Homework Answers
IN the short run the firm will be producing only product 2 and not product A because the revenue of product A is lower the total variable cost, the answer is "C"
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A company produces two products. FC Total Fixed costs $580 VC1- variable costs from product 1...
Question 21 A company produces two products. FC = Total Fixed costs = $580 VC1= variable...
Question 21 A company produces two products. FC = Total Fixed costs = $580 VC1= variable costs from product 1 = $820 VC2= variable costs from product 2 = $805 TR1= revenue from product 1 = $900 TR2= revenues from product 2 = $900 In the short run, what should the firm do? Produce product 1 but not 2 Produce both Produce product 2 but not 1 Produce neither « Previous Nex
TC= Total Costs FC= Fixed Costs AVC= Average Variable Costs MC= Marginal Costs
TC=
Total Costs
FC= Fixed Costs
AVC= Average Variable Costs
MC= Marginal Costs
The dicaram below ici5e quents and s ocos curves for a fem im cuneaily preduces :2 Unib . . . ana, output (Q:2) on iso cost curve 2. al costs 0, 20 fur vn,1. Tk. mwynal product of 2. a) what is the price of each unit of capital ? ustSy b) Given te informotion above, complete the fellein short-run tables for tle long-run and ㅓhe Show...
9. In the short run, a firm incurs fixed costs a) only if it incurs variable costs. b) only if it produces no output....
9. In the short run, a firm incurs fixed costs a) only if it incurs variable costs. b) only if it produces no output. c) only if it produces a positive quantity of output. d) whether it produces output or not.
You are given the following cost data: Total fixed costs are $30. q TVC 0 0...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0 1 30 2 60 3 105 4 165 5 255 6 375 If the price of output is $60, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce nothing units of output because this is where price equals ▼ average variable cost marginal cost average fixed cost ....
Question 5 1 pts Miller Corp. produces 2 products with the following characteristics: Product A $75...
Question 5 1 pts Miller Corp. produces 2 products with the following characteristics: Product A $75 Product B $60 Sales revenue Cost of goods sold: Variable costs Fixed costs Selling and administrative costs Variable costs Fixed costs Machine hours required to produce 1 unit Assuming that it can rent another machine and increase production by 8,000 machine hours, how should it use the additional machine time to maximize its income? Produce only Product A. Use 4,000 hours to produce A...
Miller Corp. produces 2 products with the following: characteristics: Product A Product B $75 $60 Sales revenue Cos...
Miller Corp. produces 2 products with the following: characteristics: Product A Product B $75 $60 Sales revenue Cost of goods sold: Variable costs Fixed costs Selling and administrative costs Variable costs Fixed costs Machine hours required to produce 1 unit Assuming that it can rent another machine and increase production by 8,000 machine hours, how should it use the additional machine time to maximize its income? Use 5,000 hours to produce A and 3,000 to produce B. Use 4,000 hours...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Fixed costs are irrelevant in the decision about whether to shut down production in the short...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170 250 If the price of output is $40, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? (Enter your response as a whole number) The firm will produce 4 units of output because this is where price equals marginal cost Total revenue is $ (Enter your response as a whole number) Total...
Question 21 A company produces two products. FC = Total Fixed costs = $580 VC1= variable costs from product 1 = $820 VC2= variable costs from product 2 = $805 TR1= revenue from product 1 = $900 TR2= revenues from product 2 = $900 In the short run, what should the firm do? Produce product 1 but not 2 Produce both Produce product 2 but not 1 Produce neither « Previous Nex
TC=
Total Costs
FC= Fixed Costs
AVC= Average Variable Costs
MC= Marginal Costs
The dicaram below ici5e quents and s ocos curves for a fem im cuneaily preduces :2 Unib . . . ana, output (Q:2) on iso cost curve 2. al costs 0, 20 fur vn,1. Tk. mwynal product of 2. a) what is the price of each unit of capital ? ustSy b) Given te informotion above, complete the fellein short-run tables for tle long-run and ㅓhe Show...
Question 5 1 pts Miller Corp. produces 2 products with the following characteristics: Product A $75 Product B $60 Sales revenue Cost of goods sold: Variable costs Fixed costs Selling and administrative costs Variable costs Fixed costs Machine hours required to produce 1 unit Assuming that it can rent another machine and increase production by 8,000 machine hours, how should it use the additional machine time to maximize its income? Produce only Product A. Use 4,000 hours to produce A...
Miller Corp. produces 2 products with the following: characteristics: Product A Product B $75 $60 Sales revenue Cost of goods sold: Variable costs Fixed costs Selling and administrative costs Variable costs Fixed costs Machine hours required to produce 1 unit Assuming that it can rent another machine and increase production by 8,000 machine hours, how should it use the additional machine time to maximize its income? Use 5,000 hours to produce A and 3,000 to produce B. Use 4,000 hours...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170 250 If the price of output is $40, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? (Enter your response as a whole number) The firm will produce 4 units of output because this is where price equals marginal cost Total revenue is $ (Enter your response as a whole number) Total...
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