海 Amazon.com : cal characters in the X hursto courses/12143/quizzes/56979/take N NetflixN Netflix - Watch TV... M Gmail YouTube A Maps Question 5 Exhibit HW2.4: Total Revemues and Total Costs for a Representative Competitive Fim Money C61- Given 90 S|=てO Q3= 8 la C5- C. C2 S8.20 C3 SI0.00 iB C5=S16.00 Ci C61= S30.40 TFC Q1 Q2 Q3 p- Refer to Exhibit HW2.4. If output is Q3, average variable cost is about O $1.12 O$1.10 O $1.22 O $1.20 étv AON 6. MacBook Air 000 F4 F8 F2 F3 F5

海 Amazon.com : cal characters in the X hursto courses/12143/quizzes/56979/take N NetflixN Netflix - Watch TV... M Gmail YouTube A Maps Question 5 Exhibit HW2.4: Total Revemues and Total Costs for a Representative Competitive Fim Money C61- Given 90 S|=てO Q3= 8 la C5- C. C2 S8.20 C3 SI0.00 iB C5=S16.00 Ci C61= S30.40 TFC Q1 Q2 Q3 p- Refer to Exhibit HW2.4. If output is Q3, average variable cost is about O $1.12 O$1.10 O $1.22 O $1.20 étv AON 6. MacBook Air 000 F4 F8 F2 F3 F5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. You own WYNELL's Fashions, which sells prom dresses. Your firm has the following cost schedule: If vou produce this quantity The average total cost per dress is ... $100 40 $101 41 Your current output is 40 prom dresses, all of which have been sold. You receive a call from an eager potential customer, who offers to pay $150 if you will produce a prom dress for her Calculation space to show your work What would your profit or loss be on the 41st prom dress? (Show your work.)
2. Two cereal firms that set prices and sell differentiated products propose to merge. Firm 1sells CrunchyCrunch for a price of $10 with a marginal cost of $6. Firm 2 sells FibryFibre for aprice of $12 and a marginal cost of $6.(a) When the price of CC rises, 20% of its lost demand goes to FF. What is the marginal costreduction for CC that is required to offset the upwards pricing pressure on the CC price?(b) You are employed as a consultant by the merging firms. You know that the DOJ knowsthat the marginal cost of FF will fall by 50 cents as a result of the merger, but that the agency isunsure of the diversion between FF and CC. How small will you need to claim that the diversionis in order for there to be no net upwards pricing pressure on the CC price?
Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. Output TC MC ATC 50,800 $170,000 $0.60 100,800 220,000 1.10 150,800 257,500 1.71 200,800 365,500 2.45 Instructions: Enter your answers rounded to two decimal places. a. What is ATC per unit for each level of output listed in the table? Enter your answers in the table above. b. Are there economies of scale in production? Yes c. Suppose that the market price for a bottle of vitamins is $1.71. At that price the total market quantity demanded is 301,600,000 bottles. How many firms will be in this industry? firm(s) d. Suppose that, instead, the market quantity demanded at a price of $1.71 is only 150,800. How many firms will be in this industry? firm(s) e. Review your answers to parts b, c, and d. Does the level of demand determine…
пext page. a. Fill in the blanks. b. Based on your findings, what is the output that should be produced? Why? c. Assuming this is a production schedule for a winter coat producer, what are some options that they have? What do you recommend? Don't just say, "They should give up." Output Price TR TC Total Profit MR MC ATC VC AVC 200 300 X 1 190 600 2 180 680 3 170 750 4 160 810 5 150 860 140 920 7 130 990 120 1070 110 1150 10 100 1300
A small town with a movie theater has 300 adults and 200 seniors. The theater is considering putting on a special one-time screening of a new movie. This screening has a fixed cost of $2,000, but the marginal cost of selling an additional ticket is zero. According to a survey, all the adults and seniors would be willing to purchase the tickets at $7 and $4 respectively. a. What prices would the movie theater charge for an adult ticket and for a senior's ticket if it wanted to maximize profit? Explain and calculate the profit. b. Suppose a law is passed that prohibits the movie theater from charging different prices to adults and seniors. What price would it set for a ticket now? What is the profit? c. Who is worse off because of the law prohibiting price discrimination? Who is better off? d. If the fixed cost of the concert was $2,500 rather than $2,000, how would your answers to parts-(e) change?
In your own words/don't copy from the internet write 800 word How do firms contribute to the efficiency of the market economy in ways that networks of independent contractors do not? Use your organization, or one with which you are familiar, to illustrate your response.
2 O connect Micro- Perfect Competition Mc Graw Hill TUI CUIII! There are only a few sellers of corn in the market. 3 Economics Mentor Oops -- this isn't correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Correct Answer: There are many sellers (and, of course, many buyers). Kim Is the corn that you produce different from your competitors? What kind of product do you sell? Undifferentiated (homogeneous) Differences exist (heterogeneous) esc K James Submit D →> C
Price 2000 Multiple Choice MC P₂ ATC AVC g.opp. 9₂ Quantity Refer to the accompanying diagram. The firm will realize an economic profit if price is MP₂ MP₂ MP,
9. The Shellfish Shack produces only shrimp and oysters. The table below shows the maximum possible output combinations of the two types of shellfish using all resources and currently available technology. a. b. C. Possible Output Combinations A B C D E F G H Shrimp (thousands of pounds) 35 30 25 20 15 10 5 0 Oysters (thousands of pounds) 0 20 35 47 57 64 68 70 Suppose The Shellfish Shack is currently producing at point E. What is the opportunity cost of producing an additional 11,000 pounds of oysters? Suppose The Shellfish Shack is currently producing at point E. What happens to the opportunity cost of producing more and more shrimp? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. Suppose The Shellfish Shack is currently producing at point B. What happens to the opportunity cost of producing more and more oysters? Does it increase, decrease, or remain constant? Explain your answer by using the data on the table. d. Suppose The…
abus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200m
00 回2 Price and Cost (Figure: Determining Profit) Given the price of A, economic profit can be illustrated by which rectangle (Hlnt: See PowerPoint slides 31-34)? MC ATC AVC F. E D AFC Output O A. ABEF O B. ACDF O C. EDJH O D. BCDE A Moving to another question will save this response. MacBook Pro DD F7 F1 F2 F3 F4 F5 F8 OL %23 ) 3. 9. D. H. B C. gE command command do
a. the increase in profit when output is reduced from 8 to 7 units of output. b. the profit that could be made if output increases from 7 to 8 units of output. c. the deadweight loss associated with the power of the price taking firm. d. the amount of profit when 8 units of output are produced.