The table gives some of the costs of the Delicious Pie Company. The marginal cost per pie of increasing the output of pies from 100 to 200 is Total variable cost (dollars) Output (pies) 0 100 200 300 400 O $8.00 $600 O $6.00 $5.00 0 400 1,000 1,800 2,800 Total cost (dollars) 300 700 1300 2100 3100 ?
Q: In practice, true monopolies are hard find in the modern American econom- partly because of legal…
A: Antitrust laws is a collection of Federal government laws which prevent the unlawful mergers and…
Q: After having started a highly unpopular war in Europe, the president of Leninslavia can only sell…
A: Price discrimination refers to the situation when the seller of a good is able to sell the same…
Q: List and explain three strategies that can be used by the government to deal with the constraints…
A: The agricultural sector faces various types of constraints. The constraints for the farmers are of…
Q: South Asia has a lower income per capita than subSaharan Africa.” Comment on the validity of…
A: The amount of money made by each resident of a region (such as a nation, state, city, or other…
Q: An independent contractor is trying to decide whether to lease new equipment now or save his money…
A: The change in the price level is not taken into account if there is no inflation adjustment.…
Q: The owner of Tie-Dyed T-shirts, a perfectly competitive firm, has hired you to give him some…
A: In short run , A firm should shut down when the market price is less than the average variable…
Q: Keynesian economics predicts that if government policy makers deem current equilibrium real Gross…
A: Keynesian economics was introduced by renowned British economist John Maynard Keynes. His theories…
Q: In the monopolistically competitive market, we expect the firms to avoid changing the price because…
A: There are numerous sellers offering unique products to a sizable consumer base in a monopolistic…
Q: 1. Positive feedback loops 1. Consider two variables: X and Y. True or False: A positive feedback…
A: Positive feedback loops are instances where two events reinforce one another. Here, just a little…
Q: In the case where a positive externality exists, the market will provide a O Lower, higher Higher,…
A: When the production and consumption of goods and services impose a cost or benefit on society that…
Q: Each firm in the following table operates in a market of perfect competition and wants to maximize…
A: Total cost is the product of average total cost and quantity. The firm should produce when it is…
Q: From the perspective of the destination economy, "Supply Push" immigration generally results in…
A: Increase in supply means the rightward shift in supply curve. The rightward shift in supply curve…
Q: Graph this situation, then calculate the monopolist's profit-maximizing price-quantity and the…
A: The profit maximising level of output for monopolist at point where the Marginal Revenue= Marginal…
Q: Answer it correctly please. I ll rate accordingly with multiple votes. Typed answer only. In Market…
A: The Marginal product refers to the change in the total product when one additional unit of variable…
Q: True or False. Cyclical Unemployment = Frictional + Structural Unemployment. True. False.
A: A person is said to be cyclical unemployed when he/she lost a job due to economic recession. A…
Q: When there is an inflationary gap, real output exceeds the natural level of output and unemployment…
A: Real output is the actual level of output produced by a nation. Natural level of output is that…
Q: The following two figures depict the demand and supply of U.S. dollars and the demand and supply of…
A: Exchange rate refers to the rate at which the currency of one nation can be converted or change in…
Q: A piece of equipment will be DDB depreciated over an expected life of 12 years. There is a first…
A: Depreciation method: Double decline balance method: In this method, a fixed percentage of the book…
Q: The social cost of a monopoly is equal to its Question 13 options: a) fixed cost b)…
A: There is a major difference between perfect competition and monopoly. Under perfect competition, the…
Q: TRUE OR false.. The firm should shut down its operations if the total revenue cannot cover the total…
A: At a marketplace, a firm will shutdown it's business of it is unable to recover the cost incurred in…
Q: Suppose when unemployment is at its natural rate the economy produces a level of real GDP equal to…
A: The Aggregate demand/Aggregate supply model (AD-AS), which focuses on determining the equilibrium…
Q: Adverse selection is good ? like the The Affordable Care Act (Obamacare) deals with the problem of…
A: When vendors and/or purchasers have different knowledge about a certain component of a product's…
Q: In a panic, why is there an incentive for depositors to rush the bank? O Banks make money from…
A: One of the main function of bank is accepting deposits. Deposits refers to the money placed into…
Q: The nominal exchange rate is the price of one currency in terms of another currency. A nominal…
A: Exchange rate: Currency depreciation is the loss of worth of a currency in terms of another…
Q: 1. If the demand and supply functions of a good are known, the following equation shows: P-12 Q+30=0…
A: A market equilibrium is a situation where the demand and supply of goods are equal. That is a…
Q: Consider three cities with populations of 150,000 (City A), 140,000 (City B), and 10,000 (City C).…
A: Check below mention step for the solution
Q: Item Imports of goods and services Foreign investment in the United States Exports of goods and…
A: In economics, a country's current account records the value of exports and imports of both goods and…
Q: Mean variance utility defines risk using certainty equivalent wealth. The lower the certainty…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Consider two air-conditioning systems with the cash flow estimates as given below. Use AW analysis…
