Answered: _______ A system where individuals own…

Business

Economics

_______ A system where individuals own and operate themajority of businesses

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Mary’s Apples grows organic apples and sells them to national grocery chains, local grocers, and markets. Mary purchased a machine for $450,000 that sorts the apples by size. The largest apples are sold as loose apples to the various stores, the medium-sized apples are bagged and sold to the grocers in their bagged state, and the smallest apples are sold to deep discounters or to a local manufacturing plant that processes the apples into applesauce. Mary is considering keeping the small apples and processing them into apple juice that would be sold under Mary’s own label to local grocers. The small apples currently sell to the deep discounters and local manufacturers for $1.10 per dozen. The variable cost to prepare the small apples for sale, including transporting the apples, is $0.30 per dozen. Mary can sell each gallon of organic apple juice for $3.50 per gallon. It takes two dozen small apples to make one gallon of apple juice. The cost to produce the organic apple juice will be…
#3
Only typed answer and don't use chat gpt and please answer correctly Suppose that you can sell as much of a product (in integer units) as you like at $61 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=9q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 9*1, the second unit (by itself) costs 9*2, etc.). If fixed costs are $50, what is the optimal output level? Please specify your answer as an integer. Also, assume that a competitive firm has the total cost function: TC = 1q3 - 40q2 + 710q + 1700 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer.
QUESTION 18 Amir and Samir run a business that sets up and tests computers. Assume that Amir and Samir can switch between setting up and testing computers at a constant rate. The following table applies: Amir Samir A. 36 B. 48 C. 60 Minutes Needed to D.64 Set Up 1 Computer 48 30 Test 1 Computer ? 40 Number of Computers Set Up or Tested in a 40-Hour Week Computers Set Up Refer to the table above. The number of minutes needed by Amir to test a computer is 50 80 Computers Tested 40 60
4 Long Run Production Capital labor Units Qty $3,000 5 32 outputs % inputs % change - change returns to Scale - $5,000 10 40 100 25 increasing $7,500 12 90 20 125 decreasing $8,000 13 110 8.33 22.22 decreasing $9,000 15 125 15.38 13.636 increasing $11,000 16 130 6.66 4 increasing $11,700 18 320 132 12.5 1.54 increasing 300 280 260 240 220 200 edited 180 160 140 120 100 80 60 For my long run production I wanted to see the different out comes if I my and capital variable After doing so! was able to calculate my output & input % change using the formula (original-new) original Х labor cost per duvet cover 40 20 10 20 30 40 50 60 70 80 90 100 120 130 140 150 160 qty of duvet covers (per month 100
Table 13-7 The Flying Elvis Copter Rides Quantity Total Fixed Variable Marginal Average Average Average Cost Fixed Variable Total Cost Cost Cost Cost Cost Cost $50 $50 $0 $150 A G 1 B C E F 2 $120 K L 3 M IN IP $120 R Refer to Table 13-7. What is the value of O? $40 $360 $140 $410
homework micro.docx - Word (Error de activación de productos) ARCHIVO INICIO INSERTAR DISEÑO DISEÑO DE PÁGINA CORRESPONDENCIA Diana Arenas - REFERENCIAS REVISAR VISTA X Cortar A Buscar - -|11 - A Calibri (Cuerpo) A Aar A AаBЬСcDd AaBЬСcDd AaBbС AаBbСcС Аав АавЬСсD ab Copiar Sac Reemplazar 1 Normal 1 Sin espa. Título 1 Título 2 Puesto Subtítulo Pegar N K abe X, x² A - aly . A Copiar formato Seleccionar - Portapapeles Fuente Párrafo Estilos Edición 21. Laissez-faire is a policy that espouses central planning. True or false 22. If MU=MC=P, and economist van judge with certainty that the distribution of output is A. Equal B. efficient C. Fair D. Unbiased 23. If arrival and departure delays are frequent early in the morning and late afternoons, but there are no delays during the evening hours, we can conclude that the airport authority A. Charges high landing fees at common departure and arrival times B. Should reduce the number of flights during the busy times C. is concerned about the…
EM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity cost
10. Read this excerpt from the October 18, 2022, Wall Street Journal. KINDERHOOK, N.Y.—Golden Harvest Farms has grown from a small apple-growing operation when Doug Grout’s grandfather opened it after World War II, to a multipronged business that includes a retail stand, cider press, distillery, tasting room and barbecue restaurant. But Mr. Grout said he sees a cloudier future for the business due to new state regulations that will require him to increasingly pay more overtime to the farmworkers who pick his apples in the coming years, raising one of his primary costs. “We were looking to buy another orchard, and that whole thing is tabled,” said Mr. Grout, 52 years old, who co-owns Golden Harvest with his father, as he drove between rows of Honeycrisp trees. “We’re stepping away. You’re going to see farms go out of business. This is very shortsighted.” For the apple market in New York, the new regulations will: Cause supply to shift to the left, leading to higher prices and a…
homework micro.docx - Word (Error de activación de productos) ARCHIVO INICIO INSERTAR DISEÑO DISEÑO DE PÁGINA CORRESPONDENCIA Diana Arenas - REFERENCIAS REVISAR VISTA X Cortar A Buscar - -|11 - A Calibri (Cuerpo) A Aa- A AaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcD ab Copiar Sac Reemplazar 1 Normal 1 Sin espa. Título 1 Título 2 Puesto Subtítulo Pegar N K abe X, x² A - aby - A Copiar formato Seleccionar - Portapapeles Fuente Párrafo Estilos Edición 1. Inefficient allocation of resources occurs when A. society is operating at a point low on the production possibilities frontier B. society is operating at a point high on the production possibilities frontier C. no one can be made better off without having someone else give up something D. it is possible to make some people better off without making others worse off. 2. The marginal revenue curve for a monopolist is always below the demand curve. True or false 3. Under a systems of laissez-faire, output selection is determined by…
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation