Homework Answers
Firm B
because with addition of new units, there is less rise in the cost which implies cost per unit is decreasing. This shows economies of scale benefit
Consider the following table of long-run total cost for three different firms:
Consider the following table of long-run total cost for three different firms: Output (hypothetical units)1234567Firm "A" TC level$60$70$80$90$100$110$120Firm "B" TC level112439567596119Firm "C"' TC level2134496685106129Does each of these firms experience economies of scale or diseconomies of scale?
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil indu...
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero. If the two firms collude to share the market equally, the price of crude oil will be barrels, firm 2 will produce firm 1 will produce barrels, and each firm will earn revenue equal to Table: Demand for Crude Oil Total Price (S/barrel)Revenue (S) Quantit 0 10 $160 30...
The mass spectrum of 3-bromopropanoic acid is shown below. Four peaks are labeled with A, B,...
The mass spectrum of 3-bromopropanoic acid is shown below. Four peaks are labeled with A, B, C, and D. Select the label for the base peak(s). 45 55 18 26 on 10 20 30 40 50 60 70 80 90 100 MIZ 110 120 130 140 150 160 170 The mass spectrum of 3-bromopropanoic acid is shown below. Four peaks are labeled with A, B, C, and D. Select the label for the M peak(s) (unfragmented parent). 135 27 45...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
6. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph...
6. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ATC COSTS (Dollars) MC D 0 + 0 + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of lamps) + 90 10 100 For each price in the following table, use the graph to determine the number...
The following table shows how much output a firm can produce as it relates to the...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
A worker costs $60 a day, and the firm has fixed costs of $120.
In the following table, complete the marginal product column Workers Output Marginal ProductTotal Cost M arginal Cost Average Total Cost OU AWN A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. Fill in the column for average total cost in the previous table. Which of the following statements are true about the patterns found...
1. What is the total revenue of this firm if it is producing the level of...
1. What is the total revenue of this firm if it is producing the
level of output that maximizes profit/minimize loss?
A) $560
B) $420
C) $160
D) $480
2. According to the figure below, what is the total profit of
this monopoly?
A) $240
B) $-120
C) $60
D) $80
Price ($) MC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity Price (s) MC1 TATC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity
Consider the following table of long-run total costs for three different forms
3. Problems 13-10 Consider the following table of long-run total costs for three different forms: Quantity FirmA Firm B Firm C 1 2 3 4 5 6 7 10 21 324354 66 80 10 15 18 23 35 50 65 10 19 28 37 46 55 60 Indicate whether each firm experiences economies of scale or diseconomies of scale. (Note: If a firm experiences economies of scale in one region and diseconomies of scale in another, make sure to select both columns.)
A researcher from a construction firm claims that the average cost of total renovation of a...
A researcher from a construction firm claims that the average cost of total renovation of a bungalow house is less than $85 (in ten thousand dollars). He selects a random sample of 36 pairs of shoes from a catalog and finds the following costs (in ten thousand dollars) 62 70 75 55 80 55 51 40 80 70 52 96 120 90 75 85 80 60 110 65 82 85 85 45 75 60 90 92 60 95 110 85...
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero. If the two firms collude to share the market equally, the price of crude oil will be barrels, firm 2 will produce firm 1 will produce barrels, and each firm will earn revenue equal to Table: Demand for Crude Oil Total Price (S/barrel)Revenue (S) Quantit 0 10 $160 30...
The mass spectrum of 3-bromopropanoic acid is shown below. Four peaks are labeled with A, B, C, and D. Select the label for the base peak(s). 45 55 18 26 on 10 20 30 40 50 60 70 80 90 100 MIZ 110 120 130 140 150 160 170 The mass spectrum of 3-bromopropanoic acid is shown below. Four peaks are labeled with A, B, C, and D. Select the label for the M peak(s) (unfragmented parent). 135 27 45...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
6. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ATC COSTS (Dollars) MC D 0 + 0 + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of lamps) + 90 10 100 For each price in the following table, use the graph to determine the number...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
In the following table, complete the marginal product column Workers Output Marginal ProductTotal Cost M arginal Cost Average Total Cost OU AWN A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. Fill in the column for average total cost in the previous table. Which of the following statements are true about the patterns found...
1. What is the total revenue of this firm if it is producing the
level of output that maximizes profit/minimize loss?
A) $560
B) $420
C) $160
D) $480
2. According to the figure below, what is the total profit of
this monopoly?
A) $240
B) $-120
C) $60
D) $80
Price ($) MC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity Price (s) MC1 TATC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity
3. Problems 13-10 Consider the following table of long-run total costs for three different forms: Quantity FirmA Firm B Firm C 1 2 3 4 5 6 7 10 21 324354 66 80 10 15 18 23 35 50 65 10 19 28 37 46 55 60 Indicate whether each firm experiences economies of scale or diseconomies of scale. (Note: If a firm experiences economies of scale in one region and diseconomies of scale in another, make sure to select both columns.)
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