Refer to the table. What is the value for (d)? Hours spent doing laundry 0 1...
Refer to the table. What is the value for (d)?
| Hours spent doing laundry | 0 | 1 | 2 | 3 | 4 | 5 |
| Total benefit | 0 | 15 | 20 | 25 | (a) | 28 |
| Marginal benefit | 0 | 15 | 5 | 5 | 5 | (b) |
| Total cost | 0 | 2 | 5 | (c) | 14 | (d) |
| Marginal cost | 0 | 2 | 3 | 4 | (e) | 6 |
Group of answer choices
28
14
20
-2
Homework Answers
20
Explanation: Total cost of 5 hours of laundry = total cost of 4 hours of laundry + the marginal cost of the 5th hour = 15 + 5 = 20.
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Refer to the table. What is the value for (d)?
Hours spent doing laundry
0
1...
Refer to the table. Which of the following amounts of time doing laundry would maximize net...
Refer to the table. Which of the following amounts of time doing laundry would maximize net benefit? Hours spent doing laundry 0 1 2 3 4 5 Total benefit 0 15 20 25 (a) 28 Marginal benefit 0 15 5 5 5 (b) Total cost 0 2 5 (c) 14 (d) Marginal cost 0 2 3 4 (e) 6 Group of answer choices 1 hour 5 hours 2 hours 3 hours
A commercial fisherman notices the following relationships between hours spent fishing and the quantity of fish...
A commercial fisherman notices the following relationships between hours spent fishing and the quantity of fish caught (see table below). What is the marginal product of each hour spent finishing? Assuming the worth of the fisherman’s time is $10 per hour, compute the marginal cost of catching a fish. How many hours should the fisherman work if fish can be sold for $3 each? Hours Fish caught Marginal Product Marginal cost (per one fish) 0 0 not available not available ...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs (in dollars) Average Total Costs (in dollars per unit) Average Variable Costs (in dollars per unit) Marginal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 3 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 5 125 40 155...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish (Pounds) Hours uw No 25 28 30 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish (Pounds) Marginal Product (Pounds) Hours o N M LD On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. A + Production Function + + +...
Table 13-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 40...
Table 13-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 40 3 50 4 40 5 30 Refer to Table 13-1. What is total output when 5 workers are hired? Group of answer choices 160 -10 190 120
Refer to the table below. At what output level or levels are this firm's owners doing...
Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources? Quantity Total RevenueExplicit Costs mplicit Costs 50 75 100 125 150 36 63 93 125 161 15 20 6 30 Select one: a. 10 units b. 10 and 15 units c. 10,15, and 20 units d. 10, 15, 20, and 25 units
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1...
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
A and B please Assignment 5 Worksheet: Utility Theory Worksheet Worksheet instructions: 1. Complete this worksheet....
A and B please
Assignment 5 Worksheet: Utility Theory Worksheet Worksheet instructions: 1. Complete this worksheet. 2. Once completed, nanvig ate tssignment 5 on Blackboard. This can be found under the 3. Refer to this worksheet when answering the questions online for Assignment 5 Module 5 Assignments folder Chapter 6: Marginal Decision Rule 1. Joe Higgins is thinking about how much time to spend studying for a biology exam tomorrow. Using "utilit calculations are shown in the following table. y...
Question 1 On the basis of a sample of size 45, the mean hours freshmen spent...
Question 1 On the basis of a sample of size 45, the mean hours freshmen spent on gymnasium per week was calculated to be 3.5 hours and standard deviation of s = 1.2 hours. A researcher wants to test H 0:μ = 4.1 hours against H a: μ < 4.1 hours at 5% significance level. What test would you use here? Group of answer choices Z test Cannot be determined. T test Question 2 On the basis of a sample of...
Refer to the table below. What is the total cost of this firm when it doesn't...
Refer to the table below. What is the total cost of this firm when it doesn't produce any output? The following table shows the total output, variable costs, fixed costs, total costs, average total costs, and marginal costs of a firm, with some cells in the table intentionally left blank. Total Output Variable Costs Average Total (units) ks) Fixed Costs ($) Total Cost ($) Cost (5) Marginal Cost (S) 100 n.a. 10 5 10 122 17 8.24 Refer to the...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish (Pounds) Hours uw No 25 28 30 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish (Pounds) Marginal Product (Pounds) Hours o N M LD On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. A + Production Function + + +...
Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources? Quantity Total RevenueExplicit Costs mplicit Costs 50 75 100 125 150 36 63 93 125 161 15 20 6 30 Select one: a. 10 units b. 10 and 15 units c. 10,15, and 20 units d. 10, 15, 20, and 25 units
Table 14-6 John's Vineyard Marginal Cost Marginal Revenue Quantity Produced 0 Quantity Demanded 0 1 1 2 3 4 5 6 7 8 COSTS Total Cost $0 $50 $102 5157 $217 $285 5365 $462 5582 2 3 4 5 6 7 8 REVENUES Total Price Revenue $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 14-6. What is John's Vineyard's economic profit at its profit-maximizing output level? $25 $75 $115 $225
A and B please
Assignment 5 Worksheet: Utility Theory Worksheet Worksheet instructions: 1. Complete this worksheet. 2. Once completed, nanvig ate tssignment 5 on Blackboard. This can be found under the 3. Refer to this worksheet when answering the questions online for Assignment 5 Module 5 Assignments folder Chapter 6: Marginal Decision Rule 1. Joe Higgins is thinking about how much time to spend studying for a biology exam tomorrow. Using "utilit calculations are shown in the following table. y...
Refer to the table below. What is the total cost of this firm when it doesn't produce any output? The following table shows the total output, variable costs, fixed costs, total costs, average total costs, and marginal costs of a firm, with some cells in the table intentionally left blank. Total Output Variable Costs Average Total (units) ks) Fixed Costs ($) Total Cost ($) Cost (5) Marginal Cost (S) 100 n.a. 10 5 10 122 17 8.24 Refer to the...
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