Answered: 1) DISCUSS THE COMPARISON BETWEEN 2…

Business

Economics

1) DISCUSS THE COMPARISON BETWEEN 2 COMPANIES WHO RUN THEIR GIG ECONOMY

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

See similar textbooks

Related questions

Q: Q4) A. Complete the following table accurately B. Draw the TFC, AFC and AVC in one graph Q…

Q: Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table:…

A: Total cost is defined as the sum of fixed cost and variable cost. The fixed cost is the cost that…

Q: a) Find expressions for TR, (profit) x , MR, and MC in terms of Q. b) Solve the equation dn dQ and…

A: Given demand function = 4P +Q- 16 =0 P = 16 -Q/4 TC =4 + 2Q…

Q: Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a…

A: Marginal cost is the additional cost incurred in order to produce one additional unit of output.

Q: The relationship between sales (units sold) and profit is shown in the diagram below: A Quadratic…

A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…

Q: What are the economic environment in 2009, what implications, opportunities, and threats does this…

A: The development of economic policy had been used to characterise the economic environment in 2009.…

Q: Ihalysis of chapter 11 on the student portal) Output (Q) Net Marginal Amount of Total cost Marginal…

A: Incremental Analysis is the process used to identify the financial data that change under…

Q: Leader Follower Profits Sets Output Sets Output (, T2) 48 (64.9, 64.8) 180 64 Firm 2 (54.0, 72.0) 96…

A: In-Game theory a subgame perfect equilibrium refers to the learning of a Nash equilibrium used in…

Q: Graph the ATC and MC below and explain

A: The marginal cost (MC) represents the additional costs incurred in producing one extra unit of the…

Q: Each time a song is played on the radio, the record company and the songwriter are paid a royalty of…

A: With each song if, the network pays $0.30 Then if a song is played four times in a day for a week…

Q: According to a recent study, Canada Is one of the cheapest of which to operate a plant. major…

A: Answer- According to recent study Canada is one of the cheapest of fourteen major industrialized…

Q: what are some of the technical advantages that a firm can benefit from selling their products on…

A: Amazon:Amazon is an international market place which selling their goods and services in different…

Q: 2- Use the information in the graph to find the values for the following costs at an output level of…

A: Hi! Thanks for the question but as per the guidelines we answer up to three subparts. Kindly repost…

Q: Output Total Cost $4.00 1 $7.00 $8.00 3 $12.50 4 $17.20 $22.00 $29.00

A: The production of goods, and services is done by the sellers, who are considered as the producers.…

Q: In the table above, what is output (Q) when L = 2? Select one: a. 55 b. 65 C. 50 d. 70

A: When labor is 2 , output will be = output at labor 1 + Marginal production = 30 + 50 = 70

Q: 2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information…

A: The following are the cost conditions of the company :

Q: Suppose you have a production technology that can be characterized by a learning curve. Every time…

A: Given: Decrease in marginal cost=$6 Cost of first unit=$62

Q: Amal quits his job and gives up a salary of $50,000 per year to start software company. During…

A: Economic Profit = Revenue- Cost = 300000-250000 =50000

Q: 2. Explain economies of scope and provide an example.

A: The firms and businesses tend to operate in the markets with the motive of maximizing the level of…

Q: An example of technology is a) earning plumbing certification Ob) new patent c) degree in finance…

A: Technology is a scientific method and knowledge which is used for the practical purposes.

Q: 2) The Trouser Company has fixed costs of 2,000 per week. In addition, we have some information…

A: Marginal Cost (MC): The price of production is the modification in total cost that comes from…

Q: Average Fixed Average Average Total Variable Marginal Cost Cost Cost Cost $60.00 $45.00 $105.00…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on…

A: According to the Coase theorem which states the economic efficiency of allocation in presence of…

Q: Fixed cost Variable cost No. of cupcake Total cost (FC+VC) $420 $2.10 1 $422.10…

A: (I) Graph of both functions on the same coordinate axes is shown below:

Q: tions: Enter your answers as a whole number. Electronics Flash Drive Production Revenues ity (8GB…

A: Answer, given below

Q: Output TFC TVC TC MC ATC A 25 25 ------ ------ B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4…

A: The marginal cost is the cost of producing an additional one unit of output. It is calculated by…

Q: Netflix is increasing its streaming service from $9.99 per month to $10.99 per month. Which is must…

A: Price elasticity of demand refers to the responsiveness of quantity demanded to a change in the…

Q: 3. You own WYNELL's Fashions, which sells prom dresses. Your firm has the following cost schedule:…

A: The cost schedule of the firm producing the prom dress shows that the average cost of producing the…

Q: Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a…

A: The marginal product(MP) refers to the additional output(Y) produced by an additional labour(L).…

Q: by a Local egg seller, Rahim. Rahim is faced with strong competitors who are selling exactly the…

A: A break-even analysis is an economic apparatus that is utilized to decide the expense construction…

Q: According to Coase Theorem, transaction costs decrease as the number of people involved increases. O…

A: Coase Theorem:- The Coase Theorem is a judicial and economic theory on property ownership proposed…

