Homework Answers
Answer : Marginal cost of calculating 3rd donut = Change in total cost / Change in quantity = 2.25-1.5/ 3-2= $0.75
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Each donut that you consume for breakfast costs $.75. The first donut gives you 2.00 worth...
Assume that you receive $18 worth of pleasure from the first hole of golf played, and...
Assume that you receive $18 worth of pleasure from the first hole of golf played, and your additional pleasure from subsequent holes drops $1 for each hole played. If the flat entry fee is $10 and the cost per hole played is $0.1, how many holes of golf will you play? Explain using the graph.
Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20...
Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. Which of the following is a true statement? At an output of 20 the total cost is $20. Average total cost at an output of 50 is 11. Average fixed cost is 10 when output is 45. Marginal...
Q16 Homework Unanswered Assume fixed costs are 470 and labor costs $20 per unit. The first...
Q16 Homework Unanswered Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. Which of the following is a true statement? At an output of 20 the total cost is $20. A Average total cost at an output of 50 is 11. Average fixed cost is 10 when...
Find the present worth at time 0 of the chrome plating costs shown in the cash...
Find the present worth at time 0 of the chrome plating costs shown in the cash flow diagram. Assume i = 9% per year. P=? d 1 2 3 4 5 year 1000 1200 1400 1600 1800 2000 The present worth of the chrome plating is determined to be $ O . The City of San Antonio is considering various options for providing water in its 50-year plan, including desalting. One brackish aquifer is expected to yield desalted water that...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Alicia’s Apple Pies is a roadside business. Alicia must pay $9.00 in rent each day. In...
Alicia’s Apple Pies is a roadside business. Alicia must pay $9.00 in rent each day. In addition, it costs her $1.00 to produce the first pie of the day, and each subsequent pie costs 50% more to produce than the one before. For example, the second pie costs $1.00 × 1.5 = $1.50 to produce, and so on. 1. Calculate Alicia’s marginal cost, variable cost, average total cost, average variable cost, and average fixed cost as her daily pie output...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
4. What is the opportunity cost in each of the following situations? You do not need...
4. What is the opportunity cost in each of the following situations? You do not need to explain your answer, but you should be as precise as possible. (14%) a) "I have an option between three jobs: I can work as a professor and make $150,000 per year, I can work as a consultant and make $200,000 per year, or I can work as an investment banker and make $300,000 per year. If I choose to work as a professor,...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Hannah in giving haircuts is her time. As she gives more haircuts, Hannah must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If...
You want to produce three 2.00-mm diameter cylindrical wires, each with a resistance of 4.00 Ω...
You want to produce three 2.00-mm diameter cylindrical wires, each with a resistance of 4.00 Ω at room temperature. One wire is gold, one is copper, and one is aluminum. What will be the length of the gold wire? What will be the length of the copper wire? What will be the length of the aluminum wire? Gold has a density of 1.93 ×× 1044 kg/m3kg/m3. What will be the mass of the gold wire? If gold is currently worth...
Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. Which of the following is a true statement? At an output of 20 the total cost is $20. Average total cost at an output of 50 is 11. Average fixed cost is 10 when output is 45. Marginal...
Q16 Homework Unanswered Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. Which of the following is a true statement? At an output of 20 the total cost is $20. A Average total cost at an output of 50 is 11. Average fixed cost is 10 when...
Find the present worth at time 0 of the chrome plating costs shown in the cash flow diagram. Assume i = 9% per year. P=? d 1 2 3 4 5 year 1000 1200 1400 1600 1800 2000 The present worth of the chrome plating is determined to be $ O . The City of San Antonio is considering various options for providing water in its 50-year plan, including desalting. One brackish aquifer is expected to yield desalted water that...
Suppose Kate gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Kate is her time. As she gives more haircuts, Kate must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
Suppose Latasha gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Latasha is her time. As she gives more haircuts, Latasha must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives...
4. What is the opportunity cost in each of the following situations? You do not need to explain your answer, but you should be as precise as possible. (14%) a) "I have an option between three jobs: I can work as a professor and make $150,000 per year, I can work as a consultant and make $200,000 per year, or I can work as an investment banker and make $300,000 per year. If I choose to work as a professor,...
1. Profit maximization Suppose Hannah gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Hannah in giving haircuts is her time. As she gives more haircuts, Hannah must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If...
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