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- What is die difference between accounting and economic profit?Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?7 A firm has this cost function: C = 4000 - 7Q + 8Q2. The firm is currently producing 5 units of its product. Calculate these a) Total cost b) Average fixed cost c) Average variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)
- 34- 34 - : If firm X produces 20 units of product with a total cost of 100, what is its average cost? a) 2nd B) 120 NS) 80 D) 5 TO) one. Joe quits his computer programming job, where he was earning a salary of $60,000per year, to start his own computer software business in a building that he owns andwas previously renting out for $24,000 per year. In his first year of business he has thefollowing expenses: salary paid to himself, $40,000; rent, $0; other expenses, $25,000.Find the accounting cost and the economic cost associated with Joe’s computer softwarebusiness.26) Which of the following is a fixed cost for a chocolate factory over the course of a month? A) Depreciation of machines due simply to their age B) Overtime pay C) The cost of cocoa D) The cost of electricity (paid quarterly) for running the mixing machines
- Automobile traffic creates two types of operating costs thatare not created by rail traffic. What are they?Bakery produces and sells grain bread. Monthly fixed costs are known, costs of raw materials and direct labour needed to bake one bread are given below as well. Calculate costs of raw material and direct labour needed to produce more pieces of bread. Then calcuate VC, TC, AC and MC. Quantity Fixed costs (EUR) Raw material costs (EUR) Direct labour costs (EUR) Variable costs (EUR) Total costs (EUR) Average costs (EUR) Marginal costs (EUR) 1 500.00 0.20 1.00 1.20 501.20 501.20 1.20 5 500.00 1.00 5.00 6.00 506.00 101.20 1.20 10 500.00 2.00 10.00 12.00 512.00 51.20 1.20 15 500.00 3.00 15.00 18.00 518.00 34.53 1.20 35 500.00 7.00 35.00 42.00 542.00 15.49 1.20 50 500.00 10.00 50.00 60.00 560.00 11.20 1.20 100 500.00 20.00 100.00 120.00 620.00 6.20 1.20 1,000 500.00 200.00 1,000.00 1,200.00 1,700.00 1.70 1.20 2,500 500.00 500.00 2,500.00 3,000.00 3,500.00 1.40 1.20 10,000 500.00 2,000.00 10,000.00 12,000.00 12,500.00 1.25 1.20AVC = 88−0.026Q + 0.000003Q2 Greene Enterprises faces total fixed costs (TFC) of $300,000. When Greene’s output is 2,000 units, what is short-run marginal cost (SMC)?
- ACME Coal paid $5,000 to lease a railcar from the Reading Railroad. Under the terms of the lease, $1,000 of this payment is refundable if the railcar is returned within two days of signing the lease. 1. Upon signing the lease and paying $5,000, how large are ACME’s fixed costs? Its sunk costs? 2. One day after signing the lease, ACME realizes that it has no use for the railcar. A farmer has a bumper crop of corn and has offered to sublease the railcar from ACME at a price of $4,500. Should ACME accept the farmer’s offer?Please no written by hand and no emage An automobile dealer can sell 8 sedans per day at a price of $20,000 and 4 SUVs (sport utility vehicles) per day at a price of $25,000. She estimates that for each $400 decrease in price of the sedans she can sell two more per day, and for each $600 decrease in price for the SUVs she can sell one more. If each sedan costs her $16,800 and each SUV costs her $19,000, and fixed costs are $1,100 per day, what price should she charge for the sedans and the SUVs to maximize profit? [Hint: Let x be the number of $400 price decreases for sedans and y be the number of $600 price decreases for SUVs, and use theUnits of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the fourth unit of the resource is what?
