Q: Lilly's Apple Orchard Quantity of Apples (bushels) VC 40 70 80 130 190 260 340 430 Use Table:…
A: Q(output) Fixed cost Variable cost Total cost Marinal cost (TCn - TCn(n-1) TR = $35*Q Profit…
Q: for the profit of a firm to be maximum?
A: To find : First order condition.
Q: After a campus pub increases its output from 3 kegs of beer per day to 11 kegs of beer per day, its…
A: (a) Marginal resource cost, (MRC)= $(550-135)/ (11-3) = 415/8 =$ 51.87
Q: Suppose it costs c(x) = x³ – 6x? + 15x dollars to produce x radiators when 8 to 10 radiators are…
A: Marginal revenue is the additional revenue earned from the sale of an extra unit of output. Marginal…
Q: The demand and total profit function, P(x) for rooms in a hotel are given as follows. 3x = 600 - P…
A: Marginal cost is the additional cost incurred by producing an additional unit of output.
Q: Suppose Sam sells apples, picked from his apple tree, in a competitive market. Assume all apples are…
A: a) Marginal cost is expanding/increasing as an ever-increasing number of variable input sources are…
Q: Should the Marginal revenue exceed the marginal cost? Why?
A: The firm is said to be in equilibrium when it has no tendency to increase or decrease its output. If…
Q: If the price of the good is 0.70$ And the firm is producing 100 units what would the profit be -10 5…
A: Marginal cost alludes to the extra expense to produce each extra unit. Average total cost is the…
Q: Suppose firm A charges $10 for its product. The marginal cost of producing each unit of the product…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.
Q: 1. The total cost of producing a quantity q is C(q). The average cost a(q) is given in figure below.…
A: C’ (q 0) is the marginal cost for any q 0. The line t 2 has slope twice than that of line t 1.
Q: OSee Hint The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity…
A: The profit can be calculated by deducting total cost from total revenue as follows:
Q: The answer in the textbook says when x>5 how do you get that ?
A:
Q: H) The lona College intern suggests that the company should increase the number of sweatshirts it…
A:
Q: rginal cost of s
A: Answer To calculate marginal cost, we are going to use the formula: MARGINAL cost = modification…
Q: the marginal cost of production for laplops and printers is zero. arge only individual prices (not…
A: Question solved below,
Q: The cost (in dollars) of producing x corkboards is given by x2+20x+500, while the price (in dollars)…
A: Profit is the difference between total revenue and total cost. Marginal profit is the additional…
Q: Clubs often do some buying and selling during fundraisers, working with a vendor to make mugs,…
A: a) (1) T-shirts to buy 288 @4.58 dollar Therefore total cost = 288×4.58 = $1319.04 T-shirts to sold…
Q: Johnson’s pig farm faces a demand curve given by Q = 40 – 2P and has a constant marginal and average…
A: Answer: Given, Demand function: Q=40-2P Average cost=Marginal cost= $15.50 Let us convert the demand…
Q: Francis wants to buy some paintings for their store to make it feel more classy. Francis would need…
A: Answer: Correct option: option (a) Explanation: Francis would count this as an explicit cost of…
Q: A toy manufacturer's cost for producing q units of a game is given by C(q) = 1450 + 3.6g + 0.0006g.…
A: p = 8.6 - (1/440)q p = 8.6 - 0.0023q TR = pq = (8.6 - 0.0023q)q = 8.6q -0.0023q2 TC = 1450…
Q: Question 8 The marginal cost function for a good is given by MC = -Q² + 80Q. Find the total cost…
A: Given: Marginal cost function: MC=-Q2+80Q Fixed cost = 500
Q: A company is the sole producer of holographic TVs. The daily demand for these TVs is Q=10,200 -…
A: A company is the sole producer of holographic TVs. The daily demand for these TVs is…
Q: A manufacturer knows that: His TR is given by Revenue = 23Q – Q2…
A: The point where the marginal revenue is equal to the marginal cost is the point of profit…
Q: The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in…
A: Producer surplus(PS) is the total area under the price(P) level and above the Marginal Cost(MC)…
Q: Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has…
A: Marginal gain or additional gain for every hour is the amount of gain achieved during that hour.…
Q: Hi! Can you help me with the question below? Northside Social (NS) sells cups of coffee and amazing…
A: The elastic demand shows the responsiveness of quantity demand for a good when its price changes.…
Q: Why must the marginal revenue be equal to the marginal cost for a producer? Explain.
A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…
Q: Consider that your profit-maximizing quantity of 300 can be produced at an average cost per unit of…
A: Ans in step 2
Q: Suppose the graph depicts the marginal cost (MC) curves of two profit maximizing Texas cotton…
A: In perfectly competitive market, The price curve is horizontal line and the firms sell output at the…
Q: 100 90 70 ATC 30 AVC 20 MCO 10 10 20 40 s0 100 QUANTITY (Thousands of jackets) For each price in the…
A: Perfect Competition refers to the form of market in which there is a large number of buyers and…
Q: a. If the market price is $15, what is the revenue at output equal to 4 units? b. What is the total…
A: In a perfectly competitive market, the firms are price taker. In a competitive market, no single…
Q: A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but…
A: Unit cost of painting means Average cost of painting or Minimum of ATC . ATC = Cost / q
Q: Define the excess capacity and calculate it from a graph. Define a mark-up and calculate it from a…
A: Solution: Capacity Excess: It refers to the difference between optimum output and the output…
Q: Question 6 Emma S. and Madelyn G. charge people to park on their lawn while attending a nearby craft…
A: * ANSWER :- (6) From the given information the answer and explanation is provided as follows…
Q: A Lyft driver has the short-run costs below, what is the fixed cost? What is the marginal cost of…
A: Fixed Cost remains same at all units of output Marginal Cost = Change in Total Cost / Change in…
Q: nsidering putting on a special one-time screening of a new movie. This screening sa fixed cost of…
A: Price Discrimination is a procedure that organizations use to boost income by charging clients…
Q: What is the marginal cost forumla for TC= 10+5Q?
