Homework Answers
As per the policy I can only solve four questions (top four,if nothing is mentioned). For rest of the answers, post 5-9 as a separate question. Let me know if anything is unclear :)
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Problem Set 1 1. Imagine you run a farm that produces pumpkins. Complete the following revenue...
32. Ina sells her homegrown pumpkins at a roadside stand. Assume that the industry is perfectly competitive. The graph below represents the short run cost curves for Ina's pumpkins farm Part 1: I...
32. Ina sells her homegrown pumpkins at a roadside stand. Assume that the industry is perfectly competitive. The graph below represents the short run cost curves for Ina's pumpkins farm Part 1: In a separate model, draw the graph for the entire pumpkins market when the market price of pumpkins is S10. Part 2: (a) On Ina's pumpkins farm graph, label the ATC, AVC and MC curves. (b) Given the price in the pumpkins market, draw and label the market...
Question 3-4 SESSION 13 The marginal revenue is the rate of change in total revenue per...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
Can you please walk me through this? NAME DATE SECT QUIZ 4 ECO 222 You are...
Can you please walk me through this?
NAME DATE SECT QUIZ 4 ECO 222 You are a competitive manufacturer of children's tennis shoes. Below is your production data TR TC AVG TOTAL OUTPUT TOTAL REVENUE PRICE ATC MARGINAL MC REVENUE MARGNAL TOTAL PRICE) COST COST TOTAL COST TOTAL PROFIT 1) Complote the Total Revenue and Total Prolt columns 2) Complete the Marginal Coat and Average Total Coal columns 3) Al which quantity of output will you produce in the short-run...
The table below gives you information on the revenue and cost structures of the Vaca family...
The table below gives you information on the revenue and cost structures of the Vaca family dairy farm. The farm is a monopolist in the local market. How does the farm decide the number of gallons of milk to produce and the market price per gallon to charge? 1. In column 6, identify which of the 2 effects dominate as the quantity of output is increased: Price or Output. Assume that there is no fixed cost, and that the marginal...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve,...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
Complete the following table to determine whether Van is correct. Price (Dollars per can) 2.50 3.00...
Complete the following table to determine whether Van is correct. Price (Dollars per can) 2.50 3.00 Quantity Demanded (Cans) Total Revenue Total Cost Profit (Dollars) (Dollars) (Dollars) Given the earlier information, Van ▼ correct in his assertion that BYOB should charge $3.00 per can Imagine that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MC) and average total cost (ATC) given on the following graph. Specifically, the technological innovation causes a decrease in average...
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00...
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00 week. The table below sets out the company's short -run activities. Labor (Workers per week Output(Q) Units Fixed Costs (FC) Variable Costs(VC) Total Costs (TC) Marginal Cost (MC) Total Revenue(TR) Marginal Revenue(MR) 0 0 1000.00 1 30 2 70 3 120 4 160 5 190 6 210 7 220 Calculate the FC,VC,TC,MC and MR,fill your results in the table appropriately.
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...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 1 2 0 0 50 110 176 229...
Number 6 . Can you explain the reasoning behind please 6. A perfectly competitive firm produces...
Number 6 . Can you explain the reasoning behind please
6. A perfectly competitive firm produces where p MC-ATC. -M尺 a. Its marginal revenue is always equal to the market price. b. Its marginal cost is always equal to the market price. c. Its marginal revenue is always equal to the average total cost. d. All of the above are correct. 7. The fol llowing graphs show the market for a good traded in a perfectly competitive market, and the...
32. Ina sells her homegrown pumpkins at a roadside stand. Assume that the industry is perfectly competitive. The graph below represents the short run cost curves for Ina's pumpkins farm Part 1: In a separate model, draw the graph for the entire pumpkins market when the market price of pumpkins is S10. Part 2: (a) On Ina's pumpkins farm graph, label the ATC, AVC and MC curves. (b) Given the price in the pumpkins market, draw and label the market...
Question 3-4
SESSION 13 The marginal revenue is the rate of change in total revenue per unit increase in output, Q The marginal cost is the rate of change in total cost per unit increase in output, Q AR is defined as average revenue per unit for the first Q su ccessive units sold. AR is determined by dividing total reven ue by the quantity sold, Q The AR function is equal to price, P. where Pis given by the...
Can you please walk me through this?
NAME DATE SECT QUIZ 4 ECO 222 You are a competitive manufacturer of children's tennis shoes. Below is your production data TR TC AVG TOTAL OUTPUT TOTAL REVENUE PRICE ATC MARGINAL MC REVENUE MARGNAL TOTAL PRICE) COST COST TOTAL COST TOTAL PROFIT 1) Complote the Total Revenue and Total Prolt columns 2) Complete the Marginal Coat and Average Total Coal columns 3) Al which quantity of output will you produce in the short-run...
The table below gives you information on the revenue and cost structures of the Vaca family dairy farm. The farm is a monopolist in the local market. How does the farm decide the number of gallons of milk to produce and the market price per gallon to charge? 1. In column 6, identify which of the 2 effects dominate as the quantity of output is increased: Price or Output. Assume that there is no fixed cost, and that the marginal...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
Complete the following table to determine whether Van is correct. Price (Dollars per can) 2.50 3.00 Quantity Demanded (Cans) Total Revenue Total Cost Profit (Dollars) (Dollars) (Dollars) Given the earlier information, Van ▼ correct in his assertion that BYOB should charge $3.00 per can Imagine that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MC) and average total cost (ATC) given on the following graph. Specifically, the technological innovation causes a decrease in average...
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...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 1 2 0 0 50 110 176 229...
Number 6 . Can you explain the reasoning behind please
6. A perfectly competitive firm produces where p MC-ATC. -M尺 a. Its marginal revenue is always equal to the market price. b. Its marginal cost is always equal to the market price. c. Its marginal revenue is always equal to the average total cost. d. All of the above are correct. 7. The fol llowing graphs show the market for a good traded in a perfectly competitive market, and the...
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