Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of the table below shows the total amount of garbage (in tons) that each firm currently produces. The other rows of the table show the cost of reducing garbage produced by the first five tons, the second five tons, and so on. ElmMapleOakCherryCurrent production of garbage (in tons)20406080Cost of reducing garbage by first five tons$5,500$6,300$7,200$3,000Cost of reducing garbage by second five tons$6,000$7,200$7,500$4,000Cost of reducing garbage by third five tons$6,500$8,100$7,800$5,000Cost of reducing garbage by fouth five tons$7,000$9,000$8,100$6,000Cost of reducing garbage by fifth five tons$0$9,900$8,400$7,000Calculate the cost of requiring the Maple firm to reduce the weight of its garbage by one-fourth.Please format your answer as the numbers appear in the table (e.g. $7,000).

If Maple firm reduces its garbage by 1/4th: =…

Answered: Four firms called Elm, Maple, Oak, and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of the table below shows the total amount of garbage (in tons) that each firm currently produces. The other rows of the table show the cost of reducing garbage produced by the first five tons, the second five tons, and so on.

	Elm	Maple	Oak	Cherry
Current production of garbage (in tons)	20	40	60	80
Cost of reducing garbage by first five tons	$5,500	$6,300	$7,200	$3,000
Cost of reducing garbage by second five tons	$6,000	$7,200	$7,500	$4,000
Cost of reducing garbage by third five tons	$6,500	$8,100	$7,800	$5,000
Cost of reducing garbage by fouth five tons	$7,000	$9,000	$8,100	$6,000
Cost of reducing garbage by fifth five tons	$0	$9,900	$8,400	$7,000

Calculate the cost of requiring the Maple firm to reduce the weight of its garbage by one-fourth.

Please format your answer as the numbers appear in the table (e.g. $7,000).

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