A: The annual worth is the net of the multitude of advantages and costs brought about more than a…
Q: 5
A: The market demand function represents the total quantity of a good demanded by all individuals at…
Q: Which of the following is not an advantage of corrective taxes? Ca. They subsidize the production of…
A: Introduction A corrective tax is a policy option that governments can use to improve a market…
Q: 1- One Suppose P=8-0.2q in each of the two periods MC in each of the two periods =$4 Supply of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The table given below represents the payoff matrix of firms A and B, when they choose to produce low…
A: Since you have asked multiple questions we are answering the first question for you. If you want…
Q: You are the manager of a firm that produces output in two plants. The demand for your firm's product…
A:
Q: Which of the FF. addresses distributional issue? A. providing scholarships to children of poor…
A: Distribution, to put it simply, means to share each person's effort. The price of production inputs…
Q: QUESTION 12 The following graph represents a cycle of Price level (GDP deflator, 2012-100) 133 125…
A: We have to find following graph represents what a cycle. We know that, costpush inflation is nothing…
Q: List 3 primary sources and 3 secondary sources supporting the argument as to why the government…
A: In this article we will be going to discuss about various considerations for eliminating the carbon…
Q: It refers to the actual or exact rate of interest earned on the principal during a one year period.…
A: There are different ways to calculating interest earned on investment in a specific year, and…
Q: Workers are generally willing to work more hours when wages increase because the opportunity cost of…
A: A worker in a given hour either use it in work or use in leisure activity. If a worker opt for a…
Q: Assume a government starts with zero debt. This government then runs an annual deficit for 29 years…
A: Government debt also known as public debt is nothing but the liabilities of the government. A…
Q: Provide one example when the monopoly power leads to a dead weight loss, and one example when it…
A: When the monopolist is not able to discriminate in the market and charges a uniform price for the…
Q: monopoly sells at a price equal to marginal revenue (P=IM) a. true b. false
A: Monopoly means single seller. Monopoly means single and poly means to sell. So Monopoly is tge sole…
Q: The long-run aggregate supply curve is horizontal at the full-employment level of real Gross…
A: Aggregate supply curve is defined as the curve which shows the relationship between price level and…
Q: Two firms are competing in an oligopoly and they can elect to either charge a high price or a low…
A: A Nash equilibrium occurs when no player has the incentive to deviate from their initial strategy,…
Q: My aunt is thinking of opening a simple café in your neighborhood. She estimates that it would cost…
A: Accounting profit will be calculated as net income or revenue minus explicit costs.. Economic profit…
Q: Best Lights wants to prevent Bright Lights from entering the light bulb market, ff Best Lights…
A: Here we are explaining the strategic actions of 2 firms where one firm already exists in the market…
Q: When the average propensity to save (APS) is 0.35, then this means people are spending 35 percent…
A: The average propensity to save is calculated by dividing saving by disposable income i.e., APS =…
Q: At a level of real disposable income of $10,000, suppose consumption is $11,000. Given this…
A: Given information: Disposable income = $10,000 Consumption = $11,0000…
Q: If the output gap is constant at minus 2 and the inflation rate has fallen from 6 percent to 5…
A: Introduction There has been a long debate on the shape of aggregate supply in economic literature.…
Q: What went economically wrong in the Central Eastern European states and in the USSR?
A: The central and eastern European includes Estonia, Hungary, Bulgaria, Czech Republic, Latvia,…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?What are diminishing marginal returns as they relate to costs?Total Costs (000s of dollars) 20 000 18 000 16 000 14 000 12 000- 10 000- 8 000 6 000 4 000 2000 0 4000 0 2000 5 1000 10 15 20 Output (golf carts per month) TC TVC Refer to the figure. How much is the total cost (TC) when the total output is zero? TFC T 25 30
- Output (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,20012 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0
- PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…Find the Total Cost, Marginal Cost, Total Revenue, Marginal Revenue, and Profit/Loss. Q TFC TVC TC MC TR MC PROFIT/LOSS 0 400 0 100 400 50 200 400 100 300 400 130 400 400 180 500 400 220 600 400 350 700 400 450 800 400 600 price of steel is P150/unitUnits of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?
- Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?The figure shows graphs of the total cost function and the total revenue function for a commodity. (Assume cost and revenue are measured in dollars.) 500 400 300 200 100 میرا 10 20 30 (a) Label each function correctly. function A -Select- function B -Select- (b) Determine the fixed costs. (c) Locate the break-even point. A B 40 50 60 Determine the number of units sold to break even. units (d) Estimate the marginal cost MC and marginal revenue MR. MC = MR-23 A West Coast refinery used the following stocks of oil in a production run of gasoline. The respective costs of these stocks are shown in the adjacent column. Barrels Unit cost Light Arabian crude oil 9,880 $79 High-sulfur Alaskan oil 49,810 55 Methyl alcohol from corn 1,420 85 Texas medium weight crude 19,050 65 The average cost per barrel is, a $62.08 b $60.87 c $59.67 d $58.50