Answered: Answer this question based on the table…

Answer this question based on the table in the picture below Suppose six units are currently being produced, what action should be taken in accordance with the marginal principle?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.2: Cloting Choices

Problem 1R

See similar textbooks

Related questions

Q: 9. Firm's Cost Schedule Jane's Juice Bar has the following cost schedules: In the following table,…

A: 1. Marginal cost = Change in costs / Change in quantity 2. Average Variable Cost = Variable…

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

Q: Hisham owns a factory producing furniture, He is planning to expand production to attain the long…

A: After determining the least expensive manufacturing technique, a company can think about the best…

Q: What are diminishing marginal returns? Using a diagram you have learned show and explain diminishing…

A: A production function shows the unique relationship between inputs and outputs. The change in output…

Q: ane's Juice Bar has the following cost schedules: n the following table, complete the marginal cost,…

A: We have given that Cost in dollars Quantity Variable cost Total Cost Marginal Cost Average…

Q: hy does more inputs not necessarily translate into more output?

A: An input is something placed into a framework or interaction, while an output is produced or created…

Q: What are the determinants of the relationship between economies of scale and market structure.

A: We are going to discuss the definition of economies of scale and market structure to answer this…

Q: The following data refer to Questions 23 and 24 only. Number of workers Total Product Marginal…

A: Total product is the total output produced by a firm. Marginal product is the extra output produced…

Q: On the graph, shift the marginal-cost curve (an orange line) to reflect the change in the marginal…

A: In the field of economics an efficient point denotes a scenario where resources are distributed in…

Q: Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes. The…

A: Production Possibility Frontier refers to the combination of two goods that can be produced with the…

Q: What explains the shape of the average and marginal cost curves? Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: Diminishing Marginal Returns” is achieved when?

A: The law of diminishing marginal returns states that adding an extra factor of production ends up in…

Q: Explain the movement from point A to B for the production of these two goods.

A: Production possibility curve shows the combination of two goods that can be produced with the given…

Q: Explain the counter-intuitive proof of diminishing marginal productivity: if the law of diminishing…

A: Total product refers to the output amount that can be produced by a given amount of variable factor,…

Q: Use the following graph to illustrate the relationship between the cost per bag of potato chips and…

A: It can be defined as a graphical tool that shows the relationship between the cost of producing any…

Q: Vicky currently produces corn and beef at point A in the graph. What is Vicky's marginal cost of…

A: The production possibility frontier refers to a boundary between those combinations of the products…

Q: 3. Nancy knits socks and sells them at the farmers market. The table below records the relationship…

A: Production function shows the relationship between physical inputs and physical output. On the other…

Q: Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Which of the following statements are true according to the previous graph? Check all that apply.…

A: Total cost is the sum of all costs incurred in the production process. The total cost can be divided…

Q: Using an example , explain the production proces

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine…

Q: Please explain how you decide what level of outputs you produce given a fixed level of an input.…

A: The level of output produced given a fixed level of an input is determined by the production…

Q: What is a marginal cost? (in detail)

A: The Marginal cost is an additional cost of producing an additional unit of an output. In other…

Q: Vincent Pearson makes dining tables, and he is trying to decide how many tables to produce. He can…

A: Marginal cost refers to the additional cost of production incurred due to additional production. It…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Briefly explain (a) Why the producer prefers stage 2 in production process.

A: There are three stages in the production process. Out of these three stages, the second stage is…

Question

Answer this question based on the table in the picture below

Suppose six units are currently being produced, what action should be taken in accordance with the marginal principle?

Price Quantity Marginal Cost
60
1
30
55
2
30
50
30
45
4
30
40
30
35
6
30

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Quantity Total Cost MarginalCost Price Total Revenue Marginal Revenue Produced $100 $120 $150 $120 $202 $120 3 $257 $120 4 $317 $120 $385 $120 6 $465 $120 7 $562 $120 $682 $120
PRICE (Dollars per pound) 10 9 8 7 2 1 0 0 Y X Demand 10 20 30 40 50 60 70 80 QUANTITY (Thousands of pounds of apples) 90 100 (?)
Quantity of Utensils demanded Revenue Price of Total Marginal Utensil Revenue $50 100 $45 200 $40 300 $35 400 |$30 500 $25 600 $20 700 $15 800 $10 900
A D1 Quantity (per day) Suppose the demand curve shifts to the right and the supply curve shifts to the Right by more than the demand curve. The new demand curve will be upward sloping v and the new supply curve will be downward sloping v
Factor which affects market demand but not individual demand can be: (a) Number of consumers in the market (b) Age and sex composition of population (c) Distribution of income (d) All of the above
Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity
LEAST COST METHOD DESTINATION SOURCES SUPPLY 1 3 1 7 4 300 2 6 400 8 3 2 500 DEMAND 250 350 400 200 5. 3.
PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Big Winner's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from LAX to LAS (Dollars per roundtrip) Room Rate at Lucky (Dollars per night) 200 300 40 250 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $200 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are If the price of a room at the Lucky were to decrease by 20%, from $250 to $200, while all other demand factors remain at their initial values, the quantity…
Price per unit of chair is $330 and the output sold is 16 units Calculate Total revenue
PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…
MARC record for The Boat published by Alfred A. Knoph New York 1975
For a cement firm, the total revenue for the previous month was $6300 The price per unit of cement is $30 What quantity would the firm have sold?