Homework Answers
MC = Change in TC / change in Q
MC = (60000 - 45000) = 15000
option d is correct answer
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Quantity of schooling (years) 0 2 3 Total Cost Marginal Cost Total Benefit Marginal Benefit $0...
Marginal Cost Marginal Benefit and Marginal Cost (Dollars) 00:42:18 Marginal Benefit Quantity of Shoes Refer to...
Marginal Cost Marginal Benefit and Marginal Cost (Dollars) 00:42:18 Marginal Benefit Quantity of Shoes Refer to the diagram for athletic shoes. The optimal output of shoes is Multiple Choice Is where marginal cost equals marginal benefit O is where marginal beneft exceeds marginal costs 0 0
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT...
A TOTAL BENEFIT TOTAL COST MARGINAL BENEFIT MARGINAL COST NET BENEFIT 0 0 _____ XX XX 0 1 _____ _____ 100 _____ 80 2 _____ 50 90 _____ _____ 3 250 _____ _____ 40 _____ 4 _____ _____ _____ 60 150 5 340 220 _____ _____ _____ What is marginal benefit for the 4th unit of the activity? The optimal level of activity is: What is the net benefit of the 5th unit of the...
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average...
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average Cost ($) AVC* ($) 0 40 18 5,000 10,000 15,000 B с F 277.78 50 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 45 185.19 444.44 222.22 65 250.00 384.62 60 70 10,000 15,000 A 25,000 30,000 230.77 256.41 78 G 25,000 30,000 35,000 40,000 80 D 500.00 E 88 94 397.73 284.09 H 90 425.53 *Average Variable Cost The table shows...
Estimated cost and operating data for the forthcoming period for three companies are given below: Estimated...
Estimated cost and operating data for the forthcoming period for three companies are given below: Estimated cost and operating data for the three companies are given below: Company A Company B Company C Direct labor hours 12,000 15,000 20,000 Manufacturing overhead $90,000 $120,000 $150,000 Machine hours 20,000 20,000 25,000 Direct labor cost $60,000 $ 75,000 $100,000 Actual cost and operating data for the three companies are given below: Company A Company B Company C Direct labor hours 10,000 15,500 16,000...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced? oo tons O 2 tons О 4 tons O 8 tons 250 MSC 6200 S = MC Price and cost (dollars per ton of steel) 150 100 50 o 2 D- MSB 6 8 10 Quantity (tons of steel per week) Activate Windows Go to Settings...
Table: Coal Mine Pollution Quantity of Pollution (tons) Marginal Social Benefit Marginal Social Cost 0 $800...
Table: Coal Mine Pollution Quantity of Pollution (tons) Marginal Social Benefit Marginal Social Cost 0 $800 $0 1 $700 $100 2 $600 $200 3 $500 $300 4 $400 $400 5 $300 $500 6 $200 $600 7 $100 $700 8 $0 $800 Reference: Ref 16-2 Table: Coal Mine Pollution (Table: Coal Mine Pollution) Use Table: Coal Mine Pollution. The table shows the marginal social benefit and cost of various amounts of pollution from a coal mine. If 2 tons of pollution...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
1. Is a person's money income a good approximation for their total utility? Explain. 2. Society...
1. Is a person's money income a good approximation for their total utility? Explain. 2. Society consists of fifteen single individuals. Their incomes are as follows: $100,000 $75,000 $25,000 $35,000 $150,000 $80,000 $15,000 $45,000 $85,000 $90,000 $110,000 $135,000 $95,000 $70,000 $60,000 Use the data to construct a table showing the percentage of total income received by each quintile. Then compute the cumulative distribution and use it to construct a Lorenz curve and Gini coefficient.
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution emissions. 1,000 900 Move the point, P, to the point representing the optimal level of pollution. MSC 800 What is the optimal quantity of pollution? 700 Dollars metric tons 400 300 The optimal quantity of pollution is not zero because: 200 MSB O 0 1 2 3 4 5 6 Metric tons of pollution 7 8 9 10 O the marginal social cost of...
Marginal Cost Marginal Benefit and Marginal Cost (Dollars) 00:42:18 Marginal Benefit Quantity of Shoes Refer to the diagram for athletic shoes. The optimal output of shoes is Multiple Choice Is where marginal cost equals marginal benefit O is where marginal beneft exceeds marginal costs 0 0
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average Cost ($) AVC* ($) 0 40 18 5,000 10,000 15,000 B с F 277.78 50 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 45 185.19 444.44 222.22 65 250.00 384.62 60 70 10,000 15,000 A 25,000 30,000 230.77 256.41 78 G 25,000 30,000 35,000 40,000 80 D 500.00 E 88 94 397.73 284.09 H 90 425.53 *Average Variable Cost The table shows...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Q4 (1 point). The figure below shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. If the market is competitive and unregulated, how much steel will be produced? oo tons O 2 tons О 4 tons O 8 tons 250 MSC 6200 S = MC Price and cost (dollars per ton of steel) 150 100 50 o 2 D- MSB 6 8 10 Quantity (tons of steel per week) Activate Windows Go to Settings...
The accopmanying graph depicts the marginal social cost (MSC) and marginal social benefit (MSB) of pollution emissions. 1,000 900 Move the point, P, to the point representing the optimal level of pollution. MSC 800 What is the optimal quantity of pollution? 700 Dollars metric tons 400 300 The optimal quantity of pollution is not zero because: 200 MSB O 0 1 2 3 4 5 6 Metric tons of pollution 7 8 9 10 O the marginal social cost of...
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