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- A company produces at most 15 (thousand) widgets per year. Its profit P, in thousands of dollars, is a function of n, the number of widgets prouduced per year( in thousands of widgets) the marginal profit is given by dp/dn = 20 + n -n^2. A. What is the marginal profit if n= 3 ( thousand widgets) should the company increase or decrease production B. What is the marginal profit of n= 8 ( thousand widgets) should the company increase or decrease production C. How many widgets should the compay proudcue in order to maximize3-4 Opportunity Cost The expression “3/10, net 45” means that the customers receive a 3% discount if they pay within 10 days; otherwise, they must pay in full within 45 days. What would the seller’s cost of capital have to be in order for the discount to be cost justified? (Hint: Opportunity Cost)Electrical Components Profit A company’s dailyprofit from the production and sale of electrical components can be described by the equation P(x) =6.45x - 2000 dollars, where x is the number of unitsproduced and sold. What level of production andsales will give a daily profit of more than $10,900?
- Question 2 (5 marks)Explain the difference between technical and economic efficiency.2. You have a plant that produces copiers for sale. Your costs for producing copiers are 1: $42, 2: $44, 3: $47, 4: $50, 5: $54, 6: $60, 7: $69, and 8: $80. What are your marginal costs for each copier produced? If you sell a copier for $15 per copier, what quantity of copiers sale would you want? Please show workConsider a corn farmer with one acre of land. In addition to land, other factors include quantity of seeds, fertilizer, water, and labor. Assume the farmer has already decided how much seed, water, and labor he will be using this season. He is still deciding on how much fertilizer to use. Units of Fertilizer Total Ears of Corn Marginal ears of Corn 1 100 2 250 3 425 4 550 5 600 6 525 (a) Determine the marginal ears of corn and complete the table. (b) At what point does diminishing returns set in for the farmer? Justify your response. (a) Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine purchased. As a result of the city’s announced plan, Catherine is weighing two alternatives: She can go…
- Multiple choice questions - Micro 13) What does diminishing marginal product suggest? A. additional units of output become less costly as more output is produced. B. average product is rising C. the firm is at full capacity D. marginal cost is upward sloping 12) Refer to Figure 6-11. What is the share of the tax burden per unit that buyers would pay? A. $3.50 B. $2.50 C. $1.00 D. $1.50A business has the following costs: Rent: (none, the owner owns the building. Similar stores rent for $5000 a month) Workers: $10000 a month Owner salary: none. The owner simply takes profits away and has no official salary. He could make $6000 a month if he worked somewhere else NOTE: KEEP YOUR CALCULATIONS. THIS INFORMATION WILL BE USED FOR MULTIPLE QUESTIONS What are the ECONOMIC profits of this business if revenues are $20000 a month? Question 2 options: 5000 10000 -1000 40005. Create a histogram of profit at the productionlevel Q. Create a histogram of profit when theproduction level Q equals mean demand. Whatis the probability of a loss greater than $100,000in each case? ■
- 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 costA company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company's anticipated demand over the lifetime of the bridge: Price Quantity (Dollars per crossing) (Thousands of crossings) 8 0 7 100 6 200 5 300 4 400 3 500 2 600 1 700 0 800 If the company were to build the bridge, its profit-maximizing price would be $ ? , and it ( would or would not)? produce the efficient level of output. If the company is interested in maximizing profit, it (should , or should not)? build the bridge because profit would be . (Note: If the company incurs a loss, be sure to enter a negative number for profit.) If the government were to build the bridge, it should charge a price of $ ? True or False: The government should build the bridge. True or FalseA firm has found from past experience that its profit in terms of number of units x produced, is given by . TP = -X^3/3 + 729x + 2700 a) Find the value that maximizes the profit. b) Find the maximum profit. c) show that your answer in part (a) has been maximized,