The cost (C) of a apples in dollars can be represented by the function C(a)=0.27a, and the cost (P) in dollars of b bananas can be represented by the function P(b)=kb, where k is a constant. If C(10)+P(8)=$5.34, what is k ?

The cost (C) of a apples in dollars can be represented by the function C(a)=0.27a, and the cost (P) in dollars of b bananas can be represented by the function P(b)=kb, where k is a constant. If C(10)+P(8)=$5.34, what is k ?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 1.2CE

See similar textbooks

Related questions

Q: The estimated negative cash flows for three design alternatives are shown below. The MARR is 13% per…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: 11. Over the past year, there has been a sharp decrease in the price of oil. following could explain…

A: The price of oil, like any commodity, is determined by supply and demand dynamics. Factors that can…

Q: Real Interest Rate 12 4 FIGURE 25-2 1 11 12 13 P -100 Quantity of Investment and Saving (S) Refer to…

A: Investment is production or purchasing of capital goods ,that use in production of other goods . For…

Q: Why should the unemployment rate matter to employers?

A: Unemployment refers to the situation when individual willing to work and actively seeking employment…

Q: The profit maximizing rule states that a business maximizes profits when marginal cost equals Select…

A: The process by which a firm or individual seeks to generate the highest possible profit from a given…

Q: Price (dollars per pizzo) &22222 20 18 16 14 12 10 000 8. 6 4 2 LLLLL Stax on sellers S D 0 10 20 30…

A: Market equilibrium: At the market equilibrium demand equals supply. Or at market equilibrium point…

Q: The table below shows the number of labor minutes it takes for each employee to produce one pizza…

A: An absolute advantage will be an ability to produce a higher quantity of a good or service,…

Q: The figure below is the production possibilities curve showing production of T-Rex costumes and…

A: Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…

Q: Many unions attempt to raise the hourly wages received by their members by restricting the supply of…

A: Labor union refers to a type of organization or association that usually depicts the common…

Q: Assume aggregate demand for US wheat equals domestic demand plus export demand. Those demand…

A: Market Demand: In a market there are many buyers. Hence for a given market price, they have their…

Q: Usher Raymond Hours Needed to Make 1 Song Rap R&B 6 3 2 6 Based on the table above, what is the…

A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…

Q: When the economy makes the transition from its short-run equilibrium to its long-run equilibrium,…

A: Macroeconomic equilibrium refers to a condition in the economy where the amount of goods and…

Q: (a) What was the rate of growth of real GDP from 2016 to 2017, and 2017 to 2018? (b) What was the…

A: The GDP growth rate, or Gross Domestic Product growth rate, is a key economic indicator that…

Q: Suppose that The University of Memesland (UM) and Memesland University of Technology (MUT) are the…

A: Second -degree price discrimination: Charging different prices based on the quantity or…

Q: Antonio's Fire Engines should not increase production from eight to nine fire engines because the…

A: Total Revenue is defined as the total earnings that the consumer earns drom the production and sale…

Q: Determine the rate of return per year for the cash flows shown below Year 0 1 2 3 $ ,Cash Flow…

A: In this case, we have to discuss the term rate of return. The rate of return is actually gain or…

Q: GDP is an incomplete measure of production in the economy, because

A: GDP is the total value of all goods and services produced within the borders of a country within a…

Q: Suppose now that the government decides to increase the number of quotas available to 72 units, but…

A: Demand refers to the quantity of a good or service that consumers are willing and able to purchase…

Q: Many hospitals have regularly scheduled surgery and active emergency departments. Based on the…

A: Economies of scope allude to the cost benefits that a business or organization can accomplish by…

Q: How would decreasing an import tariff on a good affect producer surplus in a nation that imports…

A: An import tariff is a tax imposed by a government on goods imported into a country. Tariffs are used…

Q: Answer the questions below based on the graph. What is the value of autonomous expenditures? What…

A: The consumption function is the function that shows the relationship between the consumption of a…

