Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 7, Problem 22SQ
To determine
The marginal cost of the fourth unit.
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At Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of herbs costs $61. What is Yennefer's Marginal Cost of an extra spell?
1. How does fixed cost affect marginal cost? Why is this relationship important?
2. Is it possible for total utility to increase while marginal utility diminishes? Explain.
3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.
At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of hats costs $53. What is Stacy's Marginal Cost of an extra scarf?
Chapter 7 Solutions
Micro Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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- a. When three pens and four erasers were purchased,the cost was $21.25.When two pens and two erasers were purchased,the cost was $12.50.What was the the price of a pen and the price of an earaser? b.Solve y=x2+1 and 2y=3x+4arrow_forwarda. When three pens and four erasers were purchased, the cost was $21.25. When two pens and two erasers were purchased, the cost was $12.50. What was the the price of a pen and the price of an earaser? b. Solve y = x2 +1 and 2y = 3x + 4arrow_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_forward
- 30. What happen when you add Total Fix Cost and Total Variable cost that is divided by their quantity. a. the assumption is that goods were produce but yet to be priced b. the assumption is that goods were produce but yet to be equalized c. the assumption is that goods were produce but yet to be quantified d. the assumption is that goods were produce but yet to be determinedarrow_forwardwhen 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_forwardAt Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?arrow_forward
- You run a business producing t-shirts. This month your total cost of production is $80,000, your variable cost of production is $50,000, and you produce 10,000 t-shirts. It follows that average cost is a. variable: $2 b. total; $10 c. fixed; $3. d. total; $13arrow_forwardChoose the correct answer: . Refer to the Figure . The most inefficient point depicted is: Point A Point C Point D 4. Point Garrow_forwardTrue/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.arrow_forward
- X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5 dollars for each unit, Y= 4 dollars for each unit. Since Y costs less than X, can the firm keep produce the same output at a cheaper cost by using less of X and more of Y? Explain why or why not.arrow_forwardAccording to a firm’s technology of production, you can take away 3 units of labor if you add 5 units of capital without changing production. The price of labor is $8 and the price of capital is $6. Assuming the firm’s MRTS is diminishing, this firm a. is minimizing cost at its current output level. b. should use more capital and less labor to lower the cost of producing its current output. c. should use less capital and more labor to lower the cost of producing its current output. d. should use less capital and less labor to lower the cost of producing its current output. e. None of above.arrow_forwardWhat is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable costarrow_forward
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