How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs$10 per hour, and your weekly rent is $300. You normally stay open nine hours per day.a. What is the marginal cost of staying open for one more hour? $(Enter your response as an integer.)b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour?YesNo

Marginal revenue is how much revenue one could acquire from selling one additional unit. Marginal…

Answered: How Many Hours at the Barber Shop? The…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5/day. The company also rents spave where orders are prepared. Rent costs $50/day. To make the deliveries, the business also rents two delivery cars the cost $10/day. The costs of ingredients for preparing different numbers of meals are probided in the table below. Maria also has to hire between 0-10 workers to buy ingredients, prepare meals, and deliver the orders. She pays them $120/day. The first two columns of the table below shows how many meals different number of workers can prepare and deliver. Fill out the table
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
Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a result, the number of customers dropped by 4%. How will this 5% increase of the average price of services impact total revenue at Daffy’s?
The total amount spend on production of 500 machines are $100. The selling price of a machine is $ 25. Calculate the profit of the firm.
Why is a normal profit considered an economic cost?
What is the profit maximizing level of output and how much daily profit will the producer below earn if the price of pizza is $0.50 per slice? See the attachment for graph.
16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.
Help me please
What is the goal of the Multitasking machine?
In your city , each police officer has a budgetary cost of $40000 per year. The property loss for each burglary is $4000. The first offecer hired will reduce crime by 40 burglaries and each additional officer will reduce crime by half as much as the previous one. How many officers should the city hire ? Illistrate with a graph with a marginal benifit curve and a marginal cost curve Can someone answer this correctly with an MC and MB graph? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A company manufactures a variety of camp stoves at different locations. The total cost C(x) (in dollars) of producing x camp stoves per week at plant A is shown in the figure. Discuss the graph of the marginal cost function C'(x) and interpret the graph of C'(x) in terms of the efficiency of the production process at this plant. C(x) $100,000 $50,000 500 1,000 Choose the correct answer below. A. The graph of y C'(x) shows that the marginal cost function is positive and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. B. The graph of y C'(x) shows that the marginal cost function is negative and decreasing. Since marginal costs are decreasing, the production process is becoming more efficient as production increases. C. The graph of y C'(x) shows that the marginal cost function is negative and increasing. Since marginal costs are increasing, the production process is becoming less efficient as production…
Macmillan Learning At your local family fun center, miniature golf is $12 per person for unlimited rounds in a day, while each go-kart session is $8. Given this information, calculate the cost of the following. Total cost of 0 rounds of golf: $ Total cost of 2 rounds of golf: $ Total cost of 0 go-kart sessions: $ Total cost of 2 go-kart sessions: $ 11 Total cost of 1 round of golf: $ Total cost of 3 rounds of golf: $ Total cost of 1 go-kart session: $ #00 Total cost of 3 go-kart sessions: $

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