Q: Homer's Donut Shoppe has the production function q=10L +20L² – 5L³. The marginal product of labor is…

A: Marginal product is the change in Total product due to an additional labor hired.=> MP = Change…

Q: According to the midpoint method, the price elasticity of demand for apples between point X and…

A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…

Q: the AD-AS model, if there's a sudden increase in consumer confidence leading to more spending, what…

A: This can be defined as a concept that shows the total demand for the products and the services in a…

Q: When operating at the profit-maximizing/loss-minimizing level of output, total revenue minus total…

A: Total revenue is the total receipts a seller can obtains from selling goods or services to buyers.…

Q: In recent years, the courts have interpreted the A Robinson-Patman Act such that price…

A: Price Discrimination:Price discrimination refers to the practice of charging different prices to…

Q: Consider the following two mutually exclusive projects being considered by an agency. The agency's…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: Your classmate tells you that he is indifferent between the following bundles: (A) three soft drinks…

A: The indifference curve shows the different combinations of two goods that provide equal satisfaction…

Q: Which of the following is not one of the three central coordination problems of the economy given in…

A: The economy is a complex system where the allocation of resources, production, and distribution of…

Q: supply of and demand for admission to the University of Calgary where supply c alert applications)…

A: The level where the quantity demanded by individuals is equal to the quantity supplied by producers…

Q: Table 7-3 Cost $1500 $1300 Denise $1000 Catherine $950 Jackson $600 Seller Dale Jill Refer to Table…

A: Total cost is the sum of fixed cost and variable cost. Total cost is the cost of producing all the…

Q: George is a musician who enjoys playing two different instruments. His utility function is given by…

A: Utility function : U = 8G0.5 + SPrice of Guitar = PgPrice of Sitar= Ps Utility level to be…

Q: a. What is the CW, when/-10% per year, of $1,500 per year, starting in year one and b. When i = 10%…

A: Capital worth, in the topic of economics and finance, implies the present or current value of a…

Q: Figure 5.10 Dog treats 15- 14- 13- 12- 11 10- 1- 0 Reference: Ref 5.10 11 12 13 14 15 Milk (gallons)…

A: The income effect is defined as the change in consumption of consumers due to price changes. The…

Q: $16 Price 14 12 10 6 10 20 30 40 50 60 70 80 90 Quantity The world price of the product is $6. If an…

A: An import quota is a non-tariff trade barrier where only a fixed amount of units of a commodity is…

Q: Harding Enterprises has developed a new product called the “Quest Simulator (QS)”. The market demand…

A: Market demand defines the total quantity of a good or service that all customers in a given market…

Q: Cameron sells premium steak at the local market. He has a lot of customers due to the promising…

A: Price discrimination is a pricing strategy in which the same provider offers the same or…

Q: A market has a demand function given by the equation Qd = 180-2P, and a supply function is given by…

A: The equilibrium price and the quantity of a good sold in the market are determined by the forces of…

Q: A price tag states that an item’s MRSP is $100 but that its markdown is $40. This is an effective…

A: In the world of retail, pricing strategies play a crucial role in influencing consumer behavior. One…

Q: Determine the ESL, at i = 10% per year for equipment that has a first cost of $11,000 and the…

A: Operating costs are the expenses incurred to keep your business running on a daily basis. Operating…

Q: 16. Suppose there are only three industries in an economy and one primary input, and that the input-…

A: In this case, we have to discuss the term Leontief input-output model. This model simplifies the…

Q: "If the consumer price index was 102 in the base year and 117 in the following year, the inflation…

A: Consumer price index(CPI): - it is a measure of change in the price level, it calculates the change…

Q: 12 10 8 6- A 1 2 0 20 40 Autos 60 80 100 Country A should specialize in ship building and Country B…

A: The issue you've raised has to do with global trade, specifically the specialization and comparative…

Q: Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero.…

A: Total product is the sum of marginal product. Total cost is the sum of fixed and variable cost.…

