A small village has only one Italian restaurant. The daily demand for dinners in this restaurant is P=120-2Q, where P is the price in £ and Q is the number of dinners. It has a fixed cost of £300 and a marginal cost of £10 for the first 15 dinners. If it wants to produce more than 15 dinners, it must pay overtime wages to its workers, with the marginal cost rising to £20. What is the maximum amount of profit the restaurant can earn? Illustrate your answer on a diagram.
Q: Consider a world composed of two countries, Home (H) and Foreign (F). Individuals living in each…
A: Autarky refers to a situation where a country or economy is self-sufficient and does not engage in…
Q: 1. Sin tax 2. Incidence of tax 3. Tax loopholes
A: Economics is a social science that studies how individuals, businesses, governments, and societies…
Q: How did the economic depression of the 1920s impact the people of Germany?
A: Within the setting of economics, a depression may be a serious and drawn out downturn in financial…
Q: I need to solve this question in Engineering economics
A:
Q: Is every citizen revolting a Nash equilibrium of the game? Explain. Is every citizen not revolting a…
A: Nash equilibrium is a major concept in game theory that represents a game condition in which no…
Q: Suppose a hypothetical open economy uses the U.S. dollar as currency. The table below presents data…
A: Capital outflow is an economic expression explaining capital flowing out of a specific economy.…
Q: The diagram at right shows the production possibilities boundaries in Canada for two goods, wool and…
A: Production possibility frontier is defined as a graphical representation that shows the possible…
Q: A bond is a legal promise to repay a debt Each bond specifies -(), the amount originally lent, -(),…
A: A bond refers to debt instrument that makes periodic payments of interest, termed to be the coupons,…
Q: During the Asian currency crisis the Thai baht fell in value significantly. Which of these was the…
A: Depreciation of a currency refers to the fall in the value of a currency in the international…
Q: If there is an increase among US resident investors for European financial assets, then in the…
A: If there is an increased interest for European Financial Assets among the US residents, then the US…
Q: My question is (d), could u please tell me how to make AD that derived from IS curve and Taylor rule…
A: Aggregate demand refers to the total demand for commodities and services made by all the economic…
Q: Assets Reserves Loans Bank's Balance Sheet $150 $600 Liabilities and Owners' Equity Deposits Debt…
A: The term "assets" in economics refers to something that may be valuable economically or in the…
Q: aggregate expenditure is written as: AE =C+I+G+(X-IM) measure the same four categories. expenditures…
A: a) The equation for actual mational imeame from the expenditure side is writtem as GDP = C + I + G…
Q: Consider the following game: Column Player Column Player L Row Player U 1,3 Row Player D 4,1 R 3, 2…
A: Nash equilibrium is a concept in game theory that refers to a situation in which each player in a…
Q: Trade Elasticity is of great importance to economics of shipping because it is an indicator of:…
A: Trade elasticity is defined as the percentage change in shipping demand caused by a one percent…
Q: Refer to the graph for a monopolistically competitive firm in short-run equilibrium. Th $19 600 13 w…
A: Monopolistic competition refers to the competition that exists when many firms offer competing…
Q: To understand the important role played by banks in the economy, we need to imagine a world without…
A: A bank is a monetary institution that acknowledges deposits from individuals and businesses and…
Q: Discuss and define the five (5) concerns that have most strongly influenced the development of…
A: Problem-oriented policing (POP) and community policing have emerged as key strategies for improving…
Q: Brown Corporation recently purchased a new machine for $339,013.20 with a ten-year life. The old…
A: Given, Machine cost = $339,013.20 Remaining life = 10 years Net Cash flows= $60,000 Internal rate of…
Q: While planning for his retirement, Alishan purchased an annuity that paid him $3200 every year for…
A: Annuity" refers to an insurance contract issued and distributed by financial institutions with the…
Q: If firms in a perfectly competitive industry are experiencing economic losses, cause industry supply…
A: In perfectly competitive market, there are many firms producing identical goods.
