For this cost function, Marginal Cost = MC = 10 q . (45) Fill in the table with your values from your cost function. Total Cost AVC AFC ATC MC 1 2. 3.
Q: Use the table below to choose the correct answer. The table is a schedule of the supply and demand…
A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…
Q: 1 On the graph below, plot the Production Possibilities Curve for Copperton B. What is the…
A: A production possibility curve/frontier (PPF) shows the maximum possible output combinations of two…
Q: $60 50 20 60 70 Quantity (millions of tons) Refer to Figure 4-8. The supply curve S, and the demand…
A: In the free market, the equilibrium price and quantity is determined by the forces of the demand and…
Q: Using the AE-PC Model illustrate graphically the impact of each these factors in separate and…
A: Aggregate expenditure represents the total demand for all final goods and services in an economy at…
Q: Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate…
A: A progressive tax is a tax in which the tax rate increases as the taxable amount increases.
Q: We are going to use apply these terms to an example about Soybean production. Assume that the United…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Suppose that the supply and demand schedules for a product are as follows: Price Quantity demanded…
A: The equilibrium point is the point at which the supply and demand curve meets. In other words, at…
Q: Define "Fee-for-Service" and explain how it affects providers' incentives, fees and overall…
A: Fee-for-service is the most popular method of payment in healthcare (FFS). Healthcare providers and…
Q: If the number of consumers in a market increases, the market demand curve will Select one: O a.…
A: *The movement along the demand curve (D) happens due to the price of the commodity. *The shift in…
Q: Assignment a Medicare policy providing physicians with a guaranteed payment of 80 percent of the…
A: Introduction about Medicare policy providing physicions There is a strain to change the Medicare…
Q: Which of the following are correct for the economic theory of supply and demand? 1. II. Demand for…
A: Economic analysis examines and evaluates data using techniques such as supply and demand models,…
Q: Which of the following was NOT something that is needed in order to be able to price discriminate?…
A: Price discrimination refers to the policy of a firm to charge different prices for the same product…
Q: 1. Mr. Wellington buys a new 66" television so he can watch LeBron James play some basketball. The…
A: Answer - Given in the question - Cost of television = $760 As cost of television is one time cost…
Q: Both quotas and subsidies O a. benefit goverments only O b. benefit both consumers and local…
A: Quotas and subsidies are forms of trade barriers in international trade done by the governments,…
Q: ++ MY Q of Workers 0 1 2 3 4 NSC Bakery specializes in making bread. It has fixed costs associated…
A: The marginal product of workers is equal to the increase in output when one more worker is added.…
Q: Adjustment Process - Entry 1. What triggers entry in a competitive market? Describe the process that…
A: A competitive market or perfectly competitive market is the market where there is a large number of…
Q: A tax imposed on the sellers of a good will Select one: O a. raise the net price received by sellers…
A: A tax is levied by the government on goods and services. The tax imposed by the government raises…
Q: hello is there a way to get help on the chart please
A: Introduction We have given market demand and supply equation. Market demand: P = 10 - Q Market…
Q: b. Suppose that the government imposes a $1.00 tax on each CFL sold. Assume that producers pay the…
A: Equilibrium takes place at a point where demand equals to supply. The calculations are done below-
Q: + Q of Workers 0 1 2 3 4 A Bakery specializes in making bread. It has fixed costs associated with…
A: Fixed Cost remains same at all levels of output. Variable Cost varies as the output changes Total…
Q: 7. Çalculating costs in an economic evaluation is very important. Classify the following costs as…
A: Direct cost is the cost which is directly relates with healthcare facilities or cost which defines…
Q: 1.5 2.0 2.5 3.0 3.5 4.0 QUANTITY OF OUTPUT (Thousands of cans of beer) that BYOB charges $2.75 per…
A: A monopoly is a sole producer of a good in the market thus having maximum market power.
Q: Consider a Keynesian model of the economy with the following equations: C = 300 + 0.8Yd = 500 = 250…
A: The correct answer is given in the second step.
