Homework Answers
Answer 33
The correct answer is (a) $80
Total Revenue = Price * Quantity
Here Quantity = 10 pretzels and Price = $8
Thus, Total revenue = Price*Quantity = 8*10 = 80
So, The Total revenue of the firm producing pretzels is $80
If you know price of the output and Total output sold then in order to calculate Total Revenue received there is no use of Marginal Product of labor.
Hence, the correct answer is (a) $80.
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33
c. acp d. pbdp' e. below D 33. Suppose ten pretzels are sold at a...
Please advise, question 32. Exhibit 9.12 d c MR 0 Quantity per periodi 32. Refer to...
Please advise, question 32.
Exhibit 9.12 d c MR 0 Quantity per periodi 32. Refer to Exhibit 9.12, which shows the cost and revenue curves faced by a profit-maximizing monopolist. Under the monopolist, consumer surplus occurs at the area a. adp" b. dbc с. аср d. pbdp e. below D 33. Suppose ten pretzels are sold at a price of $8 each and the marginal product of the last unit of labor required to produce pretzels is 5 units. The...
2. Suppose that a firm’s production function is Q = 10 L½ K½ and the unit...
2. Suppose that a firm’s production function is Q = 10 L½ K½ and the unit cost of labor is $20, capital is $80, and the product price is $12 per unit. The firm is currently producing 100 units of output and has determined that its cost minimizing quantities of labor and capital usage for this level of output is 20 and 5 respectively. The product price is $12 per unit. a. Determine the current total cost for 100 units,...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
Financial Mathematics Please answer question 4 and question 5 o)23:30 Oe Image Edit View Go Help En Question 4 The total cost of producing x units of a commodity per week is C(x) 200 +4x +0,1x2 (a) Fi...
Financial Mathematics
Please answer question 4 and question 5
o)23:30 Oe Image Edit View Go Help En Question 4 The total cost of producing x units of a commodity per week is C(x) 200 +4x +0,1x2 (a) Find the marginal cost when the production level is 100 units. (b) Use the marginal cost to approximate the cost of producing the 101 st unit. (c) Find the exact cost of producing the 101 st unit. (d) Assuming that the commodity is...
A firm hires labor and capital to produce tomatoes. Currently the marginal product of the last...
A firm hires labor and capital to produce tomatoes. Currently the marginal product of the last unit of labor input is 20 and the marginal product of the last unit of capital input is 30. The market wage for labor is $10 a. If the firm is using the optimal combination of inputs, then the price of capital is? Select one: a. $15 b. $50 c. $3 d. $20
Suppose that some firms in a perfectly competitive market are making positive economic profits. Which one...
Suppose that some firms in a perfectly competitive market are making positive economic profits. Which one of the following would not be expected to occur? a. All firms’ economic profits would eventually be driven to zero at equilibrium. b. The equilibrium quantity sold will fall. c. The equilibrium price will fall. d. The supply curve will shift to the right. e. More firms would enter the market. . Which one of the following is not characteristic of a pure monopoly?...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels Total Utility Marginal Utility Number of Cookies 0 1 Utility 0 0 O 10 25 15 10 2 3. 18 24 55 55 50 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises...
5. The marginal product of labor in the production of computer chips is 50 chips per...
5. The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/2. What is the marginal product of capital? 6. Suppose that a firm's production function is q = 10LT/2K1/2. The cost of a unit of labor is $20 and the cost of a unit of capital is $80. a. The firm is currently producing 100 units of...
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Please advise, question 32.
Exhibit 9.12 d c MR 0 Quantity per periodi 32. Refer to Exhibit 9.12, which shows the cost and revenue curves faced by a profit-maximizing monopolist. Under the monopolist, consumer surplus occurs at the area a. adp" b. dbc с. аср d. pbdp e. below D 33. Suppose ten pretzels are sold at a price of $8 each and the marginal product of the last unit of labor required to produce pretzels is 5 units. The...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
Financial Mathematics
Please answer question 4 and question 5
o)23:30 Oe Image Edit View Go Help En Question 4 The total cost of producing x units of a commodity per week is C(x) 200 +4x +0,1x2 (a) Find the marginal cost when the production level is 100 units. (b) Use the marginal cost to approximate the cost of producing the 101 st unit. (c) Find the exact cost of producing the 101 st unit. (d) Assuming that the commodity is...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels Total Utility Marginal Utility Number of Cookies 0 1 Utility 0 0 O 10 25 15 10 2 3. 18 24 55 55 50 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises...
5. The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/2. What is the marginal product of capital? 6. Suppose that a firm's production function is q = 10LT/2K1/2. The cost of a unit of labor is $20 and the cost of a unit of capital is $80. a. The firm is currently producing 100 units of...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
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