Homework Answers
Answer : The answer is option C.
Here the firm's profit maximizing condition is P (Price) = MC. Here at quantity level of 4 pounds P = MC = $16 occurs. Therefore, here the farmer will produce 4 pounds. So, option C is correct.
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Consider the following table, showing the total cost of producing strawberries on a small plot of...
Question Completion Status: ion Status: Consider the following table, showing the total cost of producing strawberries...
Question Completion Status: ion Status: Consider the following table, showing the total cost of producing strawberries on a small plot of land in Mexico Pounds of Strawberries O Total Costs (Pesos) 18 22 2 3 28 36 52 70 The Marginal Cost Schedule is Pounds of Strawberries Total Costs Marginal Cost The Marginal Cost Schedule is Pounds of Strawberries Total Costs (Pesos) Marginal Cost 18 22 28 36 52 16 18 70 14 points Suppose the price of 1 pound...
Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices
4. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor (Number of workers)Output (Pounds of strawberries)0019217324430535Suppose that the market wage for strawberry pickers is $100 per worker per day, and the price of strawberries is $18 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when...
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility...
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility Consumed Utility No л домео van AWNO Assume that strawberries cost $1 and apples cost $2. If a consumer has $16, the bundle of goods that would maximize his utility per dollar and remain within his budget would be O 7 strawberries and 7 apples. 6 strawberries and 5 apples. 4 strawberries and 2 apples. 4 strawberries and 6 apples. 2 strawberries and 7...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production...
Consider total cost and total revenue given in the table below:
. Consider total cost and total revenue given in the table below:QUANTITY 0 1 2 3 4 5 6 7Total cost $8 $9 $10 $11 $13 $19 $27 $37Total revenue 0 8 16 24 32 40 48 56a. Calculate profit for each quantity. How much should the firm produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should...
Consider total cost and total revenue, given in the following table: In the final column, enter...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions....
Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions. Instructions: Enter your responses as whole numbers. Indicate negative responses with a (-) negative sign. Marginal Cost Output (units) Total Cost 10 $50 11 52 2 12 56 4 13 62 $ 14 70 15 80 10 $ 16 92 12 106 17 14 $ 18 122 16 $ 19 140 18 a. If the prevailing market price is $12 per unit how much...
The data in the table to the right give the total cost, C, and marginal cost,...
The data in the table to the right give the total cost, C, and marginal cost, MC, for a firm at each possible level of output, q. (Enter all numeric responses using integers.) с MC Olo 100 What is marginal revenue when the market price is $62? 1 150 50 MR = $ 62. 2 178 28 3 198 20 What is marginal revenue when market price is $52? 4 212 14 MR = $ 52 5 230 18 6...
Paulina sells beef in a competitive market where the price is $7 per pound. Her total revenue and total costs are given...
Paulina sells beef in a competitive market where the price is $7 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lbs.) Total revenue ($) Total cost ($) Profit ($) Marginal revenue ($) Marginal cost (5) Marginal profit ($) 1 14 21 28 12 18 25 T Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. a. Fill out the table. b. At what quantity does...
5. Consider total cost and total revenue given in the following table:
5. Consider total cost and total revenue given in the following table: a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2/½.) c. At what quantity do the curves in part b cross? How does this relate to your answer to part a.? d. Can you...
Question Completion Status: ion Status: Consider the following table, showing the total cost of producing strawberries on a small plot of land in Mexico Pounds of Strawberries O Total Costs (Pesos) 18 22 2 3 28 36 52 70 The Marginal Cost Schedule is Pounds of Strawberries Total Costs Marginal Cost The Marginal Cost Schedule is Pounds of Strawberries Total Costs (Pesos) Marginal Cost 18 22 28 36 52 16 18 70 14 points Suppose the price of 1 pound...
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility Consumed Utility No л домео van AWNO Assume that strawberries cost $1 and apples cost $2. If a consumer has $16, the bundle of goods that would maximize his utility per dollar and remain within his budget would be O 7 strawberries and 7 apples. 6 strawberries and 5 apples. 4 strawberries and 2 apples. 4 strawberries and 6 apples. 2 strawberries and 7...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
Given the following information about a competitive firm's costs, calculate marginal cost and answer four questions. Instructions: Enter your responses as whole numbers. Indicate negative responses with a (-) negative sign. Marginal Cost Output (units) Total Cost 10 $50 11 52 2 12 56 4 13 62 $ 14 70 15 80 10 $ 16 92 12 106 17 14 $ 18 122 16 $ 19 140 18 a. If the prevailing market price is $12 per unit how much...
The data in the table to the right give the total cost, C, and marginal cost, MC, for a firm at each possible level of output, q. (Enter all numeric responses using integers.) с MC Olo 100 What is marginal revenue when the market price is $62? 1 150 50 MR = $ 62. 2 178 28 3 198 20 What is marginal revenue when market price is $52? 4 212 14 MR = $ 52 5 230 18 6...
Paulina sells beef in a competitive market where the price is $7 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lbs.) Total revenue ($) Total cost ($) Profit ($) Marginal revenue ($) Marginal cost (5) Marginal profit ($) 1 14 21 28 12 18 25 T Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. a. Fill out the table. b. At what quantity does...
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