Homework Answers
| Q | TC | MC= change in TC |
| 0 | 0 | - |
| 1 | 9 | 9 |
| 2 | 20 | 11 |
| 3 | 33 | 13 |
| 4 | 48 | 15 |
| 5 | 65 | 17 |
21. The marginal cost of the second shirt is $11. Hence,option(C) is correct.
22. According to the marginal decision rule ,if the marginal benefit is less than the marginal cost , an activity should be reduced because the optimal condition to maximize the profit is when MB=MC.Hence,option(D) is correct.
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CHAPTER 10 QUESTIONS Use the following diagram to answer the appropriate questions: Marginal Cost of Sweatshirts...
in 19. Sarah's accountant tells her that she made an accounting profit of $43,002 running a...
in 19. Sarah's accountant tells her that she made an accounting profit of $43,002 running a pottery studio in Orlando. Sarah's friend, an economist, claims Sarah lost $43,002 in economic profit running her pottery studio. This means her friend is claiming that she incurred _ costs. A. $86,004; explicit B. $43,002; implicit C. $43,002; explicit D. $86,004; implicit 20. You decide to quit your $60,000 per year job as an information technology specialist and illustrate children's books. At the end...
Use the graph below to answer the following questions: At 200 units of the activity, marginal...
Use the graph below to answer the following questions:
At 200 units of the activity, marginal benefit is $__________
and marginal cost is $__________. Adding the 200th unit of the
activity causes net benefit to __________ (increase, decrease) by
$__________. At 700 units of the activity, marginal benefit is
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Complete the following table and answer the accompanying questions Contral total Cost C( Benefits N(O) Benefit...
Complete the following table and answer the accompanying questions Contral total Cost C( Benefits N(O) Benefit MC Marginal Ret BeneFit MNB MC 1,209 1,400 1,590 10e 101 102 103 104 105 106 107 108 109 950 210 60 80 1,940 2,100 2,250 2,390 2,520 2.640 2,750 100 110 120 130 140 150 166 110 a. At what level of the control variable are net benefits maximized? b. What is the relation between marginal benefit and marginal cost at this level...
Use the graph below to answer the following questions: a) At 200 units of the activity,...
Use the graph below to answer the following questions: a) At 200
units of the activity, marginal benefit is $__________ and marginal
cost is $__________. b) Adding the 200th unit of the activity
causes net benefit to __________ (increase, decrease) by
$__________. c) At 700 units of the activity, marginal benefit is
$__________ and marginal cost is $__________. d) Subtracting the
700th unit of the activity causes net benefit to __________
(increase, decrease) by $__________. e) The optimal level of...
Answer all the questions below by looking at the average cost, marginal cost nand curves for...
Answer all the questions below by looking at the average cost, marginal cost nand curves for firm X shown here ot. 3 50 300 400700 17) Is this firm in a perfectly competitive industry ? How do you know 18) On the diagram above, AVERAGE VARIABLE COST is the HIGHEST at what Quantity ? 19) On the diagram above, AVERAGE FIXED COST is HIGHEST at. what Quantity ? 20) If the market Price-$100, what is the profit maximizing output level...
Chapter 1 Problems Saved Help Save & Exit Submit Check my work 6 Complete the following...
Chapter 1 Problems Saved Help Save & Exit Submit Check my work 6 Complete the following table and answer the accompanying questions rgina Benefit MNB (O) Total Control Variable Q Benefits B(Q) Total Cost Net Benefits Marginal Marginal Cost c(e) MC (Q) 60 70 80 90 100 110 120 130 140 150 160 Benefits N(Q) Benefit MB (Q) 10 points 100 101 102 103 104 105 106 107 108 109 110 1,200 ,400 ,590 ,770 1,940 2,100 2,250 2,390 2,520...
1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at...
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Name Chapter 8 Assignments cost and revenue schedules on 8.1. a. Complete the following Table 8.1...
Name Chapter 8 Assignments cost and revenue schedules on 8.1. a. Complete the following Table 8.1 below: Rate of Output Price Total Revenue Total Cost Marginal Cost $60 $60 $60 560 320 b. Graph Marginal Cost (MC) and Price (p) on the accompanying graph below. c. At what output rate is profit maximized? d. What is MC at that rate of output? PRICE OR COST (dollars per unit) 1 2 3 4 QUANTITY (units per time period) 5
21) Determine the information missing from Table 7.7; then answer the following questions. How many week(s)...
