Homework Answers
In the image below both the table of data and the curve of all ccost fuctions si drawn..
WE found that MC =AVC =$1 for any quantity of good.
Avegrage cost curve is almost parallel to average cost curve because both are of difference by $1 for any quantity .
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QUESTION 3 A pizza shop has fixed costs of S10 per day and variable costs of...
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...
D Question 5 20 pts Sam's Pizza Palace has the following relationship between the number of...
D Question 5 20 pts Sam's Pizza Palace has the following relationship between the number of cooks he hires and the number of slices he can make. The market for pizza is perfectly competitive, with a market price of $2.00 per slice. Slices per day Variable Cost Total Cost Marginal Cost Workers 0 Fixed Cost $10 $10 $10 $10 $10 $10 $20 $40 $60 $80 75 $100 Please enter your answers in the box as numbers. (ie. 70 not 'seventy'or...
(6 pts) A local pizza shop has hired you as a consultant to help it compete...
(6 pts) A local pizza shop has hired you as a consultant to help it compete with national chains in the area. Because most business is handled by these national chains, the local shop operates as a price taker. Using historical data on costs, you find that short-run total costs each day are given by 4. STC- 10 + 2q + 0.1q', where q is daily pizza production. (1 pt) What is this pizza shop's short-run supply curve? (1 pt)...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop?...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop? Chapter 6 Question: Adam Smith in The Wealth of Nations asserted that the pursuit of self.in terest by competitive firms promoted the interests of society. What did he mean by this? Chapter 7 Question: What circumstances might cause a monopolist to charge less than the profit-maximizing price?
Speaking: Raed Saeed (Host) Pizza B1 QN 1. John has an income of 800 dollars per...
Speaking: Raed Saeed (Host) Pizza B1 QN 1. John has an income of 800 dollars per week, which he can split between consumption of pizza and coke (Figure 1). The price of pizza is currently $10, while coke costs $8. At these prices, he divides his income between the two goods such that his optimal consumption point is at point K (with 45 coke) shown on original budget line Bo. Suppose that the price of pizza decreases to $8, so...
Which one of the following statements about cost behaviour is true? Select one: Fixed costs per...
Which one of the following statements about cost behaviour is true? Select one: Fixed costs per unit vary with the level of activity. Variable costs per unit are not constant within the relevant range. Total fixed costs are not constant within the relevant range. Total variable costs are constant within the relevant range. Pizza Paradise makes and sells only one kind of Pizza; Hawaiian Pizza, which is made with a key ingredient, Pineapple slices. Classify the Pineapple slices used in...
. A company manufacturing snowboards has fixed costs of $200 per day and total costs of...
. A company manufacturing snowboards has fixed costs of $200 per day and total costs of $3800 per day at a daily output of 20 snowboards. A) Write an equation for the total cost per day, C(x), assuming it is a linear function. B) Write an equation for the average cost for an output of x snowboards, AC(x)- C(x)/x C) Graph in EXCEL the average cost function for production levels 1 to 40 Describe what you see in 100 words...
Pete’s pizzeria makes and sells pizza for $0.79. Each pizza costs $0.19 for materials. Labor to...
Pete’s pizzeria makes and sells pizza for $0.79. Each pizza costs $0.19 for materials. Labor to make and sell the pizza is $8.00 per person per hour or $64 a day (8-hour workday). Fixed costs for rent, utilities, etc. average $120 per day. A minimum of two workers (one to cook and one to sell) are needed. If the demand is more than 500, they need an additional person. In fact, each additional 500 units of demand require another person...
Problem 3 Burleson Clinic has fixed costs of $2,000,000 and an average variable cost rate of...
Problem 3 Burleson Clinic has fixed costs of $2,000,000 and an average variable cost rate of $15 per visit. Its sole payer, an HMO, has proposed an annual capitation payment of $150 per each of its 20,000 members. Past experience indicates the population served will average two visits per year. a. Construct the base case projected P&L statement on the contract. P & L Statement Revenue 3,000,000 Variable costs 600,000 Gross profit 2,400,000 Fixed costs 2,000,000 Net profit $400,000 b....
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in...
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in ingredients per pizza, $0.10 in electricity per pizza, $3,000 in restaurant rent per month, and $550 in insurance per month. Assume the pizza parlor produces 8,000 pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ 56,800. (Enter your response as an integer.) What is the fixed cost of production (per month)? The fixed cost...
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...
D Question 5 20 pts Sam's Pizza Palace has the following relationship between the number of cooks he hires and the number of slices he can make. The market for pizza is perfectly competitive, with a market price of $2.00 per slice. Slices per day Variable Cost Total Cost Marginal Cost Workers 0 Fixed Cost $10 $10 $10 $10 $10 $10 $20 $40 $60 $80 75 $100 Please enter your answers in the box as numbers. (ie. 70 not 'seventy'or...
(6 pts) A local pizza shop has hired you as a consultant to help it compete with national chains in the area. Because most business is handled by these national chains, the local shop operates as a price taker. Using historical data on costs, you find that short-run total costs each day are given by 4. STC- 10 + 2q + 0.1q', where q is daily pizza production. (1 pt) What is this pizza shop's short-run supply curve? (1 pt)...
Chapter 5 Question: What are examples of fixed costs and variable costs for a pizza shop? Chapter 6 Question: Adam Smith in The Wealth of Nations asserted that the pursuit of self.in terest by competitive firms promoted the interests of society. What did he mean by this? Chapter 7 Question: What circumstances might cause a monopolist to charge less than the profit-maximizing price?
Speaking: Raed Saeed (Host) Pizza B1 QN 1. John has an income of 800 dollars per week, which he can split between consumption of pizza and coke (Figure 1). The price of pizza is currently $10, while coke costs $8. At these prices, he divides his income between the two goods such that his optimal consumption point is at point K (with 45 coke) shown on original budget line Bo. Suppose that the price of pizza decreases to $8, so...
Which one of the following statements about cost behaviour is true? Select one: Fixed costs per unit vary with the level of activity. Variable costs per unit are not constant within the relevant range. Total fixed costs are not constant within the relevant range. Total variable costs are constant within the relevant range. Pizza Paradise makes and sells only one kind of Pizza; Hawaiian Pizza, which is made with a key ingredient, Pineapple slices. Classify the Pineapple slices used in...
. A company manufacturing snowboards has fixed costs of $200 per day and total costs of $3800 per day at a daily output of 20 snowboards. A) Write an equation for the total cost per day, C(x), assuming it is a linear function. B) Write an equation for the average cost for an output of x snowboards, AC(x)- C(x)/x C) Graph in EXCEL the average cost function for production levels 1 to 40 Describe what you see in 100 words...
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in ingredients per pizza, $0.10 in electricity per pizza, $3,000 in restaurant rent per month, and $550 in insurance per month. Assume the pizza parlor produces 8,000 pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ 56,800. (Enter your response as an integer.) What is the fixed cost of production (per month)? The fixed cost...
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