Q: Use the table below to choose the correct answer. The table is a schedule of the supply and demand…
A: The demand and supply curves intersect each other at equilibrium point. The equilibrium point…
Q: If the demand function for a product is p = D (q) = 45 – 0.18q² and the supply function is p = S (q)…
A: Given: Demand function P = D(q) = 45 - 0.18q2 Supply function P = S(q) = 0.12q2 + 1.5q
Q: a) Find the equation and draw in the graph the Engel curve for both goods. p) What is income offer…
A: Given the utility function U (x,y)=2x1/2 +yPrice =Px =Py =1 euroIncome =M=5 euro
Q: Which of the following shifts the short-run, but not the long-run, aggregate supply right? a…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: Assume that this is the cost function for a perfectly competitive firm: Cost (q) = 5 q² + 20 For…
A: Answer: The following formulas will be used: AVC=VCqAFC=FCqATC=TCq (TC=total…
Q: 6. We have the production function, Q= f( K,L). Factor prices are r and w respectively and the…
A: Introduction we have a production function given as Q = f(K,L) Factor prices of the production…
Q: ssume two countries (US and Germany) are facing the decision of whether to participate in the Paris…
A: The Nash equilibrium occurs where a player moves first and then he is followed by the another…
Q: With the Keynesian content, when the marginal propensity to consume is 2/3, a cut in taxes of $120…
A: The economics as a study is based upon the idea that the resources which are present with the…
Q: Art's Garage operates in a perfectly competitive market. At the point where marginal cost equals…
A: Given information, ATC= $25 AVC= $18 Price= $20
Q: A decrease in demand will cause Select one: an increase in quantity supplied. O a. O b. an increase…
A: The demand and supply curves intersect each other at point called equilibrium point. At this point…
Q: A shortage of hospital beds will likely lead to: (While this is from a textbook from a couple this…
A: When the quantity demanded of a commodity rises above its quantity supplied at the given price, a…
Q: 2.1 List and explain four (4) factors that would result in the shift of the supply curve from S1 to…
A: A shift in supply curve occurs when the quantity supplied of the good increases or decreases at the…
Q: Urgent help
A: Option d: This option is correct d) NeoclassicalNeoclassical Economics is an approach to economics…
Q: The estimates for a project appear in the following table: Dear optimistic most likely pessimist…
A: Optimistic estimation Fixed cost=250000, Annual profit=20000, N=30 Most likely estimation Fixed…
Q: The gross domestic product (GDP) of a certain country was N(t) = t² + 5t + 106 billion dollars t…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Step by step
Solved in 2 steps
- Assume a competitive firm faces a market price of $120, and a cost curve of: C = 0.004q - + 25g + 750. Marginal cost (MC) equals MC =. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) Ass O stv 13 MacBook Air 80 DII esc F9 F3 F4 F5 F6 F7 F1 @ 23 $ % & 1 2 3 7 Q W E R Y tab S F K caps lock C V M shift fn control option command この つ つ エ T リOnly typed solutionI need an asnwer of D
- Suppose a firm faces the following total costs, TC ( and suppose the firm can only produce integer units of quantity, Q) 1 3 4 7 8 9. 10 TC 11 15 18 20 22 25 29 36 45 58 A.) Construct a table in which you show for each level of q the fixed cost, the variable cost, the average total cost, the average variable cost, and the marginal cost B.) Suppose you are a price taker and face a market price of $6 per unit. How much will you produce? How much profit will you make? C.) Suppose the price raises to $9 How much will you produce now ? D.) Suppose the price falls to $4 How much will you produce now in the short run? E.) Use the infor short run supply curve ( for this part of the problem you may assume that the output is perfectly divisible) above derive theAll firms in a perfectly competitive industry have a cost function given by: 10Q^2+200Q+2250. What is the profit maximizing quantity of each firm if the current market price is $500? What does each firms profit equal? Give typing answer with explanation and conclusionConsider the market for ice cream. Suppose that this market is perfectly competitive. The cost structure of the typical ice cream producer is as follows. Average total cost is equal to 50 1 1 ATC(Q) +÷Q, average variable cost is equal to AVC(Q) =;Q, and marginal cost is equal to 2 MC(Q) = Q. Now, suppose that a new scientific study comes out that shows that soil pollution from rock salt (a key input for making ice cream) is extremely hazardous to human health. In response, the government decides to impose harsh re-zoning restrictions on any land once used for making ice cream. This reduces the market rent for land used to make ice cream, which in turn lowers the opportunity cost of operating an ice cream factory. This reduction in the opportunity cost of capital causes the total fixed cost of ice cream production to fall to 32, but there is no change to variable cost. Give formulas for the typical ice cream producer's new average total cost curve ATC(Q) and marginal cost curve MC(Q).
