Q: A small tie shop finds that at a sales level of x ties per day its marginal profit is MP(x) dollars…
A: Given:MP(x)=1.60+0.10x-0.0012x2Now,MP(x)=P'(x)Thus,P'(x)=∫(1.60+0.10x-0.0012x2)dxP'(x)=1.60x+0.05x2-…
Q: If Q is the output level that represents the firm's output, and suppose the market price is…
A: The given situation can be presented as:-
Q: Blivets and p is measured in dollars. We Get Total revenue(measured in thousands of dollars)…
A: NOTE : Since there are multiple sub parts of the question, we shall solve the first three sub parts…
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Q: Suppose the quantity of apples supplied in yourmarket is 2,400. If there are 60 apple producers,each…
A: Supply is the volume of products that sellers are willing to sell in the market, at a given price.
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A: Perfect competition is an ideal market concept in economics, such a kind of market no one is worse…
Q: explain why a firm might want to produce its good even after diminishing marginal returns have set…
A: The firm may wish to continue operating and manufacturing products even after decreasing marginal…
Q: Leisure Enterprise's total cost of producing speedboats is given by TC = 10Q3 - 4Q2 + 25 Q +500 (MC…
A: The difference in total production costs caused by creating or producing one extra unit is known as…
Q: Use the following general linear supply function to answer the next question: Qs = 60 + 8P- 4P +…
A: Answer; Option b. P= -147.5 + .125Qs is correct option.
Q: Suppose you are an economist working in a watch factory operating in a competitive market. The cost…
A: Answer: Given, Total cost function: CT = 200 + Q2 Marginal cost function: MC= 2Q Fixed cost: FC =…
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A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…
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A: Profit is the difference between total revenue and total cost. Marginal profit is the additional…
Q: The marginal cost of producing the sixth sweater is
A: The marginal cost of sixth sweater is given as MC= Total cost of sixth unit- total cost of fifth…
Q: The cost per unit of producing a product is 60 + 0.2x dollars, where x represents the number o…
A: Given: Cost per unit of producing a product is 60 + 0.2x dollars. x is no: of units produced per…
Q: Consider the profit getting from selling x and y units of two commodities is given by as follows:…
A: To maximize the profits, differentiate the profit function with respect to x and y and solve for x…
Q: tures/Camera%20Roll/Homework-1%20(Graded).pdf Q1 d) The below graph illustrates an initial…
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Q: Which of the six cases are monopolies or might give rise to monopoly?
A: Monopoly refers to the market structure where a single seller or firm fully controls the market…
Q: ood/service will and the quantity sold will
A: Answer The diagram shows that ATC is the average total price and Mc is the cost. The purpose of…
Q: 3.1 A firm produces the output y with the production function y = f(x) = ln x. The factor price for…
A: 3.1 The profit function takes into consideration all the costs and the revenue generated.
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A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…
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A: Whenever the demand (dd) and supply (ss) increase/decrease simultaneously the decision regarding the…
Q: (dollars) 0 MC MR 40 45 50 Quantity is currently producing 40 units of output. What would you advise…
A: Firm maximizes its profit where the MR is equal to the MC. Condition : MR = MC.
Q: Suppose you own a small deposit of copper and you plan to completely mine the copper this year and…
A: Since the question you have posted consists of multiple parts, we will answer the first three…
Q: If a market is allocatively efficient, firms produce at the minimum point of their marginal cost…
A: This occurs when there is an optimal distribution of goods and services, taking into account…
Q: Quantity Fixed Costs Variable Costs Total Cost Marginal Cost 10 200 50 250 *********** 20 200 100…
A: (A) If the equilibrium price is $20, find the profit-maximizing quantity. The profit is maximum at…
Q: Suppose that the firm operates in a perfectly competitive market. The market price of his product…
A: The perfectly competitive market would result in the large number of buyers and sellers in the…
Q: $/Q $30 MC ATC 24 22 20 AVC D 10 MR 50 100| 150 200 117
A: In a market, economists and policymakers of an organization generally use a graphical depiction of…
Q: A profit-maximizing firm's total cost is given by C = 50 + 25Q where Q is the quantity produced.…
A: Total revenue is price multiplied by quantity. Variable cost is the cost that depends on output, it…
Q: Suppose the graph depicts the marginal cost (MC) curves of two profit maximizing Texas cotton…
A: In perfectly competitive market, The price curve is horizontal line and the firms sell output at the…
Q: What would be the equilibrium quantity produced by this firm at price = 25? а) 9 b) 23 c) 14 d) 20…
A: Every firm in the market operates with the goal of profit maximization.
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A: The allocative efficiency could be achieved by equating marginal private cost with marginal private…
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A: Given: There are 4 potential suppliers of catering services. Name Cost Jacques $50,000…
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A: Productive Efficiency is the scenario in which the economy uses the available resources to their…
Q: 5. The market demand for leather handbags is given by the function P = 75 - 1.5Q. P is price per…
A: A typical firm Produces where p= MC Where price is determined by market. And total no of firms = Q/q…
Q: Suppose the total cost of producing widgets can be described by Y=10X²+50X+100 where Y is the total…
A: Given the total cost of production is Y and the number of widgets is X, Y= 10X2+5X+100
Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…
A: Harvest function : H(E) = aE - bE2 Total Cost function : TC (E) = cE Total Revenue : TR (E) = pH(E)…
Q: F(x)=2-3p and C(x) = 3x^2 calculate the formula for the optimal output and its price
A: We are going to solve this question using marginal approach.
