Homework Answers
Since the profit-maximizing of hiring inputs is
VMPL=Wage
Hence 5 units of labor will minimize the cost for production.
Since the profit-maximizing of hiring inputs is
VMPL=capital price
Hence 3 units of capital will minimize the cost for production.
Hence least combination of labor and capital are ( 5 units of labor and 3 units of capital.)
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Assume Marvin's Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive...
Assume Marvin’s Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive...
Assume Marvin’s Hot Dog shop sells his fantastic Hot Dogs for $2 each in a competitive market. Marvin uses two inputs in his production process: labor and capital. Find the least-cost and profit maximizing combination of labor and capital for Marvin to use. Labor (Price = $8) Quantity Total Output Marginal Product Total Revenue ??? 0 0 1 12 2 22 3 28 4 33 5 37 6 40 7 42 Capital (Price = $12) Quantity Total Output Marginal Product...
Assume that one of the hot dog vendors successfully lobbies the city council to obtain the...
Assume that one of the hot dog vendors successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This firm buys up all the rest of the hot dog vendors in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the new monopoly's marginal-cost curve corresponds exactly to the supply curve on the previous graph. Under this assumption, the following graph shows the demand (D),...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25 each making the total revenue $2,275. Each hot dog, bun, and condiments costs the man $0.70 and he has fixed costs of $1,800, making his total costs $2,290. Therefore, he realizes a loss of $15 a month. What is his break-even point? At the current sales levels of 700 hot dogs, what price does the man need to charge in order to break even?...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25...
A man owns a hot dog stand. He sells 700 hot dogs per month at $3.25 each making the total revenue $2,275. Each hot dog, bun, and condiments costs the man $0.70 and he has fixed costs of $1,800, making his total costs $2,290. Therefore, he realizes a loss of $15 a month. What is his break-even point? At the current sales levels of 700 hot dogs, what price does the man need to charge in order to break even?...
We were unable to transcribe this imageNow, assume that one of the hot dog stands successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This fir...
We were unable to transcribe this imageNow, assume that one of the hot dog stands successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This firm buys up all the rest of the hot dog stands in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the new monopoly's marginal cost curve corresponds exactly to the supply curve on the previous graph. Under this...
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small...
5. Monopoly outcome versus competition outcomeConsider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power.The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs.Place the black point (plus symbol) on the graph...
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small...
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs. Place the black point (plus symbol) on the graph...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power MC) curves in the market for hot dogs The following graph shows the demand (D) and supply (S Place the black point (plus symbol) on the graph to...
Consider the daily market for hot dogs in asmall city. Suppose that this market is...
Consider the daily market for hot dogs in a
small city. Suppose that this market is in long-run competitive
equilibrium with many hot dog stands in the city, each one selling
the same kind of hot dogs. Therefore, each vendor is a price taker
and possesses no market power. The following graph shows the demand (D) and supply curves (S = MC) in the market for hot dogs. Place the black point (plus symbol) on the graph to indicate the market price...
5. Monopoly outcome versus competition outcome sider the daily market for hot dogs in a small...
5. Monopoly outcome versus competition outcome sider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium, with many hot dog stands in he city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply curves (S MC) in the market for hot dogs Place the black point (plus symbol) on...
Assume that one of the hot dog vendors successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This firm buys up all the rest of the hot dog vendors in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the new monopoly's marginal-cost curve corresponds exactly to the supply curve on the previous graph. Under this assumption, the following graph shows the demand (D),...
We were unable to transcribe this imageNow, assume that one of the hot dog stands successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. This firm buys up all the rest of the hot dog stands in the city and operates as a monopoly. Assume that this change doesn't affect demand and that the new monopoly's marginal cost curve corresponds exactly to the supply curve on the previous graph. Under this...
5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S = MC) curves in the market for hot dogs. Place the black point (plus symbol) on the graph...
Homework (Ch 15) Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power MC) curves in the market for hot dogs The following graph shows the demand (D) and supply (S Place the black point (plus symbol) on the graph to...
5. Monopoly outcome versus competition outcome sider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium, with many hot dog stands in he city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply curves (S MC) in the market for hot dogs Place the black point (plus symbol) on...
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