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- 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.Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise * If your aunt thought she could sell $510,000 worth of merchandise in a year, what is your aunt’s accounting profit? *$10,000-$40,000$460,000$0Given the above situation, what is your aunt’s economic profit? *$10,000-$40,000$460,000$0If a demad function of a firm is Qd= 200-0.5p+4M+60Pr where M(income) is 100 and Pr(price of related good) is 4.TC=50-0.3Q+0.01Q^2. What is thw profit maximizing level of output
- AVC = 88−0.026Q + 0.000003Q2 Greene Enterprises faces total fixed costs (TFC) of $300,000. When Greene’s output is 2,000 units, what is short-run marginal cost (SMC)?derivative of the firm's profit function is F′(x) = −0.03x2 + 3x - 100, where x ≥ 0 is the output level. How should the company operate nowOnly typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1
- (Figure: Costs of Oil Production) Refer to the figure. Assuming that price equals marginal cost, the profit of producing eight barrels of oil is: $160. $400 It cannot be determined from the information given. $240.1] TEXplor has purchased a 2-year lease on land adjacent to the land leased byClampett. The land leased by TEXplor lies above the same crude oil deposit. Assume each company sinks wells of the same size at the same time. If both companies sinkwide wells, each will extract 2 million barrels in 6 months, but each company willreceive profit of only GHC 1 million. On the other if each company sinks a narrowwell, it will take a year for Clampett and TEXplor to extract their respective shares,but their profits will be GHC14 million apiece. Finally, if one company drills a widewell while the other company drills a narrow well, the first company will extract 3million barrels and the second company will extract only 1 million barrels. In thiscase, the first company will earn profits of GHC 16 million and the second companywill actually lose GHC 1million.1. Illustrate this using a normal form game. 2. Does either firm have a strictly dominant strategy? If yes, what is (are) thesestrategies?…14-If a paper mill shuts down its operations for three months so that it produces nothing, its __________________ will be reduced to zero Group of answer choices variable costs fixed costs opportunity costs total cost
- (Figure: Costs of Oil Production) Refer to the figure. Assuming that price equals marginal cost, the total cost of producing eight barrels of oil is: It cannot be determined from the information given. $400. $240. $60.Highest price where quantity of output is equal to zero = R1200P*= R650MC at Q*= R260AVC at Q*= R150AFC at Q*= R300Price at allocative efficient output level = R400Allocative efficient level of output = 180 unitsTotal fixed cost = R33000MC at output equal to zero = R100 1.1. Assuming profit maximising behaviour, calculate each of the following for Firm M. ATC = RQ*= unitsProfit / loss = RLerner index = Mark-up = Consumer surplus = RDeadweight-loss = RTVC = R29 Refer to Figure 2. If this farmer is maximizing profit, his operating profit (or loss) is (hint: operating profit: TR-VC)Select one: a. $48 b. -$24 c. $72 d. $156