Q: Only one firm able to produce profitably in a market given demand and costs describes a ____?
A: A monopoly market's features enable the sole seller both the market operator and the value creator.
Q: Describe the two conditions necessary for attaining equilibrium for a firm in the shortrun.
A: 1. MR = MC This is a necessary but not sufficient condition.
Q: Use the following to answer questions (1) - (14): Suppose the local market for flat glass,…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: A major reason why the market equilibrium for a manufactured good may not be efficient is O the…
A: In a free market, the equilibrium is determined by the forces of the demand and the supply curve.…
Q: In the figure below, SS is the original supply curve of a firm. If an ad valorem subsidy is granted…
A: Ad valorem subsidy is expressed as a fixed percentage of the value of the quantity. It is different…
Q: Define the production factors with examples for Hajji Ali Farms in Bahrain
A: The factor of Production for farming are Natural Resources, labour and capital.
Q: Producers' Surplus The manufacturer of a brand of mattresses will make x hundred units available in…
A: a) We have a supply function, S(x) = p = 150+70e^0.06x Here, p = unit price in dollars of 1 mattress…
Q: Calculate the value of equilibrium price and equilibrium quantity of the commodity Y. When,the…
A: Demand: Demand for a commodity can be defined as the desire and willingness of a consumer to acquire…
Using the figure above, what is the optimal
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- Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?What are four responses to the claim that people should not behave in the way described in this chapter?)ncob buys only milk and cookies.a. In yeor 1, Jocob earns $100, milk costs $2 perqua rt, and cooki es cost S4 per dozen. Ora\"•jacob's budget constraint.b. Now suppose that a ll prices increase by10 percent in yeor 2 ond !hot jacob's salaryincreases by 10 percent as well. Draw jacob'sn<:w budget constraint. How would Jacob'soptimnl combination of milk and cookies in year 2compare to his optimal combination in year 17
- The government of the island nation of Autarka has become increasingly concerned aboutthe health and wellbeing of low income households. Medical experts stress the importanceof a healthy diet in this regard. They have determined that, ideally, a household wouldconsume at least 5kg of fresh fruit and vegetables each week.The government has proposed implementing a new voucher scheme to ensure that the5kg per week consumption target is met. Under the government’s proposal, the voucherswould be redeemable for fresh fruit and vegetables, but could not be used for other typesof food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme,the value of the vouchers sent to a household would be linked to the household’s income.Community groups in Autarka have expressed concern that a voucher scheme is unnec-essarily paternalistic; depriving low income households of the choice of how to spend theirincome. These groups argue that the government’s consumption targets could…ASAP DECİSİON RULE FOR UTİLİTY MAXİMİZATİON As I understand we choose the good which has higher marginal utility per dollar . BUT MY QUESTİON İs that What if our budget is not end up and the marginal utility per dollar is same for both good What should we do at that point? PLEASE ANSWER MY QUESTİON DONT GİVE CLLASİC DEFİNİTİONCarol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferences2Intermediate Microeconomics NYUAD, Spring 2023can be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+.(a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase?
- In today’s economy, it’s harder for workers to get promoted. In 2006, it took an averageof 2 ½ years to get a promotion; today it takes 4 ½ years. As a result, fewer workers are willingto boost their productivity in an effort to impress the boss and get the promotion. In 2006, 25percent of employees said they were willing to give “an extra oomph” at work (boost theirproductivity); today about 15 percent are willing to do so. Explain the connection to the Phillipscurve.If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.Total utility is maximized in the consumption oftwo goods by equating thea. prices of both goods for the last dollar spenton each good.b. marginal utilities of both goods for the lastdollar spent on each good.c. ratios of marginal utility to the price of bothgoods for the last dollar spent on each good.d. marginal utility of one good to the price ofthe other good.
- On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according tothe functionU(c, b) = 20c− c²+ 18b − 3b²a. How many cigars and glasses of brandy does he consume during an evening? (Cost isno object to J. P.)b. Lately, however, J. P. has been advised by his doctors that he should limit the sum ofglasses of brandy and cigars consumed to 5. How many glasses of brandy and cigarswill he consume under these circumstances?You found your utility preference given by U (w, d) = w√d where w is your wage, and d is the amountof noise (ie - decibels) you must listen to at your job. Let’s assume you have the option to workat home in silence (where d = 36), in a cubicle office (where d = 64), or in an open-air sharedworkspace (where d = 100). Further assume the economy is in equilibrium, and you do not haveincentive to change jobs.(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another indus-try/situation with a compensating wage differential.During any year, I can consume any amount that doesnot exceed my current wealth. If I consume c dollars duringa year, I earn ca units of happiness. By the beginning of thenext year, the previous year’s ending wealth grows by afactor k.a Formulate a recursion that can be used to maximizetotal utility earned during the next T years. Assume Ioriginally have w0 dollars.b Let ft(w) be the maximum utility earned during years t, t 1, . . . , T, given that I have w dollars at the be-ginning of year t; and ct(w) be the amount that should be consumed during year t to attain ft(w). By workingbackward, show that for appropriately chosen constantsat and bt,ft(w) btwa and ct(w) atwInterpret these results.