A: We know well that the Marginal cost is given as the ratio of change in total cost by change in…
Q: Question 7 If a seller's marginal cost is MC-15+4Q, calculate the seller's total cost (TCC) of…
A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…
Q: he table below shows the marginal benefit that Khaled earns from keeping his store open one nore…
A: (1) If marginal benefit > marginal cost, then increase the production till marginal benefit and…
Q: Use the following table to answer Questions 4-6. The blank columns are provided for yor workspace…
A: Total revenue is price multiplied by quantity. Marginal revenue is change in total revenue with…
Q: Price (dollars per soda) 2.50 2.00 1.50 1,00 0.50 Market Price 0 5 10 15 20 25 Quantity (thousands…
A: The measure that depicts various quantities of goods and services being demanded at various levels…
Q: Only one firm able to produce profitably in a market given demand and costs describes a ____?
A: A monopoly market's features enable the sole seller both the market operator and the value creator.
Q: |shirts. When he does this, the marginal cost of the last shirt he produces is s Musashi's profit is…
A: Key Points: Before proceeding, it is necessary to note that the given condition is of a perfectly…
Q: he marginal cost of CO2 plants is given by: MC = 1,500,000 + 30,000 * Q Make a graphic illustration…
A: MC = 1,500,000 + 30,000 * Q At Q> or = 15, MR = -293,600Q + 6,602,000 At Q <15, MR = -…
Q: When we know that the firms must be producing at the minimum point of the average cost curve and so…
A: To find : When will be productive efficiency.
What is the total profit of cleaning five driveways if the price mr plow can charge is $10 per driveway?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Suppose the cost of flying (operating) a 300-seat plane from Washington D.C. to New York City for Delta airline is $35,000. The average price for each ticket sold is $200. There are 10 empty seats on a flight tonight. If the marginal cost of having one customer is $50, Delta airline should a. sell the last 10 seats at $40 per ticket to fill up the cabin. b. not sell the last 10 seats for anything lower than $200 per seat c. sell the last 10 seats for at least $50 per seat d. not sell any extra ticket for that flight because they have made enough money from that flight alreadyA firm produces 220 units of a good which cost an average of £8.25 each to produceand sells them at a price of £9.95. What is its total profit?In order to produce a new product, a firm must lease new equipment. The managers feel that they can sell 10,000 units per year at a price of $7.50. If the variable cost of production is $5.00 per unit, what is the most the firm can spend to lease the new equipment without losing money?
- What is the maximum weekly profit? What is the wholesale price per sleeping bag that should be charged to realize the maximum weekly profit?Do you work as an assistant coach on the University swim team and earn $15 an hour when they decide to skip the hour long practice and go to the Local carnival instead which has an admission fee of $9?At a market price of $5 your artisanal pencil business maximizes profits by producing 484 pencils per day. When you produce this quantity of pencils per day, your average cost per unit is $4. What is your total revenue per day? $ What is your total cost per day? $ What is your daily profit? $
- In 2018, pop star Drake was downloaded twice as often as Cardi B. However, downloads for both these artists sold for the same price on Apple’s iTunes store. Does this suggest that Apple is failing to maximize profits? Use a picture or pictures to answer. You can make a reasonable assumption that the marginal cost to Apple of supplying a download is a constant $0.25.A manufacturer knows that: His TR is given by Revenue = 23Q – Q2 His total cost of production is; Cost = 36 + 2Q + 0.1Q2 Where Q is the weekly production in thousands a) Economists define MR as the rate of change of Total revenue. Derive an expression for Marginal Revenue (MR) b) How do you think Economists’ would define ‘Marginal Cost’? Derive an expression for marginal Cost (MC) c) What output will make marginal Revenue equal Marginal cost?A friend of mine is an artist. She mostly paints landscape pictures. They take a bit of time, but are generally worth it. She can paint as many as 100 per year. The total cost is , C(X) = 10 + 0.5x + 0.01x^2 where x is the number of paintings. I am told that the demand for her paintings is given by Q(P) = 100 – .01P, where P is the price in dollars for painting. Question: How many paintings would minimize the unit cost of production and what would the cost be?
- Creamy Crisp's total economic costs areLet's say there is demand in a market. The unit cost of production of the good is fixed and is at level 3. If you had a technology that could reduce this cost to 1, how much would you sell the pantent of the technology you have? (Hint: How much does society spend to get the technology you have?)Consider that your profit-maximizing quantity of 200 can be produced at an average cost per unit of $12 and sold for a market price of $20. What is your profit per unit? $ What is your total profit? $
