pounds of grass and 60 pounds of grain. Is this a least-cost mix? If not, what is? Explain. c. The rancher believes there are constant returns to scale in fattening cattle. At current feed prices, what input quantities should he choose if he wants to raise the steer's weight to 250 pounds?arrow_forwardWhat is the cost of producing an additional car when 50 cars are being produced?arrow_forwardMethod Labor (hours) Capital (machines) A 10 50 B 20 40 C 50 20 D 100 10 Which method is economically efficient if: (i) The wage rate is $1 an hour and the rental cost of a machine is $100 an hour? (ii) The wage rate is $5 an hour and the rental cost of a machine is $50 an hour? (iii) The wage rate is $50 an hour and the rental cost of a machine is $5 an hour?arrow_forward
- Please assist with the last question. Thank you.arrow_forwardAt Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch ofherbs costs $54. What is Yennefer's Marginal Cost of an extra spell?arrow_forwardWhen there are economies of scope between products, selling off an unprofitable subsidiary could lead to Select one: a. a major reduction in costs. b. only a minor reduction in costs. C. only a minor reduction in sales. d. a major reduction in sales.arrow_forward
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