Q: c) In an open economy show the contrast between long-run price determination in a fixed vs floating…
A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…
Q: ethics program? What are the essential elements of an organizational ethics program? Be specific!…
A: An organisation is a place where people of different places, religions and even countries work…
Q: Consider the information in the table below. Himma and Därude are two countries that can produce two…
A: The two countries, Himma and Darude, are trading in vinegar and sugar, based on the assumptions of…
Q: Consider the market for corn. Indicate whether each of the following events will cause a shift in…
A: A change in price results to the movement along the demand curve and it is often termed as a change…
Q: K Drilling of an oil well has a fixed cost of $40,000 and a marginal cost of M'(x) = 5000+56x…
A: Marginal cost is the change in variable cost incurred to produce an additional unit of good.
Q: a) What is the market demand for the monopoly? (Hint: Compute the marginal consumer who is…
A: a) To find the market demand, we need to find the quantity of units that consumers are willing to…
Q: Which one of the following statements is correct? O A. Cheaper availability of credit ? rightward…
A: Macroeconomics is the study of the overall workings of the economy. Microeconomics is concerned with…
Q: Briefly describe what will happen to the Federal Reserve Bank's balance sheet after each of the…
A: A central bank's financial position is represented in its balance sheet, which shows its assets and…
Q: The highest percentage of uses of health care funds in the U.S. for 2010 was O hospital care.…
A: Globally U.S. is among the highest expenditure on health care per capita. However, the country…
Q: Label on the figure the names of the axis and the represented cost curves Provide the shutdown price…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: 4. Explain how and why we need to extend the standard Solow model of long-run economic growth to…
A: The standard Solow model, also known as the neoclassical growth model, is a theoretical framework…
Q: In Referring to the diagram below, which of the following is a true statement? Prices SRAS AD1 AD2…
A: Aggregate demand is the sum of Consumption, Investment, government spending and net export. AD = C…
Q: The banking crisis spread from the United States to Europe in part because European banks and other…
A: CDOs: Which stands for Collateralized Debt Obligations. CDOs are financial instruments that are…
Q: All of the following are "pull factors" associated with land-grabbing in low-income countries…
A: Pull factors are the incentives or circumstances that entice people to relocate to or make…
Q: Choose all the scenarios below that would cause a decrease in the supply of labor in the…
A: The agricultural labor supply refers to the amount of workers that are available and willing to work…
Q: ou are provided with the following information about the Canadian turkey market: 1. The world price…
A: In-quota tariffs and over-quota tariffs are types of import tariffs that are used to protect…
Q: Critically evaluate the determinants of supply that have been affected by the COVID-19 pandemic. In…
A: Market supply refers to the whole quantity of a good or service that all producers are willing and…
Q: Suppose Lagatt Green charges $2.00 per bottle. Your study partner Jabrill says that because Lagatt…
A: In this case, we have to discuss the monopoly situation where profit maximization condition shows…
Q: 1. Various financial instruments usually serve one of two distinct purposes: to store value or to…
A: ***Since the first question posted is from a different subject, hence, the expert has solved the…
Q: Macmillan Learning If a firm is producing an output level greater than the equilibrium output level…
A: In perfectly competitive industry, there are many firms producing identical goods.
Q: False and Please provide a concise explanation of this as well as an explanation with a diagram, if…
A: An open economy is a system in which a country engages in international trade and capital flows with…
Q: You are paying$1,500each month for 12 years with an interest rate of12%compounded continuously, find…
A: The Effective annual rate (1) = er - 1 = e0.12 - 1…
Q: 2. Explain the key principles and policy implications of the neoclassical model of the labour…
A: The neoclassical model of the labor market is an economic theory that explains how wages and…
Q: If the inverse market demand function for a good is P(Q) = 100-3Q and the inverse market supply…
A: An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…
Q: The graph above represent a market with a tax policy. Following the implementation of a tax, some…
A: Producer surplus is the difference between market price and minimum price producers are willing to…
Q: What is the importance of international Trade
A: International trade is the exchange of products, administrations, and capital over national borders.…
Q: ou war
A: A) Here's a random list of ten mobile phone models: Samsung Galaxy S21 Ultra Apple iPhone 13 Pro…
Q: The province wishes to improve our environment and accordingly will subsidise your municipality $ 2…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explain how increases in real income affect the demand for real money balances. (Graphically…
A: The purchasing power of an individual's or an economy's money holdings, adjusted for inflation is…
*1
A small village has only one Italian restaurant. The daily demand for dinners in this restaurant is P=120-2Q, where P is the price in £ and Q is the number of dinners. It has a fixed cost of £300 and a marginal cost of £10 for the first 15 dinners. If it wants to produce more than 15 dinners, it must pay overtime wages to its workers, with the marginal cost rising to £20. What is the maximum amount of profit the restaurant can earn? Illustrate your answer on a diagram.
