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Q: You are selling ice cream bars from a cart. You sell them for $0.75 per bar. Your cost for the ice…
A: a) Price of ice cream per bar: P = $0.75 Variable cost per bar: VC = $0.30 Total fixed cost of…
Q: A local company is planning to manufacture and market a four-slice toaster. For this toaster, the…
A: Weekly Demand = 300 toasters @ $25 each and Weekly Demand = 400 toasters @ $20 each Note:- Since…
Q: One of these approaches ( ) the horizontal axis but it does not intersect it: O Total product O…
A: Total product, marginal product and average product are parts of production function which shows the…
Q: When making decisions, which of the following costs should be ignored? O average costs ) sunk costs…
A: The firm produces the goods and services and results in the cost of the production. The firm uses…
Q: TFC $0 Q (output) TVC TC AFC AVC ATC MC $10 $5 $15 $15 $16.75 2 Using the above table, the AFC, the…
A: In the given table, some of the information about different types of Cost is given.
Q: dTC = 25 + 30Q – 9Q² dQ MC = and fixed cost, FC = 55 , find the (i)total 6. Given marginal cost,…
A: According to the question MC = 25 + 30Q – 9Q^2 and FC = 55
Q: There are economies of scale in ranching, especially with regard to fencing land. Suppose that…
A: fencing cost = 11000 per mile a. total miles = 1+1+1+1 = 4 Total cost = 4 *11000 = 44000
Q: The relationship between sales (units sold) and profit is shown in the diagram below: A Quadratic…
A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…
Q: If the fixed cost of production is $100, then output will be 9 units (enter your response using an…
A: Difference between total revenue and total cost is the profit of a firm.
Q: $9 MC $8 $7 $6 АТС $5 AVC $4 $3 $2 $1 $0 1 2 3 5 Output (Q) In the diagram above, when the firm's…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.
Q: Cost of buying tomato plants are 20 cents each and a farmer sells them for 50 cents each. His fixed…
A: Fixed cost = 69 euro Variable cost = 0.20 euro/plant sales price = 0.50 euro/plant
Q: tal revenue for producing eight units of output is $48. Total revenue for producing nine units of…
A: Marginal revenue is the revenue earned when an additional unit is sold. In other words, it is the…
Q: function for the lightweight compasses is given by p = 40 – 4q where q is the number of lightweight…
A: (i) The profit is the extra revenue earned by the firm which exceeds its production cost. Its…
Q: total cost is $ c. At the optimal level of output, total revenue is $ and profit is d. If the…
A: whether it is perfect competition or imperfect competition market the condition for equilibrium is…
Q: 3. Suppose a firm has a well-behaved technology and it can produce 38 units of output using the…
A: When it comes to manufacturing decisions, the company is now constrained by technological limits. At…
Q: The following is an example of numerical variable with discrete responses Select one: O a. Price of…
A: A numerical variable with a discrete response is when the variable under study can be counted…
Q: When & firm increases its output by one unit, its average total cost (AC) decreased, this Implies…
A: When ATC is decreasing, then it means that the cost incurred to produce additional output is less…
Q: 2 The company Shirts Galore has figured its total cost of producing and selling x units of T-shirts…
A: Average cost is per unit cost of production. It is the ratio of total cost and quantity
Q: A company has cost and revenue functions, in dollars, given by C(q) = 6000 + 10g and R(q) – 12q .…
A:
Q: Complete the following table by indicating whether each point represents output combinations that…
A: A production possibility frontier is the locus of all combinations of two goods/services an economy…
