Q: Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and…
A: The current output/month= 1800 The current labor input/month= 8×640$=5120$ The current capital…
Q: 10 20 30 40 50 60 Quantity (units per day)
A: The given figure represents the case of a perfect competition market. This is a market structure…
Q: An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40 each. When the…
A: revenue = price* quantity sell
Q: A small ice cream company estimates its revenue to be R = 6z dollars, where z = the number of quarts…
A: Note: There are four sub-parts in the given question. Hence, we shall solve only the first three sub…
Q: Suppose there is a decrease in the demand for high-definition televisions. What effect might this…
A: The demand curve shifts when there is a change in other factors other than price of commodity. If…
Q: a. Does price equal or exceed average variable cost for the first 50 units? |(Click to select) ♥…
A: a. Variable cost for 50 units = VC × Quantity = 17.50 × 50 = 875 Average variable cost = VC / Qty =…
Q: Misleading product cost numbers are most likely the result of misallocating 1 direct material cost 2…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Someday, if you want to be an economist or to study more about economic analysis, what platform you…
A: While studying economics, economists have the capability to reduce costs while using different…
Q: Many restaurantsdon’t take reservations. You simply arrive and wait your turn. If you arrive at 7:30…
A:
Q: For a certain product, the linear demand curve is described by the equation, Quantity = 10,528 - 474…
A: Marginal revenue can be defined as the additional revenue generated from the sale of an additional…
Q: Your local pet café has the following costs: $3,000 per month in rent, $5,000 per month in wages,…
A: Firms operating in a market incur fixed costs and variable costs. Fixed costs are the costs that do…
Q: Many restaurants don't take reservations. You simply arrive and wait your turn. If you arrive at…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: You saw a product sells for $140 on the price tag and costs $100, the Mark-up (%) for this product…
A: Selling price is the face value or tag value of the product. whereas the actual monetary value…
Q: A strawberry farmer owns a farm named BLB. To keep costs manageable so she can provide affordable…
A: Since it has not been specified which questions are to be answered, the first question and its first…
Q: Which scheduling method would be inappropriate for the product named? spring-blooming bulbs -…
A: A particular technique that one use for constructing the schedule like an employee, contract,…
Q: Engineering increases the miles per gallon of gas rating (Mg) by 10 miles per gallon. The manager of…
A: Since, As the coefficient of Mg(Miles per gallon) is 10 which means with 1Mg per gallon of gas…
Q: When the price is less than AVC (P<AVC), the company
A: Microeconomics deals with the minute considerations of an economy or the individual firm’s behaviour…
Q: You run a school in Florida. Fixed monthly cost is $5,524.00 for rent and utilities, $5,671.00 is…
A: In economics, a firm maximizes its profit by producing at an output level where the marginal revenue…
Q: Seastrand Oil Company produces two grades of gasoline: regular and high octane. Both gasolines are…
A: Let x1 = gallons of crude 1 used to produce regular y2 = gallons of crude 1 used to produce…
Q: Calculate price per unit if output is 4
A: The information being given is:- Total revenue = $3200 Output = 4 units We have to calculate total…
Q: he variable cost to make a certain product is $71 per unit. Research indicates that the lowest price…
A: Given, VC = $71 per unit Lowest price = $156
Q: Product A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and…
A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…
Q: The variable cost to make a certain product is $73 per unit. Research indicates that the lowest…
A:
Q: You will draw a Supply and Demand diagram, and then do some additional things. Please follow the…
A:
Q: Overheard at the water cooler: "The demand and cost estimates that were provided at the meeting are…
A: Given, Q = 90 - 6.5P TC = 150 + 3.5Q
Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: Opportunity cost is the cost that a person faces due to his decision of giving up one good for…
Q: Describe the various cost components that affect the retailgasoline price?
A: Gasoline is one of the many petroleum products which is made by refining crude oil. The price of…
Q: The wholesale cost of a birdcage is $55. The original markup was 46% based on selling price. Find…
A: Wholesale cost of birdcage (C) = $55 Let's assume P is selling price. --- The original markup was…
Q: .. mated cost to construct a 30,000 square foot warehouse is $ (Round to the nearest dollar.)
A: Warehouse, Size x1 => 23000 ft2 Warehouse, Size x2 => 30000 ft2 Cost of x1 => 600,000 Cost…
Q: Are Alarm clocks and automobiles substitute, compliments, or unrelated
A: Two goods are substitutes of each other if both can be used in place of another. Similar and…
Q: Why do businesses offer “Buy one, get one for half price” sales when they could just sell each unit…
A: Businesses or firms give offers such as buy one get one free or 50 % off just to attract new…
Q: Michael must pay $700 for a statistical package, plus $140 for each additional analysis add-on. Find…
A: The cost for a statistical package is fixed is fixed because it must pay. The cost of analysis is…
Q: will a supplier be able to reduce its cost structure through additional volume?
A: Yes, a supplier or producer will able to reduce its cost structure through additional volume. But it…
Q: A big disadvantage with purchasing software off-the-shelf is ______________.
A: Off the shelf software is any kind of software solution that has been developed for the mass market.…
Q: Rent of the factory is a variable cost True/False
A: The cost of goods or services refers to the amount of money spent by a corporation on their creation…
Q: If a firm wanted to reduce the annual EOQ cost as a percentage of the annual purchasecost by 50…
A: Economic Order Quantity is the number of goods that a company should purchase to manage or minimize…
Q: When there are economies of scope between products, selling off an unorofitable subsidiary could…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Is Fuel a variable, fixed or overhead cost?
