j) If All-Leather produced the amount of leather given in your answer to (h), how much would Enjoy choose to produce? k) Given your answer to (h) and (j), how much profit would All-Leather and Enjoy each earn in that situation? 1) Why is it not socially optimal to have no production at all by All-Leather?
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- The Campus Crustacean Company receives $2 per box for its crawfish and is selling 1,600 boxes to maximize its profits. What is the profit per box of crawfish at this equilibrium level of output if the average variable cost is $1 per box and total fixed costs are $1,200? Multiple Choice $0.25 $0.50 $1.00 $1.25Refer to the figure below to answer the questions. 1.) A corn producer's profit is RM200 and is producing 100 bushels of corn. Then he must have a cost per bushel of __________. 2) A corn producer produces 80 bushels of corn and sells each bushel at RM5. The cost of producing each unit bushel is RM2. This corn producer's total revenue is ________ and profit is ________. 3) A corn producer's total revenue is RM1,000. If she sells each bushel of corn for RM5, she must be selling ________ bushels of corn.A firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x and MC2 = 6+0.1y, where output in production process 1 is x, output in production process 2 is y and hence total output produced is Q = x+y. Show your work to answer the following questions. (i) If it wants to produce 20 units of output, how much should it produce with each process? (ii) If it wants to produce 38 units of output, how much should it produce with each process? (iii) If it wants to produce 108 units of output, how much should it produce with each process?
- Your firm's research department has estimated your total revenues to be R left parenthesis Q right parenthesis equals 30 comma 000 Q minus 80 Q squared and your total costs to be C left parenthesis Q right parenthesis equals 1 comma 000 plus 20 Q squared. What level of Q maximizes net benefits?A firm is deciding between two different sewing machines. Technology A has fixed costs of $500 and marginal costs of $50 whereas Technology B has fixed costs of $250 and marginal costs of $100. If the price is $20 per unit, what is the break even amount of units for technology A? A firm is deciding between two different sewing machines. Technology A has fixed costs of $500 and marginal costs of $50 whereas Technology B has fixed costs of $250 and marginal costs of $100. If the price is $20 per unit, what is the break even amount of units for technology A? a. 70 b. 60 c. 50 d. None - They would have to shut downThree college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the studentrecreation center, which pays $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additonal costs are $1,000 a year for insuranceand $0.50 per person per hour for materials and supplies. Their services would be priced at $10 per hour per person.A) What are fixed cost?B) What are variable costs?C) What is the marginal cost?D) How many students would it take to break even?
- 4. Smarty’s Dish company manufactures household and commercial satellite dishes according to the production function. C(Q1, Q2) = 100 + 5Q1 + 2Q2 + .5Q1Q2 Where Q1 and Q2 are household and commercial satellite dishes produced in a day, respectively. Suppose Smarty produces 10 household dishes and 8 commercial dishes per day. Should he divide production into separate facilities? Why? a. No. The firm enjoys cost complementarities b. Yes, because the firm does not realize cost complementarities c. No, because even though the firm does not enjoy cost complementarities, it does realize economies of scope at this level of output. d. Yes, because the firm does not enjoy cost complementarities, and it does not realize economies of scope at this level of output.If the total cost for producing widgets can be represented by TC = 8,000 + 0.75*X, where X is the number of widgets produced and total revenue can be represented by TR = 4.00*X, what is the break-even value for number of widgets produced? a. 1,684 b. 2,000 c. 2,462 d. 3,763A company is planning to manufactureand market a new two-slice electric toaster. After conducting extensive market surveys, the research department provides the following estimates: a weekly demand of 200 toasters at a price of $16 per toaster and a weekly demandof 300 toasters at a price of $14 per toaster. The financial department estimates that weekly fixed costs will be $1,400and variable costs (cost per unit) will be $4. a)Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b)Using your knowledge from Finite Math, determine the Revenue functionin terms of ?. c)Determine the Marginal Revenu eat 2 different production levelsfor example 350 and 600 units. Interpret these results.(HINT: Consider what a positive or negative first derivative implies) d)Assume that the cost function is linear. Use the financialdepartment’s estimates to express the cost…
- True/False? Discuss. If there weren’t diminishing marginal returns all the rice in the world could be grown in a one-gallon planter.The market for high-quality matsutake mushrooms is dependent on the weather. If the weather is good, one kilogram matsutake mushroom can be sold for $30. In bad weather it sells for only $20 per kilogram. Matsutake mushrooms produced one week will not be kept until the next week, A small matsutake mushrooms producer has a cost function given by C = 0.5q^2 + 5q + 100 where q is weekly matsutake mushrooms production. Production decisions must be made before the weather (and the price of matsutake mushrooms) is known, but it is known that good weather and bad weather each occur with a probability of O.5. How much matsutake mushrooms should this firm produce if it wishes to maximize the expected value of its profits?The total cost equation for a firm producing two products is TC(Q1, Q2) = 25 + Q12 + 4Q22 + 5Q1Q2 (a) Do cost complementarities exist for this firm? (b) Under what circumstances do economies of scope exist for this firm? (c) Suppose that Q1 = Q2 = 3. Do cost complementarities exist? (d) Suppose that the firm is currently producing 5 units of Q1, and 10 units of Q2, What is the firm's total cost of production? e) Suppose that the firm divests itself of the division selling Q1 to a competitor. How much will it cost the firm to continue producing 10 units of Q2? What is the total cost of producing both Q1 and Q2 if the firm producing Q1 produces 5 units?