Homework Answers
Option (C) is correct. Temperature.
It is given its a sunny summer day that means temperature would be a variable. If the temperature is higher on a certain day then the demand would probably be higher.
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where p is measured in dollars. What is the predicted quantity if p= $2.00? The predicted...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q u...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q units are demanded. (a) Determine the value of q for which revenue is maximum. (b) What is the maximum revenue? 13) A manufacturer found that the total cost c of producing q units of a product is given by c 0.02q22800. At what level of production will average cost be a minimum?
A monopoly faces the demand curve P= 11 -0.5Q, where P is measured in dollars per...
A monopoly faces the demand curve P= 11 -0.5Q, where P is measured in dollars per unit and Q in thousands of units. The monopolist has a constant average cost of $6.00 per unit. Draw the average and marginal revenue curves and the average and marginal cost curves. 1.) Using the line drawing tool, draw the average revenue curve and label it 'AR'. $/Q 2.) Using the line drawing tool, draw the marginal revenue curve and label it 'MR'. 3.)...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply curve for radios is given by Supply: Q-150P a. What is the domestic equilibrium in the portable radio market? b. Suppose portable radios can be imported at a world price of $10 per radio. If trade were unencumbered, what would the new market equilibrium...
[1] A perfectly competitive aluminum producer is currently producing a quantity where the market price is...
[1] A perfectly competitive aluminum producer is currently producing a quantity where the market price is $0.67 per pound (i.e., 67 cents per pound), average total cost is $0.70, and average variable cost of $0.60 (which corresponds to the minimum point on the average variable cost curve). Would you recommend this firm expand output, contract output, or shut down in the short-run? Provide a graph to illustrate your answer. [2] Suppose the local crawfish market is perfectly competitive, with the...
The table shows the market for yoga instructors in Louisiana a If Louisiana introduces a strictly...
The table shows the market for yoga instructors in Louisiana a If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $13.00 an hour yoga instructors are employed and yoga instructors are unemployed Quantity Quantity demanded supplied (yoga instructors) 600 300 500 350 400 400 300 450 200 500 100 550 Wage rate (dollars per hour) 10.00 11.00 12.00 13 00 14.00 15.00 b. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $10.00 an...
Question 19 What does a cost variance measure? Not yet answered Marked out of 2.00 P...
Question 19 What does a cost variance measure? Not yet answered Marked out of 2.00 P Flag question Select one: O A. the volume discounts companies receive when ordering direct materials in large quantities O B. the difference between the cost the company pays and the cost its competitors pay OC. the change in costs over time O D. how well the business keeps unit costs of material and labor inputs within standards Question 20 Not yet answered Luong Machines...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost 5 d Ps Average total cost 44 d4 D Dollars per unit 3 Average variable cost d, 0 99% Quantity per period 9 Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Select one: O a. produces at a...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and...
The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and production of the toy gyroscopes for last year. Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses in total) Units produced during the year Units sold during year $8.10 $1.86 $4.95 $77,000 $85,000 520,000 170,000 Using variable costing, what is the contribution margin for last year? O...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q units are demanded. (a) Determine the value of q for which revenue is maximum. (b) What is the maximum revenue? 13) A manufacturer found that the total cost c of producing q units of a product is given by c 0.02q22800. At what level of production will average cost be a minimum?
A monopoly faces the demand curve P= 11 -0.5Q, where P is measured in dollars per unit and Q in thousands of units. The monopolist has a constant average cost of $6.00 per unit. Draw the average and marginal revenue curves and the average and marginal cost curves. 1.) Using the line drawing tool, draw the average revenue curve and label it 'AR'. $/Q 2.) Using the line drawing tool, draw the marginal revenue curve and label it 'MR'. 3.)...
9.10. The domestic demand for portable radios is given by Demand: Q = 5,000-100P where price P is measured in dollars and quantity Q is measured in thousands of radios per year. The domes tic supply curve for radios is given by Supply: Q-150P a. What is the domestic equilibrium in the portable radio market? b. Suppose portable radios can be imported at a world price of $10 per radio. If trade were unencumbered, what would the new market equilibrium...
The table shows the market for yoga instructors in Louisiana a If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $13.00 an hour yoga instructors are employed and yoga instructors are unemployed Quantity Quantity demanded supplied (yoga instructors) 600 300 500 350 400 400 300 450 200 500 100 550 Wage rate (dollars per hour) 10.00 11.00 12.00 13 00 14.00 15.00 b. If Louisiana introduces a strictly enforced minimum wage for yoga instructors of $10.00 an...
Question 19 What does a cost variance measure? Not yet answered Marked out of 2.00 P Flag question Select one: O A. the volume discounts companies receive when ordering direct materials in large quantities O B. the difference between the cost the company pays and the cost its competitors pay OC. the change in costs over time O D. how well the business keeps unit costs of material and labor inputs within standards Question 20 Not yet answered Luong Machines...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost 5 d Ps Average total cost 44 d4 D Dollars per unit 3 Average variable cost d, 0 99% Quantity per period 9 Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Select one: O a. produces at a...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and production of the toy gyroscopes for last year. Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses in total) Units produced during the year Units sold during year $8.10 $1.86 $4.95 $77,000 $85,000 520,000 170,000 Using variable costing, what is the contribution margin for last year? O...
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