- The table below shows the short-run production function for Michelle's Accounting Company. Number of Bookkeepers Total Product per Hour 1 8 2 20 3 40 4 55 5 65 6 70 7 65 8 55 (a) After which bookkeeper do diminishing marginal returns begin for Michelle's Accounting Company? Explain using numbers. (b) Assume Michelle's Accounting Company sells its accounting services in a perfectly competitive market at a price of $20. Calculate the marginal revenue product of the sixth bookkeeper. Show your work. (c) Michelle's Accounting Company hires bookkeepers in a perfectly competitive labor market for bookkeepers at a wage rate of $110 per hour, and the market price of services remains $20. How many bookkeepers will Michelle's Accounting Company hire to maximize its profit? Explain using marginal analysis. (d) Assume bookkeepers and accounting software are substitutes in providing accounting services by all accounting firms in the market. If accounting software, a…Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 50/1=50 $30 30/1=30 30+50=80 80/1=80 NA 2 $50 50/2=25 $50 50/2=25 50+50=100 100/2=50 (100-80)/(2-1)=20 3 $50 50/3=16.67 $80 80/3=26.67 50+80=130 130/3=43.33 (130-100)/(3-2)=30 4 $50 50/4=12.50 $120 120/4=30 50+120=170 170/4=42.50 (170-130)/(4-3)=40 5 $50 50/5=10 $170 170/5=34 50+170=220 220/5=44 (220-170)/(5-4) =50 What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price?Problem 2.5 The cost function for Acme Laundry is TC(q) = 10 + 10q + q^2 so its marginalprod cost function is MC(q) = 10 + 2q where q is tons of laundry cleaned. Derive the firm's average cost and average variable cost curves. What q should the firm choose so as to maximize its profit if the market price is p? How much does it produce if the competitive market price is p = 50?
- Assume that a competitive firm has the total cost function: TC=1q3−40q2+880q+2000 T C = 1 q 3 - 40 q 2 + 880 q + 2000 Suppose the price of the firm's output (sold in integer units) is $550 per unit. Create tables (but do not use calculus) with columns representing cost, revenue, and profit to find a solution. How many units should the firm produce to maximize profit? Please specify your answer as an integer. What is the total profit at the optimal output level? Please specify your answer as an integer.4 total cost is c(4, r, q) 5 total 75. If Firm A has constant marginal cost, and input prices double to 2r and 2w, how much will it cost to produce q 6 units of output (what is c(6, 2r, 2w))? (HINT: First calculate the marginal cost for c(q, r, w), then calculate c(6, r, w), and then calculate c(6, 2r, 2w)) = Firm A has cost function c(q, r, w). At output q = cost is c(5,r, q) ○ c(6, 2r, 2w) ○ c(6, 2r, 2w) = 90 ○ c(6, 2r, 2w) = 150 c(6, 2r, 2w) O c(6, 2r, 2w) = 180 - = - 75 160 = 60, and at output q -The table below shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Quantity 0 It must fall. 100 200 300 400 500 600 It must rise to offset the increased cost. Total Cost Variable Cost (dollars) (dollars) $1,000 $0 1,360 360 1,560 560 1,960 2,760 4,000 5,800 Suppose the fixed cost of production rises by $500 and the price per unit is still $8. What happens to the firm's profit-maximizing output level? The firm will shut down. O It will remain the same. 960 1,760 3,000 4,800
