Q: Output(units per day) 10 20 30 Total costs($ per day) 40 54 62 80 Find the average total cost at the…
A: Average total cost is the per unit total cost , so here we calculate the average total cost by using…
Q: The table shows the cost information for a farm when the farm has three different amounts of…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: (a) Prepare (i) marginal cost and (ii) average total cost schedules for the firm. (b) What is the…
A: Cost theory includes calculation of total costs, total fixed costs and total variable costs. In this…
Q: You are analyzing a new company’s records projecting their profits using a marginal profit function,…
A: We are going to use marginal approach to answer this question.
Q: Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC =…
A: Average cost is the ratio of total cost and quantity
Q: = A clothing company determines that its marginal cost, in dollars per dress, is given by the…
A: Here, the marginal cost function is given as: C'(x)=-(2/25)x+53, when x is less than and equal to…
Q: Find Average fixed cost with the following information:- Total fixed cost = $350 Output produced =…
A: The data presented in the question above is:- Total fixed cost = $350 Output produced = $70 The…
Q: If firm X produces 20 units of product with a total cost of 100, what is its average cost? a)…
A: Total cost - Total cost is the cost which includes fixed cost and variable cost included in…
Q: If a firm is producing 4units of output at an average cost of $45 when the firm produces 5th unit…
A:
Q: Consider the table below to answer the question that follows: Q TFC TVC TC AFC AVC ATC MC 0 500 0…
A: When the amount of an output increases by one unit, the cost rises by a certain amount, known as the…
Q: In the table, the firm's total fixed cost of production is Total Cost Output (ballo ons per hour)…
A: Answer to the question is as follows :
Q: Watchshop is a watch manufacturing company that sells low-end wrist wacthes. They hire labour at the…
A: The total cost incurred by firms operating in a market includes fixed costs and variable costs.…
Q: 17. A firm's total cost is $10,957 when it produces a quantity of 50. Rounded to the nearest dollar,…
A: here we find the average total cost and choose the correct option which are as follow-
Q: Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per…
A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…
Q: If you know that when Bombardier, a hypothetical firm in Montreal produces 10 units of output, total…
A: Here, given information is: Total output: 10 units Total cost: $1,030 Average fixed cost: $10 To…
Q: What are some of the implicit cost incurred by an entrepreneur in running a firm? How are these…
A: The opportunity cost refers to the value of the next best alternative sacrificed when an individual…
Q: Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC =…
A: There occurs economies of scale when average cost decreases with increase in production,…
Q: A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…
A: Marginal Revenue Product(MRP) is the revenue(R) generated by an additional vehicle used for…
Q: The marginal cost for a manufacturer of cherries is MC(q) = 0.06q³ + 0.5q + 50 per ecaton-cherry.…
A: Marginal Cost(MC) is the change in the total cost(TC) due to very small changes in the quantity(q)…
Q: 125 q? 4. 16 A(q) where q is the firm's output. (i) Determine the level of output for average costs…
A: Average Cost A(q) = 125q+q216-4 .............(1) We know that the average cost is equal to the…
Q: A division of a company produces income tax apps for smartphones. Each income tax app sells for $7.…
A: *ANSWER :-
Q: The production cost for a firm is given in the table below, calculate the marginal cost of producing…
A: Marginal cost is the additional cost of producing each additional unit of output. Marginal cost =…
Q: A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…
A:
Q: 7 A firm has this cost function: C = 4000 - 7Q + 8Q2. The firm is currently producing 5 units of its…
A: Cost Function = C = 4000 - 7Q + 8Q2 where Q = 5
Q: A firm’s total fixed cost is $360,000. Construct a table of its total and average fixed costs for…
A: Output Total fixed cost Average fixed cost = Total fixed cost / quantity 0 3,60,000 - 1 3,60,000…
Q: Marc Tech produces q units of smartwatches and their short-run total cost is given by STC = 3q2 -…
A: ATC=TC/Q
Q: Suppose the total cost equation of firm is 50 + 56q^2 . calculate the MC
A: The marginal cost can be determined by using the below formula:
Q: $100 90 80 70 60 50 40 30 20 10 1 2 3 4 567 89 10 Quantity of Output Refer to Figure 7-3. Which is…
A: please find the answer below.
