Consider a restaurant business where the decision about starting a business will be based on the marginal cost and marginal benefit associated with it. Thus, Curry chicken where with the labor the marginal cost level actually gets to decrease to a certain extent and then after maximum utilization of labor, then we have to hire more as a result of which the marginal cost increases and similarly the price of the donut is constant as a result of which marginal revenue is constant and in this regard, according to marginal analysis, I would actually get to produce in such a way that the marginal revenue is equal to that of the marginal cost and here, maximum profit condition is achieved as a result of which this would be the optimal quantity

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100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)

estion 4 of 30 Each graph illustrates three short run cost curves for firms, where ATC is average total cost (aka average cost), MC is marginal cost, and AVC is average variable cost. Which graph correctly represents the relationship between all three cost curves? О Cost MC Cost ATC MC ATC AVC AVC Output Output Cost MC Cost MC АТС AVC AVC АТС Output Output 8:14 PM 回节 回 46°F 12/15/2021 近

When output is zero, total fixed cost is zero. O True O False

Consider the following cost information for a  pizzeria: a.What is the pizzeria's fixed cost? b.Construct a table in which you calculate the marginal cost per dozen pizzas using the information on total cost.Also,calculate the marginal cost per dozen pizzas using the information on variable cost.What is the relationship between thes set of numbers?Explain.

Which of the following statements about average and marginal cost is INCORRECT? (2)(1) The marginal cost curve cuts both the average cost and average variable costcurves at their minimum points;(2) The marginal cost curve cuts both the average fixed cost and average variablecost curves at their minimum points;(3) The marginal cost curve lies below the average cost curve when average costis decreasing;(4) Marginal cost is the change in total cost when one extra unit of output isproduced.

Dr. D. is a critic of standard microeconomic analysis.In one of his frequent tirades, he was heard tosay, ‘‘Take the argument for upward-sloping,long-run supply curves. This is a circular argumentif I ever heard one. Long-run supply curves aresaid to be upward sloping because input pricesrise when firms hire more of them. And that occursbecause the long-run supply curves for theseinputs are upward sloping. Hence, the argumentboils down to ‘long-run supply curves are upwardsloping because other supply curves are upwardsloping.’ What nonsense!’’ Does Dr. D. have apoint? Explain clearly.

Suppose that the marginal cost of producing a pound of cereal is $2, irrespective of the level of output, but there are also some fixed costs of production. Which of the following statements is correct? O The total cost curve is an upward-sloping straight line through the origin O The average cost curve is U-shaped The marginal cost curve is a horizontal straight line O The marginal cost curve intersects the average cost curve at its minimum point

Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total cost, and marginal cost for eachquantity.b. Graph all three curves. What is the relationship between the marginal-cost curveand the average-total-cost curve? Between the marginal-cost curve and the averagevariable-cost curve? Explain.