21) Determine the information missing from Table 7.7; then answer the following questions. How many week(s) of crashing are available for activity D in Table 2.9?
22) How many week(s) of crashing are available for activity B in Table 7.7?23) How many weeks of crashing are available for activity C in Table 7.7?
24) What is the crashing cost per week for activity A in Table 7.7?
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Marginal Cost of Production The following questions refer to the following table which shows a firm's...
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in 19. Sarah's accountant tells her that she made an accounting profit of $43,002 running a pottery studio in Orlando. Sarah's friend, an economist, claims Sarah lost $43,002 in economic profit running her pottery studio. This means her friend is claiming that she incurred _ costs. A. $86,004; explicit B. $43,002; implicit C. $43,002; explicit D. $86,004; implicit 20. You decide to quit your $60,000 per year job as an information technology specialist and illustrate children's books. At the end...
Use the graph below to answer the following questions:
At 200 units of the activity, marginal benefit is $__________
and marginal cost is $__________. Adding the 200th unit of the
activity causes net benefit to __________ (increase, decrease) by
$__________. At 700 units of the activity, marginal benefit is
$__________ and marginal cost is $__________. Subtracting the 700th
unit of the activity causes net benefit to __________ (increase,
decrease) by $__________. The optimal level of the activity is
__________units. At...
Complete the following table and answer the accompanying questions Contral total Cost C( Benefits N(O) Benefit MC Marginal Ret BeneFit MNB MC 1,209 1,400 1,590 10e 101 102 103 104 105 106 107 108 109 950 210 60 80 1,940 2,100 2,250 2,390 2,520 2.640 2,750 100 110 120 130 140 150 166 110 a. At what level of the control variable are net benefits maximized? b. What is the relation between marginal benefit and marginal cost at this level...
Use the graph below to answer the following questions: a) At 200
units of the activity, marginal benefit is $__________ and marginal
cost is $__________. b) Adding the 200th unit of the activity
causes net benefit to __________ (increase, decrease) by
$__________. c) At 700 units of the activity, marginal benefit is
$__________ and marginal cost is $__________. d) Subtracting the
700th unit of the activity causes net benefit to __________
(increase, decrease) by $__________. e) The optimal level of...
Answer all the questions below by looking at the average cost, marginal cost nand curves for firm X shown here ot. 3 50 300 400700 17) Is this firm in a perfectly competitive industry ? How do you know 18) On the diagram above, AVERAGE VARIABLE COST is the HIGHEST at what Quantity ? 19) On the diagram above, AVERAGE FIXED COST is HIGHEST at. what Quantity ? 20) If the market Price-$100, what is the profit maximizing output level...
Chapter 1 Problems Saved Help Save & Exit Submit Check my work 6 Complete the following table and answer the accompanying questions rgina Benefit MNB (O) Total Control Variable Q Benefits B(Q) Total Cost Net Benefits Marginal Marginal Cost c(e) MC (Q) 60 70 80 90 100 110 120 130 140 150 160 Benefits N(Q) Benefit MB (Q) 10 points 100 101 102 103 104 105 106 107 108 109 110 1,200 ,400 ,590 ,770 1,940 2,100 2,250 2,390 2,520...
1. Working with Numbers and Graphs Q1 Suppose the marginal costs of reading are constant at $6 per hour, while the marginal benefits of reading decline (over time) as more reading is performed. In particular, suppose the following table contains the marginal benefit associated with various levels of hours spent reading Time Spent Reading Marginal Benefits (Hours)(Dollars per hour) 10 16 40 Assume the marginal-benefit curve is a straight line through the two points described in the table on the...
Name Chapter 8 Assignments cost and revenue schedules on 8.1. a. Complete the following Table 8.1 below: Rate of Output Price Total Revenue Total Cost Marginal Cost $60 $60 $60 560 320 b. Graph Marginal Cost (MC) and Price (p) on the accompanying graph below. c. At what output rate is profit maximized? d. What is MC at that rate of output? PRICE OR COST (dollars per unit) 1 2 3 4 QUANTITY (units per time period) 5
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22) How many week(s) of crashing are available for activity B in Table 7.7?23) How many weeks of crashing are available for activity C in Table 7.7?
24) What is the crashing cost per week for activity A in Table 7.7?
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