Fixed costs faced by farmers typically include the following, except: A. Fertilizer B. Property insurance C. Property taxes D. Interest and rent payments
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7. Fixed costs faced by farmers typically include the following, except:
A. Fertilizer
B. Property insurance
C. Property taxes
D. Interest and rent payments
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- The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for total cost, average variable test, average total cost, and marginal cost.# 13 Aabir, a milk farmer, earns $300k per month in revenue. His monthly costs include Administrative costs $40k, Feed $60k, Equipment & maintance $40k, Labor $70k, Transportation $10k, Miscellaneous $20k. Foregone rent for the land used for the cattle grazing $10k. Value of his son's time that helps on weekends $2k, Owner's salary $ 10k, Aabir's accounting & economic profit respectively are: a.) 60k & 48k b.) 50k & 38k c.) 60k & 38k d.) 38k & 38k18. Which would be an implicit cost for a firm? The cost of: A. Property insuranceB. Property tax C. Raw materialsD. Wages foregone by the owner of the firm
- 22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed cost10 . If marginal product is less than average product, then average product is : A. decreasing b - fixed C- None of the above d - growingA firm produces one good and has average cost equal to 115, average variable cost equal to 75, and fixed cost equal to 5000. 3P. How many units does the firm produce?
- Course: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?26. The cost that vary accordingly to the volume of output is _____________. a. Fixed cost b. Both fixed and variable costs c. All the options d. Variable costA firm had sales revenue of $1 million lastyear .Its pent $600,000 on labor,$150,000 on capitaland $200,000on materials. What was the firm’s accounting profit? the firm’s factory sits on land owned by the firm that it could rent for $30,000 per year. What was the firm’s economic profit last year?
- 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The going pay is $ 4. The lease on a unit of capital is $ 1. What ought to be the peripheral actual result of capital all together for the creation to be completed basically cost and what is this cost if the minimal actual result of work is 2?a. The following presents the costs and revenues for a firm. (The table is attached) Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm.27. If a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease b. The total cost will increase c. The total cost will be the same d. The total cost will be equal