Q: Profit Suppose that the total weekly cost for theproduction and sale of x bicycles is C(x) = 23x…
A: Hi. Since there are multiple questions, we will solve only the first three. Total cost (TC)= c(x)=…
Q: In the table above, what is output (Q) when L = 2? Select one: a. 55 b. 65 C. 50 d. 70
A: When labor is 2 , output will be = output at labor 1 + Marginal production = 30 + 50 = 70
Q: A company charting its profits notices that the relationship between the number of units sold, x,…
A: If the relationship between the number of units and profit is linear it can be expressed by the…
Q: An Accountant would say that total costs equal out-of-pocket costs plus opportunity cost. O True O…
A: Economic cost is the sum of out of pocket expenses and opportunity cost Accounting cost is out of…
Q: 20. What is the Marginal Cost at Q=6? a) 7.50 b) 12 c) 20 d) 25 e) 45 f) 100 Og) 120 h) 160
A: The marginal cost is the cost of manufacturing an extra unit, and it relates to the change in…
Q: (a) How can you tell if these cost curves are for the short run or the long run? (b) What does the…
A: Total costs TC equals TFC plus TVC. Total fixed costs (TFC) are the total payment of the firm on…
Q: What is the rule in using the marginal analysis in making the optimal decision? a. the optimal…
A: The additional benefits obtained from an activity are compared against the increased cost incurred…
Q: Quantity (number ofFixedVariable Total Marginal Costs Costs Costs Costs ($) units) ($) ($) ($) 1 10…
A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…
Q: See Hint Suppose you are the owner of a firm producing jelly beans. Your production costs are shown…
A: The marginal cost (MC) is the additional cost incurred in the process of producing one more unit of…
Q: Fixed cost Variable cost No. of cupcake Total cost (FC+VC) $420 $2.10 1 $422.10…
A: (I) Graph of both functions on the same coordinate axes is shown below:
Q: Complete the following table by indicating whether each point represents output combinations that…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: An entrepreneur has costs for storing and shipping materials for his manufacturing process given by…
A: Given cost function :- Or, C(k) = 10000 + 900k + 14400k-1 We have to find the value of k for which…
Q: II II 24 IV V 2$ 24 Q In Exhibit 7-13, ATC is shown by the graph labeled: OV. II. O I. OV. %3D
A: ATC means Average total cost. Average total cost is total cost divided by number of output.
Q: a. What is optimization? How does it blow up the myth about profit being a result of a mere…
A: In order to achieve the “best” design that is being relative to a set of constraints or criteria…
Q: Sarah sells tulips at her store and charges her customers $12 per dozen. She sell 20 dozen each day.…
A: Given: Price = $12 per dozen Total sales each day = 20 dozen Cost = $216 total for 240 tulips ( 1…
Q: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold for…
A: “Hey, since there are multiple subpart questions posted, we will answer the first three questions.
Q: Ratio scale: an upward-sloping Linear scale: an upward-sloping curve with increasing slope (called…
A: Gross Domestic Product (GDP) per capita => Country's GDP ÷ Total Populace. GDP per capita is…
Q: QUESTION 18 Table Average Average Average Total Fixed Variable Marginal Quantity Fixed Variable…
A: 18) F is the average total cost which is given as Average total cost= Total cost / Number of units…
Q: If AFC is $18 at a quantity of output of 200 units, and ATC is $27 at the same quantity of output,…
A: Total Cost is the total expenses incurred by producer when they produce goods and services , it…
Q: 9 The average cost of producing 10 units is Rs 30, while the average cost of producing 20 units is…
A: Given : Average cost of producing 10 units = Rs 30 Average cost of producing 20 units = Rs 20.
