Homework Answers
(1) MC is the supply curve.
At a price of $30, the Q is 60.
-------
(2) At price of $16, Q is 12.
At Q =12, the ATC is 51
------
(3) At price of $12, Q is 10
At Q=10, the ATC is 62
------
(4) At price of $27, Q is between 12 and 60
----
(5) At price of $57, Q is 60
At Q=60, the AVC is $23
----
(6) At price of 27, the Q is between 12 and 60.
The ATC between 12 to 60 units of Q is higher than price of $27.
Hence, there is loss.
So, A P = $27 results in loss.
------
(7) At price of $12, Q is 10.
ATC of Q=10 is 62
Profit = TR - TC
=> profit = P*Q - ATC*Q
=> Profit = Q (P-ATC)
=> Profit = 10 (12 -62)
=> Profit = -500
Operating at a $12 price results in a profit of -500
-------
(8) At price = $27, results in Q between 12 to 60 with an ATC between $51 to $30.
62 ATC 57 51 33 30 27 AVC 23 20 16 MC 12 Q 0 10...
62 ATC 57 51 33 30 27 AVC 23 20 16 MC 12 Q 0 10 12 60 70 P=$16 results in The smallest costs can be in the short-run are: 0 O MC ОТС O VC FC 62 ATC 57 51 33 30 27 AVC 23 20 16 МС, 12 0 10 12 60 70 P=$12 results in Q' of ATC 62 57 51 33 30 27 AVC 23 20 16 MC 12 0 10 12 60 70 P=$12...
Output (Cases) Fixed Cost Variable Cost Total cost ATC AVC MC () 0 20 - 20...
Output (Cases)
Fixed Cost
Variable Cost
Total cost
ATC
AVC
MC ()
0
20
-
20
1
20
12
32
32.00
12.00
12
2
20
20
40
20.00
10.00
8
3
20
28
48
16.00
9.33
8
4
20
37
57
14.25
9.25
9
5
20
47
67
13.40
9.40
10
6
20
61
81
13.50
10.17
14
7
20
81
101
14.43
11.57
20
8
20
116
136
17.00
14.50
35
9
20
171
191
21.22
19.00
55
Output(Cases)...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15 $10 $5 01234 56789 10 11 12 13 14 Based on the graph above, what is the profit maximizing price? o $45 $25 $5 S40 O $20 $10 $70 $50 S60 $65 S55 SI5 S30 $35
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30...
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30 35 40 45 a. Output What output level has the lowest average variable cost? b. At what point is marginal cost equal to average variable cost? Minimum average total cost is equal to d. Why is the minimum point on the ATC curve at 35 units above the minimum point on the AVC curve at 30 units? e. Why does the marginal cost curve...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer to the diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's economic profit: is zero is $400 O is $200 cannot be determined from the information provided.
RANGES FREQUENCY RELATIVE FREQUENCY CUMULATIVE REL. FREQ. 1 - 10 11 - 20 21 - 30 31 - 40...
RANGES
FREQUENCY
RELATIVE FREQUENCY
CUMULATIVE REL. FREQ.
1 - 10
11 - 20
21 - 30
31 - 40
41 - 50
51 - 60
61 - 70
71 - 80
81 - 90
91 - 100
'= 100 DATA
VALUES??
SO, WHAT DOES A FREQUENCY TABLE TELL US?
If
you wrote each of the above data values on a ping pong ball,, put
them in a jar and blindly pulled one out:
What is the probability that this ball...
Conduct a formal hypothesis test of the claim that the mean longevity is less than 57...
Conduct a formal hypothesis test of the claim that the mean longevity is less than 57 days. Test at significance α=0.05. Your written summary of this test must include the following: Your null and alternate hypotheses in the proper format. The type of distribution you used to construct the interval (t or normal). The P-value and its logical relationship to α (≤ or >). Your decision regarding the null hypothesis: reject or fail to reject. A statement regarding the sufficiency/insufficiency...
48 57 Amy Bakery has four shops in different area in a city. Monthly sales (in...
48 57 Amy Bakery has four shops in different area in a city. Monthly sales (in thousands of dollars) from a random of 24 months from each of the 4 shops given in Table 1. Table 1: Monthly sales (in thousands of dollars) North East South West 77 75 97 60 45 42 60 54 56 49 68 47 44 39 58 57 63 61 69 51 75 63 79 50 90 81 99 73 32 47 46 41 41...
6-9 please Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30...
6-9
please
Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30 А 20 D 180 6) What should the value for "A" be? a) 15 b) 20 c) 25 d) 30 e) 35 7) What should the value for "B" be? a) 50 b) 60 c) 70 d) 80 e) None of the above. 8) What should the value for "C" be? a) 36.67 b) 40 c) 43.33...
62 ATC 57 51 33 30 27 AVC 23 20 16 MC 12 Q 0 10 12 60 70 P=$16 results in The smallest costs can be in the short-run are: 0 O MC ОТС O VC FC 62 ATC 57 51 33 30 27 AVC 23 20 16 МС, 12 0 10 12 60 70 P=$12 results in Q' of ATC 62 57 51 33 30 27 AVC 23 20 16 MC 12 0 10 12 60 70 P=$12...
Output (Cases)
Fixed Cost
Variable Cost
Total cost
ATC
AVC
MC ()
0
20
-
20
1
20
12
32
32.00
12.00
12
2
20
20
40
20.00
10.00
8
3
20
28
48
16.00
9.33
8
4
20
37
57
14.25
9.25
9
5
20
47
67
13.40
9.40
10
6
20
61
81
13.50
10.17
14
7
20
81
101
14.43
11.57
20
8
20
116
136
17.00
14.50
35
9
20
171
191
21.22
19.00
55
Output(Cases)...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15 $10 $5 01234 56789 10 11 12 13 14 Based on the graph above, what is the profit maximizing price? o $45 $25 $5 S40 O $20 $10 $70 $50 S60 $65 S55 SI5 S30 $35
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30 35 40 45 a. Output What output level has the lowest average variable cost? b. At what point is marginal cost equal to average variable cost? Minimum average total cost is equal to d. Why is the minimum point on the ATC curve at 35 units above the minimum point on the AVC curve at 30 units? e. Why does the marginal cost curve...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer to the diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's economic profit: is zero is $400 O is $200 cannot be determined from the information provided.
RANGES
FREQUENCY
RELATIVE FREQUENCY
CUMULATIVE REL. FREQ.
1 - 10
11 - 20
21 - 30
31 - 40
41 - 50
51 - 60
61 - 70
71 - 80
81 - 90
91 - 100
'= 100 DATA
VALUES??
SO, WHAT DOES A FREQUENCY TABLE TELL US?
If
you wrote each of the above data values on a ping pong ball,, put
them in a jar and blindly pulled one out:
What is the probability that this ball...
48 57 Amy Bakery has four shops in different area in a city. Monthly sales (in thousands of dollars) from a random of 24 months from each of the 4 shops given in Table 1. Table 1: Monthly sales (in thousands of dollars) North East South West 77 75 97 60 45 42 60 54 56 49 68 47 44 39 58 57 63 61 69 51 75 63 79 50 90 81 99 73 32 47 46 41 41...
6-9
please
Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30 А 20 D 180 6) What should the value for "A" be? a) 15 b) 20 c) 25 d) 30 e) 35 7) What should the value for "B" be? a) 50 b) 60 c) 70 d) 80 e) None of the above. 8) What should the value for "C" be? a) 36.67 b) 40 c) 43.33...
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