Q: Compare the average total cost and the marginal cost and explain the relationship Describe the…

A: Total cost(TC) is the cost(C) incurred while producing total output(Q). Average cost(AC) is the…

Q: Aji Fatou is thinking about opening a hardware store. She estimates that it would cost $500,000 per…

A: * ANSWER :- Given that , Aji Fatou is thinking about opening a hardware store she estimates that…

Q: Use the following table to answer Questions 4-6. The blank columns are provided for yor workspace…

A: Total revenue is price multiplied by quantity. Marginal revenue is change in total revenue with…

Q: Bee & flower is a brand that has been established for more than 30 years in China. His hair care is…

A: Different organisations have to keep an eye on different aspects for their sucessful business.…

Q: b. The following are costs and revenues incurred by an ice cream company in short-run production.…

A: The markets are the place where the buyers of the goods, and services tend to interact and meet with…

Q: A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: stina's Costs and Revenue mantity Average Variable Average Total Cost (dollars) Marginal Cost…

A: In monetary hypothesis, perfect competition happens when all organizations sell indistinguishable…

Q: Complete the following table: Units TFC TVC TC AFC AVC AC MC 0 24 0…

A: Total cost (TC) can be computed as: TC=TFC+TVC Average cost (AC) can be computed as: AC=TCQuantity…

Q: A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on…

A: 1. (c) 2 The socially optimal level is that the outcome that causes the smallest amount harm. When 2…

Q: Question attahed in image

A: Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: "XYZ" is a company that produces shoes. if the cost of production of one unit it 12$, Do you believe…

A: Here, it is given that a company "XYZ" manufactures shoes at a cost of $12 per unit.

Q: A. The table below shows the cost schedule of XYZ Company, producing face shields sold at P22 per…

A: We have given the cost schedule of XYZ company. The market price of face shields is 22.

Q: Costs ($) TC 800 TVC 500 450 300 01 2 3 45 6 7 8 9 10 11 12 Units of output Figure 8.4

A: Formula for average fixed cost=total fixed cost/output=300/2=150

Q: e total profit im

A: The revenue generated by the sales all of goods and services depicts the total revenue (TR). The…

Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

Question

1)
DISCUSS THE COMPARISON BETWEEN 2 COMPANIES WHO RUN THEIR GIG ECONOMY

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is die difference between accounting and economic profit?
Why does entry occur?
What are diminishing marginal returns as they relate to costs?
Graph the ATC and MC below and explain output ATC MC 0 - 10 10 18 2 20 10 1 30 7 0.5 40 5.375 1.5 50 4.6 2 60 4.166667 2.5 70 3.928571 3.3 80 3.85 3.2 90 3.777778 5 100 3.9 9 110 4.363636 10 120 4.833333
Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?
A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on fire. The railroad profit from running zero, one, two or three trains is shown below. The columns indicate the number of trains running. Total railroad profits are the total profits to the railroad from running the specified number of trains. Total lost farmer profits are total profits the farmer loses from a specified number of trains running. Trains 0 1 2 3 Total Railroad Profit. $200 $300 $350 $410Total Lost Profit for Farmer $0 $100 $125 $300 1) What is social welfare at the socially optimal number of trains? a) 200 b) 225 c) 210 d) 350…
A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on fire. The railroad profit from running zero, one, two or three trains is shown below. The columns indicate the number of trains running. Total railroad profits are the total profits to the railroad from running the specified number of trains. Total lost farmer profits are total profits the farmer loses from a specified number of trains running. Trains 0 1 2 3 Total Railroad Profit. $200 $300 $350 $410Total Lost Profit for Farmer $0 $100 $125 $300 1) What is social welfare at the socially optimal number of trains? a) 200 b) 225 c) 210…
A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on fire. The railroad profit from running zero, one, two or three trains is shown below. The columns indicate the number of trains running. Total railroad profits are the total profits to the railroad from running the specified number of trains. Total lost farmer profits are total profits the farmer loses from a specified number of trains running. Trains 0 1 2 3 Total Railroad Profit. $200 $300 $350 $410Total Lost Profit for Farmer $0 $100 $125 $300 1) If a court grants the railroad the property right throw sparks, and transaction costs are $1400 (split evenly by the…
Compare the average total cost and the marginal cost and explain the relationship Describe the methods that can be used to dertermine where profit is maximized L Q MP MC TC ATC 0 0 200 1 20 20 5.00 300 15 2 50 30 3.33 400 8 3 90 40 2.50 500 5.56 4 120 30 3.33 600 5.00 5 140 20 5.00 700 5.00 6 150 10 10.00 800 5.33 7 155 5 20.00 900 5.81
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
Complete the following table: Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264 1) Draw AFC, AVC, AC and MC on graph. 2) Explain relation between AC and MC.
Netflix is increasing its streaming service from $9.99 per month to $10.99 per month. Which is must be true? a) They will lose less than 5% of subscribers b) They will not lose any subs c) They will lose no more than 20% of their subs d) They will lose less than 10% of their subs