4). The Greening of Motels and Hotels ( Hotels and motels that have gone green are using on average 25% less labor than those that have not gone green. Much of going green includes less towels and sheet washing for customers staying multiple nights. a). Show the effect of the change in production for a hotel in the short-run and in the Irng-run using appropriate models of the firm. (make sure to include an isoquant graph) b). Explain and graph how "going green" may change their revenues, costs and profits (k

4). The Greening of Motels and Hotels ( Hotels and motels that have gone green are using on average 25% less labor than those that have not gone green. Much of going green includes less towels and sheet washing for customers staying multiple nights. a). Show the effect of the change in production for a hotel in the short-run and in the Irng-run using appropriate models of the firm. (make sure to include an isoquant graph) b). Explain and graph how "going green" may change their revenues, costs and profits (k

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q= = 100 1 2 3 180 250 320 Q = 200 120 160 200 Average Total Cost (Dollars per bike) Q = 300 Q = 400 80 120 80 80 120 80 Q = 500 200 160 120 Q: = 600 320 250 180 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 1 74°F Clear 2 3 440 620 800 Q = 200 280 380 480 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 320 240 240 Q = 500 480 380 280 Q = 600 800 620 440 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $440 per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using one factory On the following graph, plot the three SRATC curves for Ike's Bikes from the…
Fill in the space (d) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. Number of Amount of Trucks Labor 2 2 2 2 2 2 2 0 1 2 3456 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
12. Discuss the connection between returns to scale and diminishing marginal product. Provide graphs to illustrate their relationship.?
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Number of Factories Q = 100 Q = 200 Q = 300 Q = 400 Q = = 500 Q = 600 %3D 1 360 200 160 240 400 720 2 540 300 160 160 300 540 720 400 240 160 200 360 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using
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The table shows the total product schedule of a firm that uses 1 sewing machine. The firm rents the sewing machine for $25 a day and pays its workers $30 a day. Labor (workers per day) Output (pairs of jeans per day) What is the average variable cost of producing 17 pairs of jeans? 0. The average variable cost of producing 17 pairs of jeans is 1 4. S口 11 3. 17 >>> Answer to 2 decimal places. 4. 20 21
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4.a) Consider the following table for a wheat farmer in long run: Q (wheat) 12 345 6 7 VC (in TK) 20 30 60 120 240 500 700 Calculate ATC for each unit. Then find out minimum efficient scale. b)What are the relationships between ATC and MC? Explain it with a relevant graph.