Q: When a firm produces one unit, the variable cost is $3. When the firm produces two units, the…
A: Given information: Variable cost when the firm produces 1 unit = 3 Variable cost when the firm…
Q: A company estimates that the total revenue, R, in dollars, received from the sale of q items is R(q)…
A: The total revenue refers to the revenue earned from selling all the units. The marginal revenue…
Q: Watchshop is a watch manufacturing company that sells low-end wrist wacthes. They hire labour at the…
A: Total cost = Fixed cost + Variable cost Marginal cost = Change in total cost / Change in total…
Q: A firm's short-run cost function is C(q) = 10q - 12q² + O.5q³ + 400 %3D
A: GIVEN C(q) = 10q-12q^2+0.5q^3+400
Q: Total costs increase from $1,500 to $1,800when a firm increases output from 40 to50 units. Which of…
A: With MC is constant then it means that that the cost of producing each 10 units is same. Therefore…
Q: widget factory roduction. worker is $200 per day. The cost of each machine is $400 per day,…
A:
Q: If accounting profit is $400000 greater than economic profit, what do implicit costs equal?
A: Implicit cost: A certain expense is any cost that has just happened yet not appeared or detailed as…
Q: The data in the table is for a firm in which labour is the only. variable cost and each unit of…
A: Formulas used : TP = AP × Q MP = TPn - TP n-1 AVC = TVC / Q MC = TC n - TC n-1 Also this is given…
Q: A firm has leased plant and equipment to produce video games, which can be sold in unlimited…
A: The amount of money spent on developing and selling products and services, as well as acquiring…
Q: The marginal cost function of a company is given by MC = 5 + x, and the cost of %3D producing 2…
A: Marginal cost function; MC= 5+x Cost of producing 2 unit = 712 OMR Cost function of the company:-…
Q: Output TFC TVC TC MC ATC A 25 25 ------ ---- -- В 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E…
A: Answer to the question is as follows :
Q: Consider the following cost information for Yasir’s tea stall. (Cups of tea per hour)…
A: The cost is the money spent on factor of production to produce the goods and services. There are two…
Q: Suppose a firm has a short-run cost function: C(9) = 1000 + 200g Question 3. 5q + 0.5g. What are the…
A: Variable costs are any expenses that change based on how much a company produces and sells. This…
Q: 12 .knowing that the total cost function is: TC = 200 + 3Q, Calculate the average fixed cost when…
A: Total cost is the sum of total fixed cost and total variable cost. Average fixed cost is total fixed…
Q: A garment factory has total fixed costs of $300,000 per year. The firm’s average variable cost is…
A: The provided information are: Total fixed cost = $300000 Average variable cost = $80
Q: How to calculate Samsung's cost (C(Q)) of producing 1, 2,...15?
A: A firm incurs two types of costs while producing goods and services. First is the fixed cost, which…
Q: Assume TC = 400 + 2Q3 What is the marginal cost at the 4th unit? Enter as a value.
A:
Q: runction 125 q? 4. 16 A(q) where q is the firm's output. (iv) Write an equation for the total cost…
A: Part: 1 The total cost(TC) function is the cost of producing total output. The formula for TC is…
Q: Al Mardoof Company paid different types of costs for different output levels as shown in the given…
A: From the graph, we can see that the variable cost is depicted by the Green line. The cost is on the…
Q: Average Total Cost ($ per tablet) Q=400 Number of Factories Q=100 Q=200 Q=300 Q=500 Q=600 1 400 300…
A: As we know in the long run firm cost function are U shaped but minimum of cost goes long period of…
Q: The MARGINAL cost (in dollars) for a certain product is given by C'(x) = 18x + 3 . If the overhead…
A: Total cost of production is the cost expenditure incurred on the the production of the good or the…
Using the figure above, what is the total cost for the firm?
