A firm that produces widgets must pay a fixed cost of $150. It costs an additional...
A firm that produces widgets must pay a fixed cost of $150. It costs an additional $30 for every widget that they produce. If the market price is $40, how many widgets does the firm have to sell so that it does not incur a loss?
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A firm that produces widgets must pay a fixed cost of $150. It
costs an additional...
DeWitt’s Widgets have fixed costs of $1.65 million and also have to spend $9.95 for each...
DeWitt’s Widgets have fixed costs of $1.65 million and also have to spend $9.95 for each widget they produce. The function ?(?) = 2000000 ? − 0.055 ? gives the number of widgets that the market is demanding. (This gives the number of items that DeWitt’s Widgets produces and also the number of items that they sell when they charge ? dollars per widget. DeWitt’s produces items on demand.) 1. In this problem you will identify formulas for total cost...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is $49 per widget (so it costs $49 to produce 1 widget). Let N be the number of widgets produced in a month. (a) Find a formula for the manufacturer's total cost C as a function of N. C(N) - 49N+1200 (b) The highest price p, in dollars, of a widget at which N widgets can be sold is given by the formula p =...
DeWitt’s Widgets have fixed costs of $1.65 million and also have to spend $9.95 for each...
DeWitt’s Widgets have fixed costs of $1.65 million and also have to spend $9.95 for each widget they produce. The function W(p) = 2000000(EXP)-0.005p gives the number of items that Dewitts Widgets produces and also the number of items that they sell when they charge p, dollars per widget What is the the price that would allow the company to break-even. Write a complete factual sentence to interpret the value
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since...
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since this capital cannot be changed at will, the only way to vary the output of widgets is to change the number of workers. The table helow shows the total output of widgets when different numbers of workers are assigned to a widget press each day. If no workers are working a press, the utput for that press is zero. Each worker hired by Widgets...
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since...
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since this capital cannot be changed at will, the only way to vary the output of widgets is to change the number of workers. The table below shows the total output of widgets when different numbers of workers are assigned to a widget press each day. If no workers are working a press, the output for that press is zero. Each worker hired by Widgets...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
Firm A produces widgets at a constant unit cost of 2 and a fixed cost of...
Firm A produces widgets at a constant unit cost of 2 and a fixed cost of 15. It faces market demand P =22 − 2Q. a) If A is profit-maximizing, what price will it set? What will be the quantity sold and profit? b) Calculate the elasticity of demand at this point. What is its relationship to marginal revenue (MR)?
125% Zoom + Add Page w Insert Table Chart Text Shape Media Comment 9. ISB Inc....
125% Zoom + Add Page w Insert Table Chart Text Shape Media Comment 9. ISB Inc. produces only widgets. Each widget has a variable cost of $11. The price that each widget sells for is $35. Monthly fixed costs for ISB are $24,300. a. How many widgets must ISB sell to break even every month? b. How many widgets must ISB sell to make a monthly profit af $12,000? 18 words ora
Suppose 2 firms compete in a market for widgets. Each of them produces identical widgets. Each...
Suppose 2 firms compete in a market for widgets. Each of them produces identical widgets. Each firm incurs a cost of $10 per widget produced. The two firms simultaneously (and independently) decide how many widgets to produce. The inverse demand for widgets is given by P=100−3Q, where Q=q1+q2, where q1denotes the output of firm 1 and q2 denotes the output of firm 2. What is firm 1's best response to q2=2? What is firm 1's best response to q2=20? What...
The following problem applies to a perfectly competitive producer of widgets. A typical producer, say Widget Enterpri...
The following problem applies to a perfectly competitive producer of widgets. A typical producer, say Widget Enterprises Inc., can sell widgets at a constant price of $30/pound. Widget Enterprises has the following costs in the short-run. Its total fixed costs are $45. Quantity Total Cost (pounds) $ 0 45 1 65 2 80 3 90 4 105 5 125 6 150 7 180 8 215 9 255 a. What does it mean to say that Widget Enterprises is a price taker? What does it say about the widgets it makes...
A manufacturer of widgets has fixed costs of $1200 per month, and the variable cost is $49 per widget (so it costs $49 to produce 1 widget). Let N be the number of widgets produced in a month. (a) Find a formula for the manufacturer's total cost C as a function of N. C(N) - 49N+1200 (b) The highest price p, in dollars, of a widget at which N widgets can be sold is given by the formula p =...
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since this capital cannot be changed at will, the only way to vary the output of widgets is to change the number of workers. The table helow shows the total output of widgets when different numbers of workers are assigned to a widget press each day. If no workers are working a press, the utput for that press is zero. Each worker hired by Widgets...
Widgets R Us currently has a fixed amount of capital, which costs the firm $1,000. Since this capital cannot be changed at will, the only way to vary the output of widgets is to change the number of workers. The table below shows the total output of widgets when different numbers of workers are assigned to a widget press each day. If no workers are working a press, the output for that press is zero. Each worker hired by Widgets...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2 150 75 3 150 105 4 150 145 5 150 200 6 150 270 7 150l 360 8 150 475 9 150 620 10 150 800 Refer to the accompanying cost table. If a competitive firm faced with these costs finds that it can sell its product at $60 per unit, it will o produce 6 units and incur a loss of $30. o...
125% Zoom + Add Page w Insert Table Chart Text Shape Media Comment 9. ISB Inc. produces only widgets. Each widget has a variable cost of $11. The price that each widget sells for is $35. Monthly fixed costs for ISB are $24,300. a. How many widgets must ISB sell to break even every month? b. How many widgets must ISB sell to make a monthly profit af $12,000? 18 words ora
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