Step by step
Solved in 3 steps with 3 images
- The demand for the book is P = 82 - 3Q. A bookstore can order copies that will cost $2. If the bookstore orders 18 books, what is the total profit? Enter as a value.Software Plus has a patent on software that estimates economic damages for clients involved in maritime injury lawsuits. Consumer demand is Quantity = 287.5 - 12.5P. Software cost $985. Producing a copy of the software is $11 per unit. a. How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?For the Water Utility, it costs $50,000 per month to lease the land and equipment for the water treatment facility and pumping station and maintain the water supply system. It costs $10Q to deliver water to households (Q is thousands of gallons). The town’s monthly demand for water is QD = 5000 – 100P, where P is price. Calculate the quantity of water, the price, total revenue, total cost, total profit, marginal revenue, marginal cost, the markup, the profit margin, and marginal profit at unregulated price and quantity of water. What price per gallon will they charge?
- A firm produces 220 units of a good which cost an average of £8.25 each to produceand sells them at a price of £9.95. What is its total profit?A firm has two plants and wishes to profit maximize. Find the quantity plant one would produce. P = 120 - 9.3Q TC, = 50 + 91 + 491² TC2 = 50 + 2.392 + 7.4q2² plant 1 produces q1= no need to give the answer for plant 2. just calculate for plant 1Assume Standard Oil owns all the refineries in the US. What would be the price it would charge for kerosene in the 1800s, if the demand for kerosene is P=100-5Q and its marginal cost is MC=20.
- A company is the sole producer of holographic TVs. The daily demand for these TVs is Q=10,200 - 100P, where Q is the quantity demanded and P is the price. The cost of producing the TVs is (note that this implies that marginal cost is equal to Q, MC = Q). What is the company’s total revenue schedule? What is the company’s marginal revenue schedule? What is the profit maximising number of TVs that the company must produce each day? What price should it charge per TV? What is the daily profit?Suppose that the fish processor could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the water park would no longer be affected. If the fish processor uses the recycling method, then the fish processor's economic profit is $1,100 per week, and the water park's economic profit is $2,600 per week. If the fish processor does not use the recycling method, then the fish processor's economic profit is $1,800 per week, and the water park's economic profit is $1,500 per week. These figures are summarized in the following table. Complete the following table by computing the total profit (the fish processor's economic profit and the water park's economic profit combined) with and without recycling. Profit Fish Processor Action (Dollars) Water Park (Dollars) Total (Dollars) No Recycling Recycling 1,800 1,500 1,100 2,600 Total economic profit is highest when the recycling production method is $1,500…Suppose that the fish processor could use a different production method that involves recycling water. This would reduce the pollution in the lake to levels safe for recreation, and the water park would no longer be affected. If the fish processor uses the recycling method, then the fish processor's economic profit is $1,000 per week, and the water park's economic profit is $2,600 per week. If the fish processor does not use the recycling method, then the fish processor's economic profit is $1,700 per week, and the water park's economic profit is $1,500 per week. These figures are summarized in the following table. Complete the following table by computing the total profit (the fish processor's economic profit and the water park's economic profit combined) with and without recycling. Action Profit Fish Processor Water Park Total (Dollars) (Dollars) (Dollars) No Recycling 1,700 1,500 Recycling 1,000 2,600 Total economic profit is…
- The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is T. Fill in the blanks in the following table. (Enter your responses using integers.) P= 60 P= 40 MC R MR R MR 100 |이 - 100 - 100 1 150 50 60 60 - 90 40 40 - 110 178 28 120 60 - 58 80 40 - 98 3 198 20 180 60 - 18 120 40 - 78 4 212 14 240 60 28 160 40 - 52 230 18 300 60 70 200 40 - 30 250 20 360 60 110 240 40 - 10 7 272 22 420 60 148 280 40 8 310 38 480 60 170 320 40 10 355 45 540 60 185 360 40 5 10 410 55 600 60 190 400 40 - 10 11 475 65 660 60 185 410 40 - 65 8 8 8 88888 88 8What is the total profit of cleaning five driveways if the price mr plow can charge is $10 per driveway?On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________. Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.