ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 2.4P
To determine
Complete the table and answer the subparts.
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Question 3
A profit maximizing firm in a competitive market is currently producing 150 units of output at a price of $20. Average total cost is $8 and fixed cost is $200. What is this firm’s profit?
$1,800
$2,000
$800
$1,600
Assignment Content
Suppose a firm uses sugar in a product that you purchase. The firm vertically integrates by purchasing sugar farms that produce the sugar organically and in a way that makes it also sustainable for the environment. How would that influence your demand for that product? What other purpose than profitability might cause the firm to make this decision to vertically integrate in this way?
Your journal entry must be at least 200 words in length. No references or citations are necessary.
Question 17:
The sequence of processes required to produce and distribute a product is know as
A
Supply chain
B
Conglomeration
C
Integration
D
Process Management
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- Table 11.4 Number of Workers Total Product Product Price ($) 0 0 4 1 15 4 2 29 4 3 42 4 4 54 4 5 65 4 6 75 4 7 84 4 8 92 4 9 99 4 10 105 4 Refer to Table 11.4 for the data for a perfectly competitive firm. The first column shows the number of workers employed in production, the second column shows the total product of the firm, and the third column shows its product price. From the data in the table, it can be said that the marginal revenue product begins to decline with the second worker hired. Group of answer choices False Truearrow_forwardQuestion 1. What impact do falling input prices have on a market’s long-run supply curve? a. Falling input prices push the market supply curve to the left. b. Falling input prices push the market supply curve to the right. c. Falling input prices do not impact the market supply curve. Question 2. How can market prices fall when both the demand and supply for a good or service increase? a. Market demand would have to increase greater than market supply. b. Market supply would have to increase greater than market demand. c. Market demand and supply would have to increase by the same amount. d. None of the above.arrow_forwardTitle Case: Ford to Shutdown Australian Production by 2016 The Ford Motor Company has decided to wind down production in Australia after 85 years. The carmaker says the closure of two plants and the loss of 1,200 jobs are because of production losses and the small market. “Manufacturing is not viable for Ford in Australia for the longer term,” said Chief Executive of Ford Australia Bob Graziano. “Our locally made products continue to be unprofitable, while our imported products continue to be profitable.” Analysts estimate the company has approximately $580 million in losses in the last fiscal year, and profit fell by 72 percent. Ford’s decision in Australia follows effort to also close shop in Europe. Graziano told reporters, Australian production was no longer sustainable as it was double the costs of Europe and quadruple the costs in Asia. The average hourly manufacturing salary in Australia in 2011 was $46.29, slightly lower than in Germany but 30 percent higher than the US and…arrow_forward
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