OSee Hint The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity (Q = driveways cleared) Total Revenue Total Cost Abbreviation: TR TC Formula: $0 $25 10 34. 2) 20 41 30 46 4. 40 49 50 51 60 54 70 60 8. 80 70 6. 90 95 10 100 145 What is the total profit of cleaning five driveways if the price Mr. Plow can charge is $10 per driveway? %24
Q: Calvin grows beautiful orchids. His total fixed cost is $90 a day, and his average variable cost is…
A: The total cost is the sum of the total fixed Cost and the total variable cost and at the same time…
Q: Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a…
A: In a perfectly competitive market, there are many firms producing identical goods. Firms do not have…
Q: Abe grows beautful orchids. His total fixed cost is $144 a day, and his average variable cost is $1…
A: Abe grows beautiful orchids. his total fixed cost is $144 aday, and his average variable cost is…
Q: (a) Fill in the table below. Instructions: Round your answers to the nearest whole number. Total…
A: Since you have asked multiple questions and according to our policy we will only solve the 1st…
Q: Complete the Daily Production Cost Schedule table below. Quantity MR = Price per Unit TFC TVC…
A: The cost-of-production theory of value is a concept in economics that holds that the price of a good…
Q: Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs…
A:
Q: You run a game-day shuttle service for parking services for the local ball club. Suppose you are…
A: MC is the change in the TC when the number of customers changes by 1 unit. When the number of…
Q: 1. The Abner Corporation, a retail seller of television sets, wants to determine how many television…
A: In Economics, the average variable cost is the variable cost per unit. Average variable cost is…
Q: 19. If the price of corn is $6.50 a bushel and the Average Total Cost of producing a bushel is $5.60…
A: The price of corn is $6.50 The average total cost is $5.60 100 bushels of corn are produced.…
Q: Complete the following table by computing the total profit (the chemical plant's economic profit and…
A: No recycling= 2900+1700= 4600 Recycling= 2600+2500= 5100
Q: mer Brown's marginal cost of production is illustrated in the table. Boxes of Peaches Market Price…
A: In a competitive firm there are large number of firms producing identical products thus acts as a…
Q: A demand curve is given by p = 660-3x. Assume you must pay salaries totalling 8000$ in a month.…
A: We are going to solve this problem using single variable maximisation technique.
Q: Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…
Q: Can the marginal revenue be negative??? True/False
A: Marginal revenue refers to the amount of additional revenue thay a producer gets when he produces…
Q: The next four questions refer to the information in this table: Quantity Price TR $10 MR TFC $ 4 TVC…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: Use the table to compute the marginal revenue and marginal cost
A: Marginal revenue is given as the additional revenue generated by producing one more unit of a good.…
Q: Question 1 Table 1 below shows Samsung's Company production for washing machine in a week. The total…
A: Output TC MC P TR MR Profit 0 10 0 1 35 20 2 40 3 50 4…
Q: If Tom sells 600 sandwiches for $10 and has an average total cost of $5, what is his profit? a)…
A: Given : No. of sandwiches Tom sells = 600 Price of sandwich = $10 Average Total Cost = $5.
Q: Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75…
A: Calculate the per-unit economic profit, when the product price is $179 GivenAverage total cost =…
Q: Refer to the following table: Quantity (Bushels) (Q) Total Revenue Marginal Revenue (MR) Marginal…
A:
Q: Mariel runs an ice cream shop. Her short-run cost is given by 300 + 3000 + 3g where q s the number…
A: TC(total cost) has 2 components- TFC(total fixed cost) and TVC(total variable cost). ATC(average…
Q: Economic profit is
A: To find : What is economic profit
Q: Your friend decides to travel abroad to a popular destination to operate a business. He is faced…
A: Given: Total Fixed Cost: $ 2000 per month Constant Marginal Cost: $ 31
Q: A demand curve is given by p = 660-3x. Assume you must pay salaries totalling 8000$ in a month.…
A: We are going to use single variable profit maximisation method to answer this question.