Q: Suppose that Portugal and Switzerland both produce jeans and stained glass. Portugal's opportunity…

A: Given information:There are two countries, i.e., Country P and Country SThey produce two goods,…

Q: The principal mechanism for redistributing incomes is A) the tax-and-transfer system. B) antitrust…

A: Income redistribution is a practice in economics where wealth is reallocated from the rich to the…

Q: Question 1: For each of the activities listed below, determine if it should be included in…

A: The expenditure approach to calculating GDP includes all final goods and services produced in a…

Q: The graph's yield curve represents yield curve. Based on the yield curve shown, which of the…

A: The Treasury yield curve or yield curve is the graph depicting the yields of fixed-income Treasury…

Q: Use the information given in Upper Midwest National Bank's balance sheet to answer the following…

A: Leverage Ratio:This ratio represents how much leverage a firm can take in terms of the debt…

Q: A monopolist is producing at a point at which marginal cost exceeds marginal revenue. How should it…

A: In the graph, observe that the MC is greater than MR. With increase in production quantity, the…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction to cost functions

VIEW

Step 2: Calculations of cost functions

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Determine the combination of input factors K, L that minimizes the cost of producing Q = 1000.
The inventory cost C of stocking a lot of size x is given by the function C(x)=8.1x+5,000x−1+675. What lot size would minimize costs? Round to the nearest whole number.
Consider the following quadratic (potential cost) function
The weekly cost C of producing x units in a manufacturing process is given by C(x) = 60x + 2250. The number of units x produced in t hours is given by x(t) = 50t. (a) Find and interpret (C ∘ x)(t). (C ∘ x)(t) = (C∘x)(t) represents the cost of production as a function of time. (C∘x)(t) represents the production as a function of cost. (b) Find the cost of the units produced in 4 hours.$ (c) Find the time that must elapse in order for the cost to increase to $15,000. hr
What is MC(y) for cost function c(y) = y3? Input prices are taken as constants.
The total revenue function for a product is given by R=655x dollars, and the total cost function for this same product is given by C=19,250+70x+x2, where C is measured in dollars. For both functions, the input x is the number of units produced and sold. a. Form the profit function for this product from the two given functions. b. What is the profit when 25 units are produced and sold?
The total cost C for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total cost, we need to know two things. The first is the manufacturer's fixed costs. This amount covers expenses such as plant maintenance and insurance, and it is the same no matter how many items are produced. The second thing we need to know is the cost for each unit produced, which is called the variable cost.Suppose that a manufacturer of widgets has fixed costs of $1000 per month and that the variable cost is $20 per widget (so it costs $20 to produce 1 widget). Explain why the function giving the total monthly cost C, in dollars, of this widget manufacturer in terms of the number N of widgets produced in a month is linear. C always increases by $20 when N increases by ______. Therefore, C has a constant rate of change and so is a linear function of N. Identify the slope and initial value of this function. slope…
A cost of production function is given as C (n) = (n – 100)2 + 100 where C (n) is the cost in $ of producing n number of a certain product. Use the derivative to determine the n which will minimize the cost of production. n = 10 n = 100 c) n = 50 d) n = 20
A parking lot charges $2 per hour for the first 4 hours, then $3 per hour after that. Which equation(s) describes the total cost y as a function of the hours x? A) y= 3x+8 B) y= 2x+12 C) y= 2x for x of 4 or less / y= 2x+3x for x of 5 or more D) y= 2x for x of 4 or less / y= 8+3 (x-4) for x of 5 or more
Does the output maximization level of input use exist for the following function? If yes, then what is the exact input-use level? y = x1 + 0.1x12 - 0.05x13 + x2 + 0.1x22 - 0.05x23
In a production process, an excessive amount of the variable input relative to the fixed input is being used to produce the desired output. This statement is true for:
For the cost function C(Q) = 158 + 2Q + 2Q2, what is the average variable cost of producing 3 units of output? (Round your answer to two decimals as needed)