Homework Answers
Pls see the blue curve which is the f(x). Two points to note: It increases at an increasing rate first (since MC is higher than AC), and then at a decreasing rate, when MC cuts AC from top and becomes lower than AC. Secondly, it starts falling when MC is negative (see the points which lies on the blue vertical line).
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Suppose the average value of f() ad the marginal value of f(1) appear as in Figure...
Consider the following scenario to understand the relationship between marginal and average values. Suppose Sam is...
Consider the following scenario to understand the relationship between marginal and average values. Suppose Sam is a professional basketball player, and his game log for free throws can be summarized in the table that follows. Fill n the columns to show Sam?s free-throw percentage for each game and his overall free-throw average. Plot the results for each game and Sam?s overall average free-throw percentage after each game on the following graph. Use the green points (triangle symbol) to plot Sam?s...
Suppose that the Marginal Abatement Cost function and the Marginal Damage function for an industr...
Suppose that the Marginal Abatement Cost function and the Marginal Damage function for an industry are given as follows: MAC = 48 – 0.4e MD = 0.35e For simplicity here, we are assuming that they are linear. a. Graph the MAC and MD curves for this industry. Make sure you are marking out any and all relevant axis intercepts. b. Suppose that the government want to impose a standard limiting the emissions to the efficient level. i. At what value...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC)...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC) and the average variable cost (AVC) curves for Fim1 Figure 7 - MRMC, ATC, and AVC Curves for Firm 1 MMC ATC 750 M. 500 Blank 1: Calculate the total fixed costs for Firm 1. (Write your answer in terms of $. ie. Sx) Blank 2: What is the total revenue for Firm 1 when the price is $14.50? (Write your answer in terms...
(1 point) The figure below gives F() for some function F 1 2 3 Use this graph and the facts that ...
(1 point) The figure below gives F() for some function F 1 2 3 Use this graph and the facts that the area labeled A is 13.5, that labeled B is 12, that labeled C is 3, and thatF(6)2 to sketch the graph of F(x). Label the values of at least four points. Then, using your graph, give four (x,y) points on the curve: (Give your answer as a list of points separated by commas.)
(1 point) The figure below...
The graph below shows the demand (D), marginal revenue (MR), marginal cost (MC), and average total...
The graph below shows the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves for a hazardous-waste removal firm that operates as a local monopoly. If the market quantity is 400 barrels, use the area tool to draw the rectangle that represents the firm's profits. Your answer should be a rectangle drawn with four corners.
The graph below shows the marginal, average variable, and average total cost curves for a pizza...
The graph below shows the marginal, average variable, and average total cost curves for a pizza seller. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Cost Curves 3.50 3.25 3.00 2.75 Select Select Select 2.50 (S/slice) 2.00 W 1.75 1.50 1.25 1.00 0.75 0.50 0.25 100 200 300 400 500 600 700 800 900 Q -> Quantity (slices/day) a. What is the amount of the...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced pe...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced per year, K is the machine-hours of capital, and L is the man-hours of labor. Suppose K = 600. a. Draw a graph of the production function over the range L = 0 to L = 500, putting L on the horizontal axis and on the vertical axis. Over what range of L does the production function...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total cost curves. The firm operates in a perfectly competitive market. Copy this figure into your assignment and indicate the firm's short-run market supply curve.
b) (4 points) Graph demand, marginal revenue, marginal cost and average total cost (ATC) below. Mark...
b) (4 points) Graph demand, marginal revenue, marginal cost and
average total cost (ATC) below. Mark Q*, P*, ATC* (you’ll have to
calculate it) and the endpoints to all of the curves.
c) (2 points) Given your answers above, explain which curve(s)
will shift in the long run and why.
d) (4 points) Draw the graph that represents this firm in the
long-run. Label the profit-maximizing price and quantity as P* and
Q*, respectively. No numbers are necessary, but be...
Consider the following scenario to understand the relationship between marginal and average values. Suppose Sam is a professional basketball player, and his game log for free throws can be summarized in the table that follows. Fill n the columns to show Sam?s free-throw percentage for each game and his overall free-throw average. Plot the results for each game and Sam?s overall average free-throw percentage after each game on the following graph. Use the green points (triangle symbol) to plot Sam?s...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC) and the average variable cost (AVC) curves for Fim1 Figure 7 - MRMC, ATC, and AVC Curves for Firm 1 MMC ATC 750 M. 500 Blank 1: Calculate the total fixed costs for Firm 1. (Write your answer in terms of $. ie. Sx) Blank 2: What is the total revenue for Firm 1 when the price is $14.50? (Write your answer in terms...
(1 point) The figure below gives F() for some function F 1 2 3 Use this graph and the facts that the area labeled A is 13.5, that labeled B is 12, that labeled C is 3, and thatF(6)2 to sketch the graph of F(x). Label the values of at least four points. Then, using your graph, give four (x,y) points on the curve: (Give your answer as a list of points separated by commas.)
(1 point) The figure below...
The graph below shows the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves for a hazardous-waste removal firm that operates as a local monopoly. If the market quantity is 400 barrels, use the area tool to draw the rectangle that represents the firm's profits. Your answer should be a rectangle drawn with four corners.
The graph below shows the marginal, average variable, and average total cost curves for a pizza seller. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Cost Curves 3.50 3.25 3.00 2.75 Select Select Select 2.50 (S/slice) 2.00 W 1.75 1.50 1.25 1.00 0.75 0.50 0.25 100 200 300 400 500 600 700 800 900 Q -> Quantity (slices/day) a. What is the amount of the...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced per year, K is the machine-hours of capital, and L is the man-hours of labor. Suppose K = 600. a. Draw a graph of the production function over the range L = 0 to L = 500, putting L on the horizontal axis and on the vertical axis. Over what range of L does the production function...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total cost curves. The firm operates in a perfectly competitive market. Copy this figure into your assignment and indicate the firm's short-run market supply curve.
b) (4 points) Graph demand, marginal revenue, marginal cost and
average total cost (ATC) below. Mark Q*, P*, ATC* (you’ll have to
calculate it) and the endpoints to all of the curves.
c) (2 points) Given your answers above, explain which curve(s)
will shift in the long run and why.
d) (4 points) Draw the graph that represents this firm in the
long-run. Label the profit-maximizing price and quantity as P* and
Q*, respectively. No numbers are necessary, but be...
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