The market supply curves and market demand curves for books are given as follows:Supply curve: P = 0.000002Q Demand curve: P = 11 0.00002QThe short run marginal cost curve: MC = 0.1 + 0.0009 QThe short run equilibrium level of output is a .10 0000b.10 000c.1d.1000
Q: The following scenario examines the relationship between marginal and average values. Suppose Lee is…
A: GameGame ResultTotalGame Foul-Shooting PercentageAverage Foul-Shooting…
Q: Macroeconomics referred to picture of Graph to answer questions fill in the blanks The Market for…
A: Ans. ) Given the question, there is graph of the market of loanable funds.Loanable funds are the…
Q: 1. For each of the cost functions given below, do the following things: C(T) = = 10 + 2T. C(T) =…
A:
Q: Smith and Co. has to choose between two mutually exclusive projects. If it chooses project A, Smith…
A: NPV Difference:Subtract the NPV of Project B (step 6) from the total NPV of Project A (step…
Q: How to control anxiety? Content or Delivery? What matters more to your audience? What Causes…
A: Controlling anxiety isn't a one-size-fits-all solution; it requires a comprehensive understanding of…
Q: Consider the decisions of a representative consumer whose preferences are given by u(C, 1) = C+ Bl₁,…
A:
Q: A new bottling machine will cost $25,000 initially. The machine will produce after-tax cash flows of…
A: Calculating the Payback Period of Project:-YearCash Flows of Project ($)Cummulative Cash Flows of…
Q: Time left 1:53:42 Fill in the missing words: After 2011 when the commodity prices declined, rising…
A: 1. Internal conflicts in Burundi: Burundi has experienced recurring internal conflicts, including…
Q: TOTAL COST AND REVENUE (Dollars) 100 Total Cost ם Total Revenue 75 50 -25 A 50 0 1 2 5 QUANTITY…
A: The first graph shows the total cost, total revenue, and profit curves for a firm (likely a small…
Q: If the price index rises from 100 to 120, then the purchasing power of the dollar will fall by about…
A: You can use the following formula, based on the information given, to determine the change in…
Q: You are given the following data for your firm, which sells a patented super-absorbent cleaning…
A:
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Key references:In a competitive market, firms aim to maximize profits. If the good produced is…
Q: Raya has 80 hours per week that she can devote to time spent working or on leisure activities.…
A: Step 1: Step 2: Step 3: Step 4: Hope you understand if you have any query then raise it Please do…
Q: A company has total revenue of $50,000,000, cost of sales of $40,000,000, operating expenses of…
A: Step 1:We have to calculate the earnings per share.The formula of earnings per share:Earnings per…
Q: What is the term used to describe the situation where the price of a good or service increases as…
A: Equilibrium refers to a state of balance or stability in a market where the quantity demanded of a…
Q: 14.7 The University Resume Service has just invested $8,000 in a new desktop pub- lishing system.…
A: Calculating Economic Service Life of Desktop Publishing System (Detailed)We can't directly solve for…
Q: 12. If the tax multiplier is -6 and taxes are reduced by $100 billion, output: (A) falls by $100…
A: The tax multiplier is a concept in economics that measures the impact of changes in taxes on overall…
Q: 4. The following incomplete table shows a firm's various costs of producing up to 6 units of output.…
A: Approach to solving the question:We will calculate the values of table using formulas:Total cost =…
Q: A major South African city generates electricity and sells it to its consumers. The city faces…
A: Let's break down the efficiency arguments in favor of and against renewable energy generation in…
Q: Please check the answer and add explanation properly for all parts
A: 1. Look at the highest demand and the highest price with that demand. For adults, highest demand is…
Q: x+2y= 6
A:
Q: Draw a graph showing how demand for medical care changes under health insurance where the insurance…
A: Demand Elasticity in the Case of Medical Care:The affordability and price of medical care in the…
Q: This problem considers the decisions of a consumer whose preferences are given by u(C,1)=C+4 lnl, in…
A: cTo find the optimal number of hours of work, we need to maximize the utility function subject to…
Q: Bradford is a small town that currently has no fast-food restaurants. McDonald's and Burger King are…
A: Scenarios for Burger KingIf McDonald's Builds a Large Store:Enter the Market: Burger King earns a…
Q: Fairfield Properties owns real property that is MACRS depreciated with n = 39 years. They paid $3.4…
A: The MACRS depreciation period for real property is 39 years, which means each year, a portion of the…
Q: Suppose that the jackfruit industry is initially operating in long-run equilibrium at a price level…
A: Move the supply curve to the right as well to show the long-term consequences. The junction of the…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: a). As per the given data Exchange Table is as follows: Distribution Of output From Purchase…
Q: Identify the estimated simple linear regression equation. Answer O y = Bo+B1x1 + ẞ2x2 + € Oy Bo+B1x…
A: The estimated simple linear regression equation is typically represented as:y^=b0+b1xWhere:y^…