Q: Bob's production function is Q = x,0.338695x20.129865 where x1 = quantity of labor and x2 = quantity…
A: The average cost curve is the total cost divided by the total number of quantities produced. Both…
Q: Yummy Gummies, Inc. makes boxes of individually packaged gummies. The company has a cost function…
A: Given: C(x) =cost function C'(100) = $3.50 per box
Q: ting profit is zero. B. Economic profit is positive. C. Accounting profit is positive. D. Total…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: $20 $18 MC ATC $16 $14 $12 $10 $8 $6 $4 $2 $0 20 40 60 80 100 120 Output (Q) In the graph above, ATC…
A: ATC is an average and MC is a change of the total cost.The average changes as per the direction of…
Q: $20 $18 MC ATC $16 $14 $12 $10 $8 $6 $4 $2 $0 20 40 60 80 100 120 Output (Q) In the graph above, ATC…
A: In the given graph, it can be seen that the minimum of average total cost is at the output of 60…
Q: MC ATC 2 50 0. 40 60 80 100 120 Output (Q) e graph above, the ATC curve reaches its minimumn where:…
A: (6) OPTION B IS CORRECT Where MC is equivalent to ATC that is, at point they meet in the outline,…
Q: Attempts: Keep the Highest: 14 3. The relationship between marginal and average costs Consider the…
A: Use below formula to fill the table:
Q: In the use of the resources, it is important to any the concept of opportunity cost . Define…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
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- Answer using different graphsConsider Graph #3 again. If the firm adopts the new technology, it must be the case that the cost of adopting the new technology is:Graph #3Select one:a. Less than B+C.b. Greater than B+C.c. Less than A+B.d. Greater than A+B.Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) NOTE: the options for the blank question is this Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using _______ (once factory OR two factory OR three factory)
- I’m unsure what the formula in this example problem is asking for, in terms of how to answer a-c. Im also not positive I understand how to graph I-C and P-C curves is there a formula to follow?It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold for $4.90 each. (iv) Write an algebraic expression representing the revenue R as a function of the number of cupcakes x sold.(v) Graph both functions on the same coordinate axes.(vi) From your graph find coordinatae at which cost equals revenue.(vii) Using your graph, determine how many cupcakes need to be made to produce revenue of at least $1,029. How much profit is made for this number of cupcakes?1. A firm is said to be earning normal profit whenever:A. Accounting profit is zero.B. Economic profit is positive.C. Accounting profit is positive.D. Total revenue equals explicit and implicit costs.2. If a 10% increase in inputs results in a 20% increase in output, then the firm is said to exhibit:A. Diseconomies of scaleB. Diminishing marginal returns to scaleC. Constant returns to scaleD. Economies of scale3. Economists have traditionally attempted to avoid the trap of:A. Thinking in terms of total utility.B. Computing marginal utilityC. Making interpersonal utility comparisons.D. None of the above.4. According to the water-diamond paradoxA. Water has a lower MU than Diamond.B. Water has a higher TU than Diamond.C. Prices reflect MU and not TUD. All of the above.
- 4. Smarty’s Dish company manufactures household and commercial satellite dishes according to the production function. C(Q1, Q2) = 100 + 5Q1 + 2Q2 + .5Q1Q2 Where Q1 and Q2 are household and commercial satellite dishes produced in a day, respectively. Suppose Smarty produces 10 household dishes and 8 commercial dishes per day. Should he divide production into separate facilities? Why? a. No. The firm enjoys cost complementarities b. Yes, because the firm does not realize cost complementarities c. No, because even though the firm does not enjoy cost complementarities, it does realize economies of scope at this level of output. d. Yes, because the firm does not enjoy cost complementarities, and it does not realize economies of scope at this level of output.explain in detail and give formula Only typed solution(1). derive and sketch the optimization condition for profit maximization.
- Refer to the hypothetical problem and the instructions below. Make graphs. Do as indicated.A local company is planning to manufacture and market a four-slice toaster. For this toaster, the research department’s estimates are aweekly demand of 300 toasters at a price of $25 per toaster and a weekly demand of 400 toasters at a price of $20. The financial department’s estimates are fixed weekly costs of$5,000 and variable costs of $5 per toaster. a) Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b) Using your knowledge from Finite Math, determine the Revenue function in terms of ?. c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500 units. Interpret these results. (HINT: Consider what a positive or negative first derivative implies) d) Assume that the cost function is linear. Use the financial department’s estimates to express the cost function interms of ?. e) Determinethe Marginal costand interpret the…Modified True or False: State whether each statement is true or false. If the statement is false, briefly explain why it is so, and then restate it to make it true. h. The optimal scale of plant is the scale of plant that maximizes average cost.