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- The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts for a local arts festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $20 — 1 26 $ 2 29 3 30 4 33 5 39 6 48 b. What is the total cost of producing 5 tie-dyed t-shirts? $ c. What is the marginal cost of producing the 5th tie-dyed t-shirt? $3. Philo T. Farmsworth is a corn farmer with a 40-acre tract of land. Each acre can produce 100 bushels of corn. The cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is $10,000. In May, when corn is selling for $10 per bushel, Philo plants his crop. In September the price of corn has fallen to $2 per bushel. What should Philo do? Explain, assuming that there are no costs involved with bringing the corn to market to sell. can someone explain how they answered this Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts for a local arts festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $15 — 1 18 $ 2 20 3 21 4 24 5 29 6 36 b. Graph the marginal cost curve for producing tie-dyed t-shirts. Instructions: Use the tool provided 'Marginal Cost' to plot the line point by point (6 points total). Plot from 1 to 6 units of output. c. What is the total cost of producing 5 tie-dyed t-shirts? $ d. What is the marginal cost of producing the 5th tie-dyed t-shirt? $
- Only typed answer and please don't use chatgpt 10) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.The table below shows Crystal's total cost of producing different quantities of tie-dyed t-shirts for a local festival. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output Total Cost (dollars) Marginal Cost (dollars) 0 $15 - 1 18 $ ________ 2 20 _________ 3 21 _________ 4 24 _________ 5 29 _________ 6 36 __________ b. Graph the marginal cost curve for producing tie-dyed t-shirts. Instructions: Use the tool provided "Marginal Cost" to plot the line point by point (6 points total). Plot from 1 to 6 units of…USE THE GRAPH TO ANSWER THE FOLLOWING QUESTIONS: (IF REQUIRED, USE THE DISCREET NUMBER OF BARRELS). ANSWERS IN WHOLE NUMBER a. How many barrels of natural-organic oil reflect the lowest minimum average variable cost?b. How much is the price of the natural-organic oil per barrel?c. How much is the fixed cost to produce the natural-organic oil?d. How many barrels of natural-organic oil should the firm produce to maximize its profit?e. At what production level would the marginal cost exceed the average cost?
- Which of points A–E is the most efficient? Explain.QUESTION 15 Use the following table and use your previous calculations at what quantity of output does marginal cost = average variable cost and marginal cost = average total cost Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 20/40 of output MC = AVC between 10/30 of output b. MC = ATC at 40 of output MC = AVC at 20 of output c. MC = ATC at 30 of output MC = AVC at 10 of output d. MC = ATC between 10/20 of output MC = AVC between 30/40 of output e. MC = ATC between 30/40 of output MC = AVC between 10/20 of outputMonique has a flock of six chickens in her backyard that she initially bought for $6 each. Theflock currently lays 20 eggs per week, which Monique and her family consume at home, andher current cost of feed is $2 per week. Monique has a job that pays $8/hour with flexiblehours, but she is thinking of selling her chickens’ eggs to earn extra income. To start sellingeggs, she would need to increase production to 30 eggs per week. She can do this by increasingthe chickens’ feed to $3 per week and taking an hour off work each week to devote to chickenrearing. If the market price of her farm-fresh eggs is $1 per egg, what would be Monique’sweekly economic profits from selling her chickens’ eggs? (Select one from below) (a) −$9: This is her revenue minus her accounting cost.(b) −$1: This is her revenue minus her production cost.(c) $0: Eggs are a constant-cost market so producers must earn 0 profits.(d) $1: This is her revenue minus her economic cost.(e) $7: This is her revenue minus her…
- 2.The table shows the production function of jackie’s Canoe Rides: Labor Plant 1 (output) Plant2(output) Plant3(output) Plant4(output) 10 20 40 55 65 20 40 60 75 85 30 65 75 90 100 40 75 85 100 110 Canoes 10 20 30 40 Jakie Pays $100 a day for each canoe it rents and $50 a day for each canoe operator it hire Graph the ATC curves for plant 1 and Plant 2. On jackie’s LRAC curve what is the average cost of producing 40, 75 and 85 rides a week? What is jackie’s minimum efficient scale?Briefly explain (a) Why the producer prefers stage 2 in production process.Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
