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- The following is cost information for the Creamy Crisp Donut Company:Entrepreneur's potential earnings as a salaried worker = $50,000Annual lease on building = $22,000Annual revenue from operations = $380,000Payments to workers = $120,000Utilities (electricity, water, disposal) costs = $8,000Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000Entrepreneur's forgone interest on personal funds used to finance the business = $6,000Refer to the data. Creamy Crisp's implicit costs are: A. $150,000 B. $94,000 C. $136,000 D. $156,0007-16. Economists at Jensen Enterprises used time-series data to estimate the following total cost function for the firm: TC=200-2Q+0.05 Where TC is total cost and Q is the output rate. a. Determine an equation for the average cost function. Plot this function, and find the output rate that minimizes average cost. b. Is the production process characterized by decreasing, constant, or increasing returns to scale? c. If the market price of output is $4.32 per unit, is there a scale of plant that would allow the firm to earn an economic profit or at least to break even?Q25 Which one of the following types of short-run costs declines over the whole range of output? a. Total fixed cost. b. Total cost. c. Marginal cost. d. Total variable cost. e. Average fixed cost.
- (i) A business manager determines that t months after production begins on a new product,the number of units produced will be P thousand, where P(t) =6?2 + 5?(? + 1)2.What happens to production in the long run ?(ii) A ruptured pipe in a North Sea oil rig produces a circular oil slick that is y meters thick at adistance x meters from the rupture. Turbulence makes it difficult to directly measure thethickness of the slick at the source (where x = 0), but for x > 0, it is found thaty =0.5(x2 + 3x)x3 + x2 + 4x . Assuming the oil slick is continuously distributed, howthick would you expect it to be at the source?Discuss in detail the short and long run laws of production. 11. What business strategies a manager of Micro and Small Enterprise should adopt to withstand the shock to his/her business due to COVID-19?THE answer is 1a $130, 1b Firm 1 buys 3 Firm 2 buys 7, 1c $120 I need to know why and show the process.
- tc=1500+15q+6q^2+q^3 1=the total fix cost at 1000 and 500 units of output? 2=the total variable cost,average cost and marginal cost at 50 units of output.The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's accounting profit isList out the major factors of production (input factors used) in a cement factory.
- The data in the table below represents Total product (TP), for an agri-business involved in potato production. Capital (fixed factor) Labor (variable factor) Output(units) or Total physical product (TPPL) Average physical product (APPL) Marginal physical product (MPPL) 10 0 0 0 - 10 1 7 7/1 = 7.00 7 10 2 20 20/2 = 10.00 13 10 3 39 39/3 = 13.00 19 10 4 55 55/4 = 13.75 16 10 5 66 66/5 = 13.20 11 10 6 70 70/6 = 11.67 4 10 7 70 70/7 = 10.00 0 10 8 67 67/8 = 8.38 -3 At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS) 1 605.3 18,891 700.2 2 566.1 19,201 651.8 3 647.1 20,655 822.9 4 523.7 15,082 650.3 5 712.3 20,300 859.0 6 487.5 16,079 613.0 7 761.6 24,194 851.3 8 442.5 11,504 655.4 9…
