5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production ofBeanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon,covered with baked beans). I will not be trying it. Will you?_price400380MC360340АТС320300280260240220200180160140120100806040200P MRo 1 2 3 4 5 6 7 8 9 1o 11Quantitya. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced?b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations.c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), thefirm chooses to produce at one unit above that level.d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a)firm chooses to produce at one unit below that level.

STEP 1It is given that,MC cut ATC from below at 6 units of Bennie Weenie Dogs where its price is…

Answered: 5. The graph below shows the Price,…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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3. The relationship between marginal and average costs The following scenario examines the relationship between marginal and average values. Suppose Nalah is a high school basketball player. The following table presents their game-by-game results for foul shots. Fill in the columns with Nalah’s foul-shooting percentage for each game and their overall foul-shooting average after each game. Game Game Result Total Game Foul-Shooting Percentage Average Foul-Shooting Percentage 1 8/10 8/10 80 80 2 4/10 12/20 3 2/8 14/28 4 2/4 16/32 5 6/8 22/40 On the following graph, use the orange points (square symbol) to plot Nalah’s foul-shooting percentage for each game individually, and use the green points (triangle symbol) to plot Nalah’s overall average foul-shooting percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.…
4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Dallas. The following table shows the company’s total cost of production at various production quantities. IMG 1 On the following graph, plot Douglas Fur’s average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note: Plot your points in the order in which you would like them connected. Line segments will…
The table below shows Crystal's total cost of producing different quantities of tie-dyed t-shirts for a local festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $15 - 1 18 $ ________ 2 20 _________ 3 21 _________ 4 24 _________ 5 29 _________ 6 36 __________ b. Graph the marginal cost curve for producing tie-dyed t-shirts. Instructions: Use the tool provided "Marginal Cost" to plot the line point by point (6 points total). Plot from 1 to 6 units of…
The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts for a local arts festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $15 — 1 18 $ 2 20 3 21 4 24 5 29 6 36 b. Graph the marginal cost curve for producing tie-dyed t-shirts. Instructions: Use the tool provided 'Marginal Cost' to plot the line point by point (6 points total). Plot from 1 to 6 units of output. c. What is the total cost of producing 5 tie-dyed t-shirts? $ d. What is the marginal cost of producing the 5th tie-dyed t-shirt? $
The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts for a local arts festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $20 — 1 26 $ 2 29 3 30 4 33 5 39 6 48 b. What is the total cost of producing 5 tie-dyed t-shirts? $ c. What is the marginal cost of producing the 5th tie-dyed t-shirt? $
Based on the graph provided i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s marginal cost for each Fudge? iii. Please draw Freda’s marginal cost curve for cookies and explain what the slope of the marginal cost curve is.
. Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165a. Calculate average variable cost, average total cost,and marginal cost for each quantity.b. Graph all three curves. What is the relationshipbetween the marginal-cost curve and theaverage-total-cost curve? Between the marginalcost curve and the average-variable-cost curve?Explain.
The following tables show a small firm’s long-run average cost of manufacturing a good at two differentplants:Table1: Plant 1Quantity Total cost Average cost Marginal cost1 332 893 1474 2075 2706 3387 4138 5039 601Table2:Plant 2Quantity Total cost Marginal cost Average cost1 322 643 1024 1425 1876 2397 2978 3579 419a. Complete the third and fourth columns of each table.b. Suppose the price of the good is $60. How many units should the firm produce in each plant tomaximize profit?c. Compute and compare the profits the firm can make if it produces the optimal quantity at eachplant.
"2.6 Continental Airlines Goes Marginal. In the 1960s, Continental Airlines puzzled observers of the airline industry and dismayed its stockholders by running flights with up to half the seats empty. The average cost of running a flight was $4,000, a figure that includes fixed costs such as airport fees and the cost of running the reservation system. A half-full aircraft generated only $3,100 of revenue. Use the marginal principle to explain why Continental ran half-empty flights.It will be sensible to run a half-empty flight if the marginal of flight is than $. "
Give typing answer with explanation and conclusion Jack scalps lawns in the neighborhood for $36 per house. He does ten houses per day. He is incurring total costs of $400 per day, of which $100 is fixed. The marginal cost per house is constant. What are profits equal to at the profit-maximizing level of output?
Analyze relationship btween law of demand and law of diminishing marginal cost? B)Draw a graph to illustrate between a decrease in quantity demanded and a decrease in demand for registration cards of rashid latif cricket academy haripur.give posible reason for each.
3.1) Chanelle’s chocolate factory has experienced financial difficulties. As a learned economics student, she has requested your aid to assist her in identifying various linear business functions. You have extracted the following co-ordinates and information for the month of May 2022: Please note that price is the x co-ordinate and quantity is the y co-ordinate. Total cost - A (3000;3) Variable cost – B (3000; 2) Total Revenue – C (12000; 4) Fixed cost = R2500 Using the following co-ordinates Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure

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