a. The firm's president wants to estimate the marginal product of a pound ofgrain in producing lamb. Can he do so on the basis of these data? 2. A consulting firm specializing in agriculture determines that the followingcombinations of hay and grain consumption per lamb will result in a 25-pound gain for a lamb:Pounds of hayPounds of grain40130.950125.160120.170115.780111.890108.3110102.313097.415093.8

The change in the level of output that results from the employment of particular inputs one more…

Answered: a. The firm's president wants to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5.18. explain
4. There is no demand for a certain make of one-time use camera when the unit price is $ 12. However, when the unit price is $ 8, the quantity demanded is 8000/week. The supplier will not market any cameras if the unit price is $ 2 or lower. At $ 4/camera, however, the manufacturer will make available 5000 cameras/week. Given that both the supply and demand equations are linear: (a) Determine the associated linear demand function (b) Determine the linear supply function. (c) At what price should the camera be sold so that there is neither a surplus nor a shortage?
Price 8 7 6 5 4 3 2 1 110 220 330 440 550 660 Quantity per month 770 880 D -(935, 0.5 990 Tools D₂ 2 S2 с Suppose that in December the demand of mandarin oranges increases by 275 while the supply increases by 110. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges of the graphing area.
A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.
When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU Total Marginal Total |Marginal GHz Benefit Benefit Cost Costs 2.0 $1,000 $900 2.5 $1,400 $100 3.0 $300 $1,200 3.5 $1,900 $1,500 4.0 $2,000 $400 Application of the Cost-Benefit Principle would lead one to purchase a computer.
2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?
Suppose the demand (in thousands) for a toaster is given by 100p-2, where p is the price in dollars charged for the toaster.a. If the variable cost of producing a toaster is $10,what price maximizes profit? b. The elasticity of demand is defined as the percentage change in demand created by a 1% change in price. Using a data table, show that the demand for toasters has constant elasticity, that is, the elasticity doesn’t depend on the price. Would this be true if the demand for toasters were linear in price?
3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Bascd on the survey an estimated demand function was derived to represent an average household: P= 200 – 50Q. This is demand per year per household. If there are approximately 2000 households with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?
The accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed in the table are available for purchase. CPU Total Marginal Total Marginal GHz Benefit Benefit Cost Costs 2.0 $1,000 $900 2.5 $1,400 $ 100 3.0 $300 $1,200 3.5 $1,900 $ 1,500 4.0 $2,000 $ 400 The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is O $400. O $300. $200. O $100.
The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutability
Suppose that when the price of gasoline is $3.50 per gallon, the total amount of gasoline purchased in the United States is 6 million barrels per day. Also suppose that when the price of gas decreases to $3 per gallon, the total amount of gasoline purchased is 8 million barrels per day. Based on these numbers and using the midpoint formula, the percentage change in the quantity demanded is: 32.9%. 14.3%. 28.6%. 12.33%. Correct Answer 28.6%.

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a. The firm's president wants to estimate the marginal product of a pound of grain in producing lamb. Can he do so on the basis of these data?