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- for each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. a. 3,000 units at which MC = $10 and MB = $13. b. 11 units at which MC = $4 and MB = $3. c. 43,277 units at which MC = $99 and MB = $99. d. 82 units at which MC < MB e. 5 units at which MB < MCB. Mang Ed plans to buy x goats and y pigs with a budget of Php 6,000. His farm can keep up to 8 goats and 7 pigs. Each goat costs Php 550 and each pig costs Php 700.1. Identify the variables. Make a table of values.2. Set up the objective function. 3. Give the constraints in a mathematical expression.4. Graph the constraints and identify the solution. 5. If each goat yields a profit of Php 120 and each pig yields a profit of Php 200, how many goats and pigs should Mang Ed buy to maximize his profit? 6. What is that maximum profit per week?A firm manufactures two products, each of which must be processed through cutting and finishing departments. The information for the two goods are represented in the table below: Good Type 1 and 2 Good 1 Cutting of material 3 hours per unit Finishing 4 hours per unit Profit Margins R5 per unit Good 2 Cutting of material 4 h per unit Finishing 6 h per unit Profit Margins R6 per unit Total cutting of material 120 hours Total finishing 260 h ours (a) Write down the constraints or inequalities. (b) Write down the objective function. (c) Sketch the graphs of inequalities and shade the feasible region. (d) How many types of each good should be manufactured to maximize profit.
- Suppose total benefits and total costs are given by B(Y) = 150Y − 6Y2. Then marginal benefits are options: 150Y - 6. 150 − 12Y. 150 - 3Y. 6Y.Assume the following: (1) three people go to a restaurant, (2) each person orders a soda for P2 and the group of three orders a large pizza to share for a price of P12 and (3) a fourth person joins the group and orders one soda and is invited to share in eating the pizza. Which of the following statements is false? a. The cost of the fourth person’s soda will be P2. b. The total cost of the four sodas consumed by the group is P 8. c. When the fourth person joined the group the total cost of the large pizza increased to P 16. d. When the fourth person joined the group the average pizza cost per person dropped to P3.Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions: Assume now that the sacrifice ratio is greater than 1, show what will happen to the shape of the production possibility frontier.
- For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. a. 3,000 units at which MC = $10 and MB = $13: (Click to select) More Fewer Current number . b. 11 units at which MC = $4 and MB = $3: (Click to select) More Fewer Current number . c. 43,277 units at which MC = $99 and MB = $99: (Click to select) More Fewer Current number . d. 82 units at which MC < MB: (Click to select) More Fewer Current number . e. 5 units at which MB < MCThe efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the aboveTrue/False? Discuss. If there weren’t diminishing marginal returns all the rice in the world could be grown in a one-gallon planter.
- Not a previously graded question. Becky is a talented artist who sells hand-crafted goods on her website. Becky currently crafts and sells both picture frames and pillows. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good.If it's worth doing, it's worth doing to the best of your abil-ity." What is the economic explanation for why this statement is frequently said but rarely followed in practice? Explain.Only typed answer Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their catch to 2,000 tons of sockeye salmon each. Kara's cost per ton is $6; Kyle's cost per ton is $10. Assume that the market price of sockeye salmon is $14 per ton. If Kara pays Kyle $5 per ton for his ITQs, and if she then catches her new limit of 4,000 tons, her profit would be?