A: At the marketplace, when a firm produces a good and operates its business, there are different types…
Q: A profit-maximizing firm in a competitive market is currently producing 90 units of output. It has…
A: The following information is given: Output = 90 units, Average revenue = 46, Fixed cost = $270,…
Q: Gasoline prices above $3 per gallon have affected what Enterprise Rental Car Co. can charge for…
A: Equilibrium price refers to the price at which the quantity demanded is equal to the quantity…
Q: Process mapping is a tool that reduces processes to their component parts or activities and helps…
A: Process mapping is the graphical representation with illustrative descriptions of how things get…
Q: Average variable cost does NOT equal: Select one: a. total cost minus fixed cost divided by output.…
A: In the field of economics, the expression "average variable cost" portrays the variable expense for…
Q: Expenditures for office supplies, electricity, and internet connection are part of Fixed Costs
A: Cost refers to the total expenses that incur in a process of production of goods and services.
Q: A company is planning to manufacture wheelchairs that are light, fast, and beautiful. Fixed monthly…
A: In economics, a CF {"cost function"} is described as a function of an output quantity and prices of…
Step by step
Solved in 2 steps
- Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?Suppose the U.S. economy began to grow more rapidly than other counties in the world. What would be the likely impact on U.S. financial markets as part of the global economy?
- The price of the commodity is P4/unit. Complete the table below Note: The table has already been answered and the three sub-parts. ONLY NO. 4 AND 5 HAVE LEFT UNANSWERED Q Demand Supply TR TFC TVC TC AVC AFC AC MR MC Profit 0 100 0 0 100 0 100 -100 10 90 10 40 100 40 140 4 10 14 4 4 -100 20 80 20 80 100 55 155 2.75 5 7.75 4 1.5 -75 30 70 30 120 100 67 167 2.23 3.33 5.567 4 1.2 -47 40 60 40 160 100 77 177 1.925 2.5 4.425 4 1 -17 50 50 50 200 100 86 186 1.72 2 3.72 4 0.9 14 60 40 60 240 100 93 193 1.55 1.67 3.216667 4 0.7 47 70 30 70 280 100 113 213 1.61 1.42 3.04 4 2 67 80 20 80 320 100 143 243 1.7875 1.25 3.0375 4 3 77 90 10 90 360 100 183 283 2.03 1.11 3.14 4 4 77 100…Give typing answer with explanation and conclusion Graphically illustrate and explan the impact of expensive and erratic electrivity on the market for Ferrochrome?Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…
- (2e) Hello! I just want to ask for help whether the answers in the given pictures are correct. If it's not, please help me recheck and resolve it. Please refer to the given pictures below for the answers and questions. After verifying the given answers shown in the subsequent picture, PLEASE ANSWER LETTER — b. graphically illustrate the price consumption curve and the demand curve for good X. NOTE: Type only your answers. Please do not handwritten your answers.Please no written by hand and no image 6. The supply of wheat is given by the following equation: Qw=-6+4Pw-2PC-PF W where Q is the quantity of wheat supplied, in millions of bushels; Pw is the price of wheat per bushel; Pc is the price of corn per bushel; and P, is the price of tractor fuel per gallon. F a. Graph the inverse supply curve when corn sells for $4 a bushel and fuel sells for $2 a gallon. What is the supply choke price? b. How much wheat will be supplied at a price of $4? $8? c. What will happen to the supply of wheat if the price of corn increases to $6 per bushel? Explain intuitively; then graph the new inverse supply carefully and indicate the new choke price. d. Suppose instead that the price of corn remains $4, but the price of fuel decreases to $1. What will happen to the supply of wheat as a result? Explain intuitively; then graph the new inverse supply. Be sure to indicate the new choke price.Table 24-5The table below pertains to Wrexington, an economy in which the typical consumer’s basket consists of 20 pounds of meat and 10 toys. Year Price ofMeat Price of aToy 2004 $3 per pound $2 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5. The cost of the basket Group of answer choices increased from 2004 to 2005 and increased from 2005 to 2006. increased from 2004 to 2005 and decreased from 2005 to 2006. decreased from 2004 to 2005 and increased from 2005 to 2006. decreased from 2004 to 2005 and decreased from 2005 to 2006.
- Ma3. 15) The US. has run down the nation's SPB, Strategic Petroleum Reserve, to levels not seen it since March 1984! At1.0million bbls per day, what was the impact on the global oil price if there was no countermeasure employed by OPEC+? Knowing that Russian oil production has declined and is expected to be1.1million bbls per day less than prewar levels AND the 1.0 million bbls per day that are coming off the market due to the end of the SPB release-let's say in March 2023. What do you expect to happen to the price of oil?3.1 BAD Enterprises is considering increasing the price of its harmonicas,currently $20, by 25 per cent. BAD’s current revenue is $12,000 a month,and the PED for its harmonicas is estimated to be 1.8.a. Calculate the effect of the price change on BAD’s revenue.b. BAD now considers increasing its advertising budget to restore its salesrevenue to its previous level. BAD is currently spending $1,500 a monthon advertising and estimates its AED to be 1.5. What will its new budgethave to be?c. What can you say about what will happen to profit in both (a) and (b)compared with the original level of profit? 3.5 MK Corp estimates that its demand function is as follows:Q ¼ 400 12:5P þ 25A þ 14Y þ 10P where Q is the quantity demanded per month, P is the product’s price(in $), A is the firm’s advertising expenditure (in $’000 per month), Y is percapita disposable income (in $’000), and P * is the price of AJ Corp.a. During the next five years, per capita disposable income is expected toincrease…Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100