The table below shows the maximum output levels for Here and There.ClothComputersHere110or60There70or120a. What is the cost of 1 unit of cloth and a computer in Here? Round your answers below to 2 decimal places.1 clothcomputers.1 computerunits of cloth.b. What is the cost of 1 unit of cloth and a computer in There? Round your answers below to 2 decimal places.1 cloth =computers.1 computer =units of cloth.c. In which product does each country have a comparative advantage?Here: (Click to select) vThere: (Click to select) v.d. What is the range of feasible terms of trade between the two countries? Round your answers below to 2 decimal places.Feasible terms of tradecomputerstobetween1 unit of clothtounits of cloth.between1 computer8 of 33Next >< Prev

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Answered: The table below shows the maximum…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?
Please help me to answer Q8
2 You run a business selling used hand tools. The rent on your building is $1400/month. Utilities average $600 month. Your average cost to buy your used hand tools from a wholesaler is $9.5/tool. You spend S0.50/tool to package and individually price them. You have two employees in your store during the opening hours that sell the tools. Each employee gets a salary of $12/hour. Your store is open 10 hours/day, every day of the week. Over the course of a year, this averages out to 30 days'month. The average selling price for a used tool is $22. How many tools per month must be sold to make $4000 profit each month.
What is the average total cost of producing 300 LCD screens?
QUESTION 18 Amir and Samir run a business that sets up and tests computers. Assume that Amir and Samir can switch between setting up and testing computers at a constant rate. The following table applies: Amir Samir A. 36 B. 48 C. 60 Minutes Needed to D.64 Set Up 1 Computer 48 30 Test 1 Computer ? 40 Number of Computers Set Up or Tested in a 40-Hour Week Computers Set Up Refer to the table above. The number of minutes needed by Amir to test a computer is 50 80 Computers Tested 40 60
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100
Explain how a decrease in input prices or an increase in efficiency would affect costs.
Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 25,000 10 35,000 20 40,000 30 43,000 40 45,000 50 46,000 60 47,000 70 47,700 80 48,000 90 48,200 100 48,100 Given the information presented in the previous table, the fixed cost to operate this flight is $ At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 700 550 40 200 60 100 100 Complete the following table by computing total revenue, total cost, variable cost, and profit for each of the prices listed. (Hint: Be sure to…
Fill in the following cost table. For the first few rows, you can work from left to right. However, as you get to the last two rows, you will need to use the information from the right side of the table to work back to the left side. We do not calculate average costs at a quantity of 0. Q TFC TVC TC AFC AVC ATC MC 0 5,000 0 XXXXXX XXXXXX XXXXXX XXXXXX 1 3.000 3,000 2 5,000 3 11,000 4 3,250 5 4,000 Can you tell if this is the short run or long run? Can you tell which level of output yields the highest profit? If so, what is the output level? If not, explain. Economists define the “Break-even Price” as the lowest point on the average total cost curve or the lowest average total cost given in a table. What is the break-even price in this problem? Economists define the “Shutdown Price” as the…
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…

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