Homework Answers
For 6000 bushels of corn, avg cost is lowest for medium size farm
For 13000 bushels of corn, avg cost is lowest for large size farm
So,
For 6000 bushels of corn, medium farm size should be selected
For 13000 bushels of corn, Large farm size should be selected
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Aliyah plans to start a farm to plant corn. The graph below shows the short-run average...
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | 0 1 2 3 4. 5 6 7 8 9 10 Total Cost (dollars) | 36 | 46 54 60 | 64 | 65 | 69 | 7792 117 | 160 If the price for corn is $7 per bushel, how many bushels of corn should the farm grow?
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | o|1|2|34| 5 | 6 | 7 | 8 | 9 10 THERE Total Cost (dollars) | 36 | 46 | 54 | 60 | 64 | 65 | 69 | 77 | 92 | 117 | 160 If the price for corn is $7 per bushel, how many bushels of...
The graph below shows shows a perfectly competitive market for wheat and a typical farm in the market. The demand for wheat increases from D1 to D2. Assume that wheat production is a constant-cos...
The graph below shows shows a perfectly competitive market for wheat and a typical farm in the market. The demand for wheat increases from D1 to D2. Assume that wheat production is a constant-cost industry. A typical farm The market for wheat Cost ($) Price (S per bushel) MC 10 10 9 ATC 8 7.20 715 751 D2 5 5 40 80 120 160 200 240 Quantity (thousands of bushels) 20 40 60 80 100 120 Quantity (milions of bushels)...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm mig...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm might build to produce its product. Assume that these are the only possible sizes of plants that the firm might build. Long-Run Schedule Output ATC 10 Plant Size A Output ATC 10 $7 20 6 30 5 40 4 Plant Size B Output ATC 10 $17 20 30 9 40 6 Plant Size C Output ATC 10 $53 20 30 35 40 27...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $13. Should Ted shut down his store in the short run? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 $/Q AFC OPN 0 1 2...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 9 workers then it can produce pigs. • To produce 60 pigs the farm needs to hire worker(s). Point C on the production function tells us that to produce pigs the farm needs to hire worker(s). •...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $13. Should Ted shut down his store in the short run? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 $/Q AFC 1 0...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost...
Suppose the U.S. bicycle market is perfectly competitive. The
graph below shows the short run cost curves of Ted’s bicycle store.
Suppose the market price is $29. Is Ted making an economic profit
in the short run? Are the profits sustainable in the long run
assuming this is a constant cost industry? Briefly explain.
MC ATC AVC O/$ 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $29. Is Ted making an economic profit in the short run? Are the profits sustainable in the long run assuming this is a constant cost industry? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
A purebred sweet corn plant that produces purple and smooth kernels pollinates a purebred plant that...
A purebred sweet corn plant that produces purple and smooth kernels pollinates a purebred plant that produces yellow and wrinkled kernels. When the F1 was testcrossed, four types of kernels on the cobs were observed in almost equal proportions: purple and smooth, purple and wrinkled, yellow and smooth, and yellow and wrinkled. Which of the following statement(s) are TRUE? I. The F1 plants can only produce purple and wrinkled kernels when selfcrossed. II. If the parent that produces yellow and...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | 0 1 2 3 4. 5 6 7 8 9 10 Total Cost (dollars) | 36 | 46 54 60 | 64 | 65 | 69 | 7792 117 | 160 If the price for corn is $7 per bushel, how many bushels of corn should the farm grow?
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | o|1|2|34| 5 | 6 | 7 | 8 | 9 10 THERE Total Cost (dollars) | 36 | 46 | 54 | 60 | 64 | 65 | 69 | 77 | 92 | 117 | 160 If the price for corn is $7 per bushel, how many bushels of...
The graph below shows shows a perfectly competitive market for wheat and a typical farm in the market. The demand for wheat increases from D1 to D2. Assume that wheat production is a constant-cost industry. A typical farm The market for wheat Cost ($) Price (S per bushel) MC 10 10 9 ATC 8 7.20 715 751 D2 5 5 40 80 120 160 200 240 Quantity (thousands of bushels) 20 40 60 80 100 120 Quantity (milions of bushels)...
QUESTION 3 Following are the short-run average-total-cost schedules for three plants of different sizes that a firm might build to produce its product. Assume that these are the only possible sizes of plants that the firm might build. Long-Run Schedule Output ATC 10 Plant Size A Output ATC 10 $7 20 6 30 5 40 4 Plant Size B Output ATC 10 $17 20 30 9 40 6 Plant Size C Output ATC 10 $53 20 30 35 40 27...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $13. Should Ted shut down his store in the short run? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 $/Q AFC OPN 0 1 2...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 9 workers then it can produce pigs. • To produce 60 pigs the farm needs to hire worker(s). Point C on the production function tells us that to produce pigs the farm needs to hire worker(s). •...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $13. Should Ted shut down his store in the short run? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 $/Q AFC 1 0...
Suppose the U.S. bicycle market is perfectly competitive. The
graph below shows the short run cost curves of Ted’s bicycle store.
Suppose the market price is $29. Is Ted making an economic profit
in the short run? Are the profits sustainable in the long run
assuming this is a constant cost industry? Briefly explain.
MC ATC AVC O/$ 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $29. Is Ted making an economic profit in the short run? Are the profits sustainable in the long run assuming this is a constant cost industry? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
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