Homework Answers
The 100th unit is produced for $20 and sold at $25 . So the marginal revenue is greater than marginal cost . So Acme should produce more units of Y .
As quantity of production rises marginal cost rises . It rises and meets marginal revenue at a point of output . At this point optimal is reached . When MR = MC , this is profit maximization point .
So they should produce more than 100 units of good Y .
Add Answer to:
7. (5 points) Acmes marginal cost for producing the 100 unit of good Y is $20....
3. (2 points) The marginal cost of producing q units of a certain commodity is C'(q)...
3. (2 points) The marginal cost of producing q units of a certain commodity is C'(q) = 1.592 – 6q+7 dollars per unit. How much does it cost to produce 20 units of commodity, if if the total cost of producing 6 units is $100?
Suppose the government is producing a public good. If the marginal benefit of the last unit...
Suppose the government is producing a public good. If the marginal benefit of the last unit of a public good produced is greater than the marginal cost of that unit, to achieve the efficient amount of production, what should be done? A. The government should produce more units. B. The government should cease production. C. Private firms should take over the production and sale of the good. D. Nothing because the government is already producing the efficient quantity of the...
he external marginal cost of producing coal is MCexternal = 25Q while the internal marginal cost...
he external marginal cost of producing coal is MCexternal = 25Q while the internal marginal cost is MCinternal = 20Q. The inverse demand is given by P = 500 - 5Q. If the government taxed output at $100 per unit,what would a competitive industry produce? Select one: a. 16. b. 10. c. 20. d. 24 e. 14.
Assume that in country A, the unit labor requirement for producing good X is 100 hours,...
Assume that in country A, the unit labor requirement for producing good X is 100 hours, and the unit labor requirement for good Y is 20 hours. Meanwhile in country B, the unit labor requirement for producing good X is 80 hours and the unit labor requirement for good Y is 40 hours. Answer the following: Explain which country has an absolute advantage in each good. Explain which country has a comparative advantage in each good. Under the Theory of...
Assume that in country A, the unit labor requirement for producing good X is 100 hours,...
Assume that in country A, the unit labor requirement for producing good X is 100 hours, and the unit labor requirement for good Y is 20 hours. Meanwhile in country B, the unit labor requirement for producing good X is 80 hours and the unit labor requirement for good Y is 40 hours. Answer the following: Explain which country has an absolute advantage in each good. Explain which country has a comparative advantage in each good. Under the Theory of...
5. (15 points) A firm with market power sells its product for $9/unit, and its marginal cost is M...
5. (15 points) A firm with market power sells its product for $9/unit, and its marginal cost is MC per unit. (7 pts)(a) What is this firm's Lerner Index? $6 (8 pts)(b) Beginning with the way we write marginal revenue in terms of market price, show mathematically how we can obtain the formula for the Lerner Index. Explain what range of values the LI can take, and which value indicates more market power
5. (15 points) A firm with market...
1. With given resources and technology, a country can produce either 100 million cars or 50...
1. With given resources and technology, a country can produce either 100 million cars or 50 million tons of paper. What is the opportunity cost of producing one ton of paper? a.) 500,000 cars b.) 100 million cars c.) 2 million cars d.) None 2. With its given resources and technology, an economy can produce either 100 units of good Y or 50 units of good X. For each of the following combinations of goods indicate whether the combination is...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Chapter 5, Section 5.5, Go Tutorial Problem 008 The marginal cost c'(a) (in dollars per unit)...
Chapter 5, Section 5.5, Go Tutorial Problem 008 The marginal cost c'(a) (in dollars per unit) of producing a units is given in the following table: (a) If fixed cost is 12000 dollars, estimate the total cost of producing 600 units. dollars (b) How much would the total cost increase if production was increased one unit to 601 units? dollars increase Click if you would like to Show Work for this question: Open Show Work
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 unit...
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
3. (2 points) The marginal cost of producing q units of a certain commodity is C'(q) = 1.592 – 6q+7 dollars per unit. How much does it cost to produce 20 units of commodity, if if the total cost of producing 6 units is $100?
5. (15 points) A firm with market power sells its product for $9/unit, and its marginal cost is MC per unit. (7 pts)(a) What is this firm's Lerner Index? $6 (8 pts)(b) Beginning with the way we write marginal revenue in terms of market price, show mathematically how we can obtain the formula for the Lerner Index. Explain what range of values the LI can take, and which value indicates more market power
5. (15 points) A firm with market...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Chapter 5, Section 5.5, Go Tutorial Problem 008 The marginal cost c'(a) (in dollars per unit) of producing a units is given in the following table: (a) If fixed cost is 12000 dollars, estimate the total cost of producing 600 units. dollars (b) How much would the total cost increase if production was increased one unit to 601 units? dollars increase Click if you would like to Show Work for this question: Open Show Work
1. Countries A and B both can produce two goods, X and Y. If country A produces only good X, it can produce 30 units of X; if country A produces only good Y, it can produce 10 units of Y. If country B produces only good X, it can produce 40 units of X; if country B produces only good Y, it can produce 40 units of Y. Assume that both countries have homogenous resources so that the opportunity...
Most questions answered within 3 hours.
-
how many
milliliters of 12.0 M HCl are needed to prepare 875.0 ml of 1.00 M...
asked 9 minutes ago -
What were the major components and goals of the
Welfare Reform Act of 1996? Did the...
asked 19 minutes ago -
if the number of radioactive atoms at time t is 2x10^6, and
2x10^4 atoms disintegrate in...
asked 21 minutes ago -
Sheffield Corp. is preparing its direct labor budget for May.
Projections for the month are that...
asked 26 minutes ago -
Find the required angular acceleration of an ultracentrifuge for
the centripetal acceleration of a point 2.50...
asked 36 minutes ago -
In C++
Do not use classes. Write a function
to add two integers of any length,...
asked 41 minutes ago -
Consider a situation in which a person is infected with a
certain type of bacteria, develops...
asked 57 minutes ago -
In dominant gene interactions, selfing a F1 dihybrid produces a
9:6:1 phenotypic ratio. How many genotypes...
asked 55 minutes ago -
Name the method of reasoning on the left and the fallacy on
the right. Use the Chart,...
asked 56 minutes ago -
Distinguish among mandatory, permissive, and illegal bargaining
subjects
HR class
asked 59 minutes ago -
A 1.2 kg mass in placed on the end of a 1.4 m string. One end...
asked 1 hour ago -
A researcher wishes to estimate the proportion of adults who
have high-speed Internet access. What size...
asked 1 hour ago