Economics and Production Possibilities Curve

2- The per unit profit for 1 Kg of "complete meal" = Price to DM - Total unit cost= 4.40 - 4.92 = (0.52).

a. consumers' incomes will increase over time. b. the demand curve will shift outward as time passes. c. all prices will increase over time. d. consumers will be better able to find substitutes. 4. A state reducing production to the point where variable costs are minimized. b. reducing production to the point where unit costs are minimized. c. reducing its output and simultaneously increasing its price. d. increasing its output. 15. In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is ( )

3. Do you expect this profit level to continue in subsequent years? Why or why not?

The point of profit maximization for the firm in the given scenario occurs at a quantity of 8 units. At this point they have maximized their profit and as you can see to go beyond this point would cause the firm to incur economic losses.

z. P2) High profits are the signal that consumers want more of the output of the industry.

Chapter 7 Homework These problems are not in My Accounting Lab. They can be found in the Textbook Material beginning on page 379. Complete homework using Excel or PDF Working papers (below). Check your work against the homework solutions (below). Turn in your printed homework in class. Practice Problems: Quick Check

First, head on over to the North Eugene website. It should look something like this

Unit 5 : Week Five - Midterm Time Remaining: 1. The ultimate owner(s) of an ongoing corporation are (Points : 2) the federal government. the debt holders. the equity holders. the executive staff of the corporation. 2. Which of the following is a valid criticism concerning the goal of firms to maximize profits? (Points : 2)

I just want to let you know that I have not been granted access to you computer system yet. According to STEP 5, I am supposed to receive an email from your MCIT department trough an umich.edu account. However, I don’t have an umich.edu account. Also, I have not received a signed ID Request Form for a MCard ID badge.

b. Assume the company's monthly target profit is $40,150. Determine the dollar sales to attain that target profit. Show your work!

1 Go to www.optumrx.com PM10254235 Register Today link on What’s New page is redirecting to error page N/A N/A 2 Click on the"Enter Website" link on Home page 3 Navigate to “What’s New" primary tab 4 Click on the "register today" link on “What’s New" page Register today link will redirect to OptumID Register New Account Verify CHP Registration Accoun 1 Go to www.optumrx.com Members should be able to login to portal successfully PM10258781 Web account is creating duplicate IRIS accounts. 2 Click on the "Register" link on Home page 3 Go though Register OptumID 4 On the CHP Registration Account page, click on "Caregiver? Click here" link 5 Enter required fields and click <> twice TC_06. Verify OptumRx Mail Service Pharmacy image has been removed from the external pharmacy search page.

Submit the application by clicking on application is complete. Mail the Signature Page with a check or money order for $25.00 payable to Chicago State University:

ANSWERS TO END-OF-CHAPTER QUESTIONS 3,4, 7 AND 8 WERE HOMEWORK QUESTIONS 122 (Key Question) Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. | | | | | | Unitsoflabor | Totalproduct | Marginalproduct | Productprice | Totalrevenue | Marginalrevenueproduct | | | |

A result on the next page shows that at sales price of $21.50, the sales quantity rises to 1,140,085 units and net profit turns to positive for the first time. Besides, if a company continues to reduce the price further, at the point of $15.50, it is where the company’s profit on product 101 is in the highest position as it gives the net profit of $3,901,908.

Formulation Max 10A + 10B + 10C Subject to: 3A + B + 5C ≤ 300 (constraint #1) 2A + 4B ≤ 400 (constraint #2) 4A + 2B + 3.5C ≤ 200 (constraint #3) C ≥ 10 (constraint #4) A, B, C ≥ 0 9) Which constraints are binding? A) 1 and 2 B) 1 and 4 C) 2 and 3 D) 3 and 4 E) 2 and 4 Answer: D Page Ref: 130 Topic: Sensitivity Analysis Using Graphs Difficulty: Easy 10) What is the optimal objective function value? A) 925 B) 825 C) 100 D) 92.5 E) none of the above Answer: A Page Ref: 130 Topic: Sensitivity Analysis Using Graphs Difficulty: Easy 11) By how much would the profit contribution of product A has to increase before it will be profitable to produce A?