Q: 3. Suppose that business travelers and vacationers have the following demand for airline tickets…
A: a. Elasticity calculations:For business travelers: The demand is inelastic, with elasticity…
Q: Yatta Net International has manufacturing, distribution, retail, and consulting divisions. Projects…
A: Managers typically deal with within-firm risk and beta risk when evaluating potential projects in a…
Q: In 2005, the nominal interest rate on bonds was 5 percent a year and the real interest rate was 2…
A: When bonds were issued in 2005, the nominal interest rate was 5% per year, although the actual…
Q: Use the frequency distribution shown below to construct an expanded frequency distribution. High…
A: Step 1: State the given table: Step 2: Create a table with headers of Class, Frequency, Midpoint,…
Q: Explain difference between; 1.Microeconomics and macroeconomics 2.Positive and Normative economics
A: 1. Microeconomics and macroeconomics are two branches of economics that analyse different levels of…
Q: 3. Problems and Applications Q3 Some states exclude necessities, such as food and clothing, from…
A: 1. Excluding food and clothing from sales tax is progressive / beneficial because it helps alter the…
Q: based on the information in the table what is marla's profit margin? marla's smoothie shop total…
A: To calculate Marla's profit margin, we first need to find her profit, which is the difference…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Step 1:Step 2:Step 3:Step 4:
Q: The answer should be typed.
A: A competitive market for rhenium is given. The supply curve shows the range of quantities that a…
Q: Until recently, the standard hours worked per week for a worker in Korea was 50 hours. The…
A: Korean employers oppose the 44-hour workweek due to concerns about increased labor costs,…
Q: Bonnie regularly lets her boyfriend drive her car whenever they go on a date. Yesterday, he caused…
A: Here's why:Unlisted Drivers: Most insurance policies don't automatically cover accidents caused by…
Q: Two essential elements of any monetary system are the establishment of i. an accepted means of…
A: 1. Accepted Means of Payment:Imagine a world without money. Trading everything would be…
Q: P MC P1 P2 P3 h a b cd e f g ad Q1 Q2 D S Consider the above diagram representing the market for…
A: If there is only one employer in a small town, there is a monopsony.The monopsonist will only hire…
Q: The following graph shows the marginal revenue (MR) and marginal cost (MC) curves of an imperfectly…
A: Marginal cost - the change in total production cost that comes from making or producing one…
Q: The Federal Debt Reduction Commission recommended that both mortgage-related subsidies and tax…
A: The proposal by the Obama administration to eliminate Fannie Mae and Freddie Mac, while leaving tax…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Start with an introduction by directing giving the answer for easy reading.Then, defend your answers…
Q: A situation in which the Marginal Social Cost is greater than the Marginal Private Cost is a.…
A: The cost incurred by people who produce a good or service to produce a new unit is known as the…
Q: Gotcha, the only seller of stun guns, faces the inverse market demand curve, P = 400 - 120, where Q…
A: Step 1:To solve this problem, let's first determine the market output under the cartel agreement.The…
Q: Suppose the utility function of a representative consumer in Europe is !(#, %) = 6)*+# + )*+%, where…
A: REFERENCEArmstrong, W. E. (1939). The determinateness of the utility function. The Economic Journal,…
Q: Year Real GDP Population 1 $2,000 200 2 2,080 202 3 2,100 210 Between years 1 and 2, real GDP grew…
A: Let's simplify the explanation: To find the growth rate of real GDP between years 1 and 2 in Alta,…
Q: Question ONE Suppose the Zambian legislature passes a law requiring that 1 billion Kwacha a year be…
A: (a) The governor should fix the tax rates on items X and Y so that the tax burden is heavier on the…
Q: Figure 5.6 shows a vertical demand curve. The price elasticity of demand in the figure below is…
A: A vertical straight line demand curve parallel to Y-axis shows no change in the demand irrespective…
Step by step
Solved in 2 steps
- 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?The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? = 40 − 0.25? Supply: ? = 5 + 0.05? Marginal cost: −20 +4? a) The short-run level of output is ___________ metres.[1] 40.00[2] 5.05[3] 35.30[4] 20.00[5] 7.71Q) The short-run market demand andsupply for Kente cloth are expressed as follows:Demand: ? = 40−0.25?Supply: ? = 5+0.05?Marginal cost: −20 +4? a)The short-run level of output is ___________ metres.[1] 40.00[2] 5.05[3] 35.30[4] 20.00[5] 7.71