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- Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?What are four responses to the claim that people should not behave in the way described in this chapter?)ncob buys only milk and cookies.a. In yeor 1, Jocob earns $100, milk costs $2 perqua rt, and cooki es cost S4 per dozen. Ora\"•jacob's budget constraint.b. Now suppose that a ll prices increase by10 percent in yeor 2 ond !hot jacob's salaryincreases by 10 percent as well. Draw jacob'sn<:w budget constraint. How would Jacob'soptimnl combination of milk and cookies in year 2compare to his optimal combination in year 17
- The government of the island nation of Autarka has become increasingly concerned aboutthe health and wellbeing of low income households. Medical experts stress the importanceof a healthy diet in this regard. They have determined that, ideally, a household wouldconsume at least 5kg of fresh fruit and vegetables each week.The government has proposed implementing a new voucher scheme to ensure that the5kg per week consumption target is met. Under the government’s proposal, the voucherswould be redeemable for fresh fruit and vegetables, but could not be used for other typesof food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme,the value of the vouchers sent to a household would be linked to the household’s income.Community groups in Autarka have expressed concern that a voucher scheme is unnec-essarily paternalistic; depriving low income households of the choice of how to spend theirincome. These groups argue that the government’s consumption targets could…ASAP DECİSİON RULE FOR UTİLİTY MAXİMİZATİON As I understand we choose the good which has higher marginal utility per dollar . BUT MY QUESTİON İs that What if our budget is not end up and the marginal utility per dollar is same for both good What should we do at that point? PLEASE ANSWER MY QUESTİON DONT GİVE CLLASİC DEFİNİTİONCarol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferences2Intermediate Microeconomics NYUAD, Spring 2023can be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+.(a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase?
- In today’s economy, it’s harder for workers to get promoted. In 2006, it took an averageof 2 ½ years to get a promotion; today it takes 4 ½ years. As a result, fewer workers are willingto boost their productivity in an effort to impress the boss and get the promotion. In 2006, 25percent of employees said they were willing to give “an extra oomph” at work (boost theirproductivity); today about 15 percent are willing to do so. Explain the connection to the Phillipscurve.If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.Total utility is maximized in the consumption oftwo goods by equating thea. prices of both goods for the last dollar spenton each good.b. marginal utilities of both goods for the lastdollar spent on each good.c. ratios of marginal utility to the price of bothgoods for the last dollar spent on each good.d. marginal utility of one good to the price ofthe other good.
- On a given evening, J. P. enjoys the consumption of cigars (c) and brandy (b) according tothe functionU(c, b) = 20c− c²+ 18b − 3b²a. How many cigars and glasses of brandy does he consume during an evening? (Cost isno object to J. P.)b. Lately, however, J. P. has been advised by his doctors that he should limit the sum ofglasses of brandy and cigars consumed to 5. How many glasses of brandy and cigarswill he consume under these circumstances?You found your utility preference given by U (w, d) = w√d where w is your wage, and d is the amountof noise (ie - decibels) you must listen to at your job. Let’s assume you have the option to workat home in silence (where d = 36), in a cubicle office (where d = 64), or in an open-air sharedworkspace (where d = 100). Further assume the economy is in equilibrium, and you do not haveincentive to change jobs.(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another indus-try/situation with a compensating wage differential.During any year, I can consume any amount that doesnot exceed my current wealth. If I consume c dollars duringa year, I earn ca units of happiness. By the beginning of thenext year, the previous year’s ending wealth grows by afactor k.a Formulate a recursion that can be used to maximizetotal utility earned during the next T years. Assume Ioriginally have w0 dollars.b Let ft(w) be the maximum utility earned during years t, t 1, . . . , T, given that I have w dollars at the be-ginning of year t; and ct(w) be the amount that should be consumed during year t to attain ft(w). By workingbackward, show that for appropriately chosen constantsat and bt,ft(w) btwa and ct(w) atwInterpret these results.