Hayfever Farms is an 80-acre hay farm in Colorado. The owners are considering changing the farm's name to Blissful Acres and growing strawberries instead of hay. Use the table of marginal cost (MC) and marginal revenue (MR) to answer two questions. Number of acres MC $ MR $ (hay) MR $ (strawberries) 10 320 730 5600 20 200 730 5600 30 540 730 5600 40 730 730 5600 50 1200 730 5600 60 3200 730 5600 70 5600 730 5600 80 6700 730 5600 If they continue to only grow hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? acres of hay:   acres If the owners decide to only grow strawberries, how many acres should Blissful Acres devote to growing strawberries in order to maximize profits? acres of strawberries:

Q: Consider a river found in the city of Pittsburgh, and then answer the questions that follow. The…

A: It is possible to achieve an efficient outcome by bargaining between two parties when one party has…

Q: 1. What is the optimal decision strategy? (a) Enter, Research if entry is allowed, Sell if forecast…

A: Determining the optimal decision strategy depends on various factors, including the context, the…

Q: MC $80 ATC $64 $62 $60 AVC $42 $37 80 100 140 200 a The graph above shows the cost curves for…

A: In a market, the profit Maximizing level of output is the one at which market price of a product…

Q: Use the figure to answer to answer the following 4 questions. $ 16 14 12 10 00 8 6 4 2 10 ՋՈ 120 MR…

A: Note: Since you have posted a question with multiple sub-parts, we will provide the solution only to…

Q: Calculate Ana's marginal revenue and marginal cost for the first seven teddy bears she produces, and…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: fasha owns a muffin shop. Her marginal cost, average variable cost, and average total cost curves…

A: Economic profit is one kind of profit which is determined by using the subtraction between the total…

Q: Price and cost (dollars) 70 60 50 40 30 20 10 0 MC₁ 50 Quantity MC₂ 100 Demand 150 The demand for…

A: The marginal cost is the change in the total cost that arises when the quantity produced is…

Q: The table below shows the cost of a firm that produces handmade pottery vases in a competitive…

A: Competitive market: - It is a one type of market condition where there are many buyers and many…

Q: A bookstore sells 90 textbooks at a price of $70 a book. The average total cost is $50 per textbook.…

A: Given that : Number of textbooks = 90 Price of a book = $ 70 Average total cost = $ 50

Q: Suppose that the market for frying pans is a competitive market. The following graph shows the daily…

A: It has been given that the pan market is a perfectly competitive market. In such markets there are…

Q: OSee Hint The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity…

A: The profit can be calculated by deducting total cost from total revenue as follows:

Q: The following image shows the price of Quick Copy at a copy place near the campus. It operates in a…

A: Perfect competition arises when there are several firms offering a homogenous good to large number…

Q: http://google.com Price and costs (dollar 20 16 12 8 4 0 5 10 MC ATC 15 20 Quantity (per day)

A: I’m a perfectly competitive market, there are many firms selling identical goods. Firms do not have…

Q: larginal Marginal revenue and marginal cost (dollars per can) evenue MC 16 12 Profit- maximizing…

A: The graph shows a perfect competitive market . It also shows quantity is horizontal axis and price,…

Q: QUESTION 8 If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is…

A: Costs refers to the expenses that incur in the process of production of goods or services. There are…

Q: The SolarFarm powerplant has both fixed and variable costs. As the plant expands production, it…

A: A monopolist is a seller who has no other competitor in the market. He is the only seller in the…

Q: 1. The Abner Corporation, a retail seller of television sets, wants to determine how many television…

A: In Economics, the average variable cost is the variable cost per unit. Average variable cost is…

Q: Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a…

A: "In perfectly competitive market, price equates the marginal revenue and average revenue."

Q: To find the firm’s profits from the sales figures, assume that the price is $30, that the marginal…

A: Apple / Google Advertise Don't Advertise 700, 700 900, 600 Don't 600, 900 800, 800

Q: Complete the following table by computing the total profit (the chemical plant's economic profit and…

A: No recycling= 2900+1700= 4600 Recycling= 2600+2500= 5100

Q: Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The…

A: (Q) Tammy quit her job as a math teacher making $70,000 per year to start her own online business.…

Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…

A: Airconditioner per day to maximize profit= 2 per day Marginal costs are follow as presented in the…

Q: How much profit or loss does the firm make at the selected output level?

A: The additional cost incurred in the manufacturing of one more unit of a good or service is known as…

Q: Quantity of Gift Boxes TC ($) ATC ($) 55.00 11.00 10 57.50 5.75 15 4.17 20 72.50 25 92.50 3.70 30…

A: TC (at Q=15) = ATC15 * 15 = 4.17*15 = $62.55 ATC(at Q=20)=TC20/Q20 = 72.50/20 = $3.63 MC(at 10th…

Q: expected value

A: The Expected Value in this context represents the average final results that a decision-maker can…

Q: MC АТС 20 -MR 16 30 40 Firm What is the amount of profit for the firm in the graph?

A: A Firm will be in equilibrium when its profit is maximized or loss is minimized. For this following…

Q: Given the information in the table at right, calculate the dry cleaner's marginal revenue (MR) and…

A: Revenue is amount receive by seller when they sell their commodities in the market and the marginal…

Q: If the owner of the drugstore hired a manager for $10 an hour to take his place, how much of a…

A: Answer -

Q: Imagine Lucia runs a small business that manufactures frying pans. Assume that the market for frying…

A: In perfect competitive market firm is a price taker:  its demand curve is infinitely elastic. It…

Q: Price and cost (dollars)

A: When there is only one seller and many buyers of a product or service, the market structure is a…

Q: Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following…

A: Since you have posted a question with multiple sub-parts, we will solve the subparts asked by you.…

Q: QUESTION 11 Use the following graph to answer questions 33 & 34. Price and cost $40 30 23 20 10 0 MR…

A: Economic profit is the difference between the total revenue and total cost which includes both…

Q: Price, cost of bushel MC $18 16 ATC AVC 14 12 ...... B. 10 1. 2. 3. 4. 5. Quantity of tomatoes…

A: Firms in perfect competition are price takers that is they accept the market price as given.

Q: For each price in the following table, calculate thé tirm's optimal quantity 8F UHILS quantity,…

A: Shutdown price is the minimum price a business need to justify remaining in the market in the…

Q: a. To maximize its profits, the firm should produce [ and charge a price of $ b. What area…

A: A firm produces at the intersection of MR and MC curves to maximize the profit. Hence,…

Q: PRICE (Dollars per cupcake) 4.00 3.50 1.00 2.50 2.00 1.50 1.00 0.50 0 MC D ATC MR 05 10 15 20 25 30…

A: Under monopolistic competition, there are many sellers. However, the products produced by each…

Q: Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw…

A: Since you have posted a question with multiple subparts, we will provide the solution to only the…