Q: Andrea's Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to…
A: Total fixed costs is the amount of costs that do not depends on the level of output produced by the…
Q: Complete the following table by computing the total profit (the research lab's economic profit and…
A: Total economic profit (no recycling) = $4300 Total economic profit (recycling) = $4600 Total…
Q: he market for calculators in the city of Lefke is competitive and has the following demand chedule:…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: Consider total cost and total revenue given in the following table: Quantity 0 1 2 3 4 5 6 7…
A: A cost refers to the expenditure required to manufacture or sell a product or get an asset ready for…
Q: Henry Potter owns the only well in town that produces clean drinking water. He faces the following…
A: A price ceiling refers to when the government sets the highest price that can get charged for some…
Q: P ($) TR ($) MR ($) TC АTC ($) MC ($) ($) Y Average Total Output Price Marginal Total Total Revenue…
A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…
Q: The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinational enterprise that…
A: Monopoly is a structure of market in which there is only one firm producing commodity and has market…
Q: Use the information for a firm in the table below to answer the following questions. Quantity Total…
A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…
Q: The profit-maximizing principle is In the case that the profit-maximizing point is in between two…
A: At equilibrium the price is determined when marginal revenue curve is equal to the marginal cost…
Q: The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity…
A: Total Profits of 5 drive ways = Total revenues of 5 driveways - Total cost of 5 drivewaysTotal…
Q: narginal cost and average total cost of production are constant at 50/unit. The graph of the demand…
A: The firm's profit maximising output level is at a point where MR=MC MR=156- 0.4Q MC=50/unit…
Q: 2. Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first…
A: The difference between the accounting profit and the implicit cost is referred to be as the…
Q: Complete the following table by computing the total profit (the chemical plant's economic profit and…
A: There are two possible actions concerning industrial waste that is dumped in the lake: Water is…
Q: The next four questions refer to the information in this table: Quantity Price TR $10 9. MR TFC TVC…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: nsidering putting on a special one-time screening of a new movie. This screening sa fixed cost of…
A: Price Discrimination is a procedure that organizations use to boost income by charging clients…
Q: Two of your classmates have an idea for a new food truck called Funk Seoul Brother, that sells…
A: Monopoly is a scenario in which there is just one company operating in a certain market. Thus, a…
Q: Explain why earning zero economic profit is not as bad as itsounds.
A: In the field of economics, it is assumed that the sole objective of any firm is profit-maximization.…
Q: Shakti Inc. has been granted a patent for its arnica toothache balm. The table to the right shows…
A: We can get the profit maximizing output by calculating the profit or loss of all the units given…
Q: Here’s the table showing costs, and quantity. Find the total revenue at $8. Quantity Total Cost…
A: We have the following values.
Q: Comment why is this point significant analytically.
A: Marginal cost is defined as the change in total cost that results from the production of an…
Q: Calculate the missing TR and MR amounts. structions: Enter your answers rounded to two decimal…
A: a monopoly is the sole producer of a good in the market thus having maximum market power hence will…
Q: The next four questions refer to the information in this table: Quantity Price TR $10 9. 8. MR TFC…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Consider the total cost and total revenue given in the following table: Quant Total Total Prof…
A: Give firm has costs and revenues for different levels of output.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
- Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?If the transit system were regulated to provide the most allocatively efficient quantity of output, what output would it supply and what price would it charge? What subsidy would be IIECESSEIIY to insure this efficient provision of transit services?
- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?Urban transit systems, especially those with rail systems, typically experience significant economies of scale in operation. Consider the transit system data in Table 11.4. Note that the quantity is in millions of riders.
- Crawford Computing finds that its weekly profit, in dollars, from its production and sale of x laptop computers is P(x)=-.002x^3-.15x^2+400x-800 Currently, Crawford builds and sells 9 laptops weekly. (a) what is the current weekly profit? (b) how much profit would be lost if production and sales dropped to 8 laptops weekly? (c) what is the marginal profit with x=9? (d) use answers from parts (a) and (c) to estimate the profit resulting from the production and sale of 10 laptops weekly.ADJ Enterprises produces hydrothermocorticoids. The table below shows the costs of producing various quantities of hydrothermocorticoids. Quantity Total Cost Average Cost 0 $0 -- 1 $10 $10.00 2 $12 $6.00 3 $15 $5.00 4 $19 $4.75 5 $24 $4.80 6 $30 $5.00 7 $45 $6.43 ADJ sells its hydrothermocorticoids for $5 each (that is the price regardless of the number of hydrothermocorticoids it sells). Use the Profit-Maximizing Rule to explain the quantity that ADJ should produce to maximize its profits. You may use a calculator. You should explain the details of any calculation you perform. You should identify, explain, and apply the concept you use to answer this question. To receive full credit, your explanation must show all steps in any calculations you perform. Your explanation must also incorporate the profit-maximizing rule – state what that rule is and explain how it applies to ADJ’s situation. Note that it is…A tuition agency hires tutors to teach students. The following table displays how total outputincreases as tutors increase.No. of Tutors 1 2 3 4 5Total No. ofStudents4 10 18 24 3Tutors cost $50 each regardless of how many students each tutor has. The agency paid $500 in non-refundablemarketing fees to set up the business as a fix cost. In the short run, considering the shut-down condition, whatis the lowest price per student Tom’s tuition agency can charge? Explain your answer.
- You are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…Why Marginal Cost (MC) is 1?? I did my calcutation and is 2. I replace on fucntion Q = L + (5)2 = L + 25, so L = Q - 25 and put on TC = 2(Q - 25) + 20(5) So TC = 2Q - 50 + 100 = 2Q + 50, then MC = dTC / dQ = 2 You may be replaced TC = wL + rK, but this function no contains Q variable Please confirm that. ThanksMake or buy decision Dani’s Doohickeys can buy widgets from The Widget Company for $10 apiece or make them in-house. Dani already has a factory for making thingamajigs and current fixed manufacturing costs are $10,000. Here is how Dani expects her costs to look with 1,000 widgets being built in-house: Hourly rate paid to workers in the widget manufacturing department $20.00 Hourly rate paid to the widget manufacturing department supervisor $32.00 Man hours per widget (4x supervisor hours) 0.25 hr Direct ma