2 3.John's lawn mowing service is a small business that acts as a price taker. Theprevailing fixed market price of lawn mowing is $20 per acre. John's costs are given by:Total Cost (TC) = 0.1q² + 10q +50.ATC= 0.2g +10AQMarginal cost (MC) =Where q = the number of acres that John chooses to mow each day.a) How many acres should John choose to mow in order to maximize profit?b) Calculate John's daily profit.c) Graph these results and label John's supply curve.

In a perfectly competitive market structure there exists a large number of buyers and sellers of the…

3. John's lawn mowing service is a small business that acts as a price taker. The prevailing fixed market price of lawn mowing is $20 per acre. John's costs are given by: Total Cost (TC) = 0.1q² + 10q +50. Marginal cost (MC) = ATC = 0.2g +10 Where q = the number of acres that John chooses to mow each day. a) How many acres should John choose to mow in order to maximize profit? b) Calculate John's daily profit. c) Graph these results and label John's supply curve.

3. John's lawn mowing service is a small business that acts as a price taker. The prevailing fixed market price of lawn mowing is $20 per acre. John's costs are given by: Total Cost (TC) = 0.1q² + 10q +50. Marginal cost (MC) = ATC = 0.2g +10 Where q = the number of acres that John chooses to mow each day. a) How many acres should John choose to mow in order to maximize profit? b) Calculate John's daily profit. c) Graph these results and label John's supply curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
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