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no need for the graph could you just answer each scenario in 3 terms: optimal prize , optimal quantity and profit
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- You have decided to start a snow-plowing business whereby you will offer to plow the driveways of your neighbours' homes after heavy snowfalls. You are well known by everybody in your neighbourhood, you have a plow for the front of your truck, and you think that your neighbours would rather hire you than someone they do not know. From your research, you know that homeowners are charged an average of $40 to plow their driveways after a heavy snowfall. Interestingly, a few years ago, your research tells you that homeowners were charged an average of $25 to plow their driveways after a heavy snowfall. The average price has gone up, which excites you. Apply your learning about supply and demand to this fact pattern to analyze possible reasons for the increase in price. Consider the five factors that may impact demand and the 6 factors that may impact supply. What questions do you want answered before committing to this business?When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs. Is this correct or not? Why?What is the definite rule to maximize profit?
- if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what is the constant opportunity cost and the graph used to represent itExplain what it means in terms of opportunity cost when Economic profits are zero?What are the risks of focusing on sunk costs and ignoring opportunity costs? Describe some examples in business or everyday life where you have seen or personally been tripped up by not fully understanding sunk and opportunity costs?
- Answer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…Answer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…Suppose Mr. Mohammed, a seller in the Fruit & Vegetable Market in Al-Aweer, suddenlyrealized that his marginal cost was above the market price of the output. How would he reactif he were a profit maximizer? Analyze.
- Explain the law of increasing opportunity cost in this graphAlec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume efficient production. Each has 10 hours in a day to allocate between conducting interviews and completing paperwork. In two hours Alec can produce 5 interviews or 19 files of paperwork. In two hours, Ellie can produce 13 interviews or 22 files of paperwork. What is Ellie's Opportunity Cost of an interview in terms of files of paperwork? Enter a number only. Note: The question here is asking you for the opp. cost in terms of files so you can just enter a number. On the assessments if the question is phrased as "what is the opportunity cost?", you will have to enter the units as well, without which you will not get full credit.Three managers of the Magic Potion Company are discussing a possible increase in production. Each suggests a way to make this decision. HARRY: We should examine whether our company’s productivity—gallons of potion per worker—would rise or fall. RON: We should examine whether our average cost—cost per worker—would rise or fall. HERMIONE: We should examine whether the extra revenue from selling the additional potion would be greater or smaller than the extra costs. Who do you think is right? Why?