- a. At a product price of $56.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Profit- maximizing output = 8 units per firm (iii) What economic profit or loss will the firm realize per unit of output? Profit per unit = $ 62.96 b. At a product price of $41.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Profit-maximizing output = 6 units per firm (iii) What economic profit or loss will the firm realize per unit of output? Loss per unit = $ 39 c. At a product price of $32.00 (i) Will this firm produce in the short run? No (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Non applicable output = 0 units per firm iii) What economic profit or loss will the firm realize per unit of output? Total…New taskFor a producer under complete competition, the following production function applies. Q = F (K, L) = KL where Q is the size of production, K is the size of the capital investment and L is the amount of labor. Assume that the price of capital, r, is 5 and that the salary, w, is 10. a) Assume initially that the capital is locked at 4 units. How much labor will the producer use to produce 50 units of the final product? What will be the total cost of producing these 50 units? b) For the production function above applies The marginal product for work MPL = K The marginal product for capital MPK = L Enter the cost-minimizing combination of capital and labor in the production of 50 units. Also enter the size of the costs. c) Write down the equation for the isocost line for the manufacturerSuppose LA.Banana employs workers to harvest bananas. Answer the following questions using the information provided below: Quantity of labour: 0 labour 1 labour 2 labour 3 labour 4 labour 5 labour 6 labour Units of Output: 0 banana 16 banana 21 banana 25 banana 31 banana 36 banana 40 banana a.) Calculate the marginal product of labor, the value of the marginal product of labor, and the marginal profit ,suppose a fully competitive company, LA"Banana, where wages are fixed at $800 and each banana (output) sells for $20.
- Suppose a perfectly competitive firm uses labor and capital to produce. In the short run, the quantity of labor is variable and the quantity of capital is fixed. The cost curve estimated by the manufacturer based on capital and labor is: *EQUATION ATTACH AS PHOTO, a. What is the lowest price the manufacturer expects in the long run?b. If factors prices remain constant, what is the lowest product price that firms will continue to operate in the short run?c. If the product price is $120 , how many products will the manufacturer produce in the short run?Consider a perfectly newspaper market with identical firms, each with the usual shaped cost curves. (1) The government imposes a (permanent) $2 per-newspaper subsidy on the market. What is the impact of the subsidy on the newspaper market? Make sure to distinguish between the short-run and the long-run impacts. (2) If demand permanently decreases, what is the impact on the newspaper market? Make sure to distinguish between the short-run and the long-run impacts.a) Find the long run equilibrium price. Find the minimum efficient scale of the typical firm. Find the typical firm’s average cost when it operates at minimum efficient scale. In the long run, what price will prevail in this market? In words, clearly justify your answer. Suppose demand is QD = 3,200 – 100P. (b) Explain why you expect the number of firms in this market to be fifty-five. In this market, what is the short run supply function of the typical firm? What is the short run market supply function? Suppose the local government introduced a $90 licensing fee that raised the fixed cost from $160 to $250. c) Would the introduction of the licensing fee affect the short run equilibrium price or quantity? Justify your answer? Clearly explain why you expect that in the long run fewer larger firms will operate in this market. After the introduction of the licensing fee, what is the new long run equilibrium price? How many firms will survive in this market?
- Please help ASAP What is the firm's fixed cost? What is the profit-maximizing level of output? Given that half of the fixed cost is avoidable and the firm produces at the optimal level of output, what is the firm's avoidable cost? Should the firm shut down its production? yes or noThe following table gives information about a firm’s short-run cost function in a perfectly competitive industry – candy manufacturing. a) What quantity will the firm supply when price of candy is $2? When price is $5? When price is $8? b) Consider the case where price = $2. Suppose that you have been renting capital (a candy-making machine) for a long time under a long-run capital rental agreement, but now the rental contract is about to expire. Should you renew your capital rental contract or not? Explain why or why not. How would your answer change if price is $5? How would your answer change if price is $8? Quantity Total Cost Average Variable Cost Average Total Cost Marginal Cost 0 10 1 15 5 15 5 2 17 3.5 8.5 2 3 18 2.66667 6 1 4 20 2.5 5 2 5 25 3 5 5 6 33 3.83333 5.5 8A Milton company works in perfect competition market, its total cost curve in short run is given in this function: TC = 200 − 4Q + 0.5Q2 a. What output level should the firm produce to maximize profit? knowing that averagerevenue is $10. b. What is the firm profit at this level of output?>>>>>>>>>>>>>>>>>>>>>>>>>>>>Suppose the production function for high quality brandy is given by : Q = √KLWhere q is the output of brandy per week and L is labor hours per week ., in the short run K is fixed at 100, so the short run production function is Q = 10√L a. If the capital rents for 10$ and the wage are 5$per hour ., write the short run total cost function. b. How much will the firm produce at a price of 20$ per bottles of brandy ? c. How many labor hours will be hired per week?…