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Complete the Following Table: Units of Health Care Units of Education Marginal Cost of Health Care...
Suppose the following data reflect the production possibilities for providing health care and education, graph the...
Suppose the following data reflect the production possibilities for providing health care and education, graph the PPC and answer two questions about production possibilities and opportunity cost. a. Graph the production possibilities curve. Healthcare Education 400 0 370 20 330 40 270 50 190 60 100 70 0 80 b. If maximum health care is provided, how much education will be provided? units of education c. What is the opportunity cost of increasing health care from 190 to 270 units?...
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units...
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units of output, and MPLis the marginal product of labor. 0 cic di 、<b MPL VC TC MC 1 6 $3 15 3 $9 나 Oò 300 t00 160 a. At what quantity of labor do the marginal returns to labor begin to diminish? b. What is the average variable cost when a-24? c. What is this firm's fixed cost? d. What is the wage...
c) TC() -40q+ 200 Marginal cost MC Average cost AC- Returns to scale Marginal cost: MC-...
c) TC() -40q+ 200 Marginal cost MC Average cost AC- Returns to scale Marginal cost: MC- Average cost: Returns to scale: Name: ECP 4413-Government& Business Spring 2019 Problem Set 1 Due start of class on Tuesday, Jan 22 Please print this out and put your answers here. Showing your work may get you partial credit for incorrect answers. I will not grade work tumed in on anything else. If you must miss class and cannot drop off your answers, email...
55 Community ne economy represented in the following Figure is presently producing 12 units of Good...
55 Community ne economy represented in the following Figure is presently producing 12 units of Good and perso mits of Good A: Production Policies Care2 GOODS 1. What is the opportunity cost of increasing production of Good from 2. What is the opportunity cost of increasing production of Good from 3. This is an example of constant increasing decreasing/ portr 4. This is an example of constant/ncreasing decreasing report 2 55 Community ne economy represented in the following Figure is...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and the marginal private benefit of education (MPB) are given by the following equations where Q is the number of units of education provided per year. MSC 10+ Q MPB 100-Q You are also told that each unit of education provides an external benefit to society of $10 per unit. This external benefit is currently not being internalized in the market. a) Given the MSC...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Aver...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units of output, and MPLis the marginal product of labor. 0 cic di 、<b MPL VC TC MC 1 6 $3 15 3 $9 나 Oò 300 t00 160 a. At what quantity of labor do the marginal returns to labor begin to diminish? b. What is the average variable cost when a-24? c. What is this firm's fixed cost? d. What is the wage...
c) TC() -40q+ 200 Marginal cost MC Average cost AC- Returns to scale Marginal cost: MC- Average cost: Returns to scale: Name: ECP 4413-Government& Business Spring 2019 Problem Set 1 Due start of class on Tuesday, Jan 22 Please print this out and put your answers here. Showing your work may get you partial credit for incorrect answers. I will not grade work tumed in on anything else. If you must miss class and cannot drop off your answers, email...
55 Community ne economy represented in the following Figure is presently producing 12 units of Good and perso mits of Good A: Production Policies Care2 GOODS 1. What is the opportunity cost of increasing production of Good from 2. What is the opportunity cost of increasing production of Good from 3. This is an example of constant increasing decreasing/ portr 4. This is an example of constant/ncreasing decreasing report 2 55 Community ne economy represented in the following Figure is...
Problem 2: Externality Consider the market for education. The marginal social cost of education (MSC) and the marginal private benefit of education (MPB) are given by the following equations where Q is the number of units of education provided per year. MSC 10+ Q MPB 100-Q You are also told that each unit of education provides an external benefit to society of $10 per unit. This external benefit is currently not being internalized in the market. a) Given the MSC...
1 Economies of Scale Consider the total cost function (TC): TC(q) = 100+ 40 + 492 where q is output. 1.1 (10 points) Obtain the index of the extent of scale economies S = MCQ, where AC is average cost and MC is marginal cost. What is the value of this index when q = 2? Provide an intuitive interpretation for this number. 1.2 (10 points) Is there any range of production characterized by scale economies? At what production level...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
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