Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Question 3
Question 6
$19
16
Question 16
13
10
30
0
Total Product
Assume that supply of a product increases while the demand for it decreases. Then, the equilibrium quantity will,
100
160180 210
Quantity
In order to maximize profits, this firm should charge $
Average Fixed Average Variabile
Cost
Cost
$100.00
33.33
25.00
Question 11
2.5 points Save An
Paris has a weekly income that she spends on two goods: fast food meals and sugary drinks. If she spends all her money on fast food meals, she can buy 8 of them. If she spends all her money on sugary drinks, she can buy 9 of them. Calculate the
opportunity cost of one y drink (in terms of fast food meals) your answers as a number with 2 c
(like 2.38 or 1.00 or 9.35) as your answer.
16.01
14.2%
12.50
11.11
10.00
$17.00
16.00
15.00
14.00
14.00
15.71
17.50
19.44
Average Total
Cost
$117.00
66.00
MC
34.00
30.67
SO
30.00
30.55
31.60
33.09
MR
Marginal Cost
$17
ATC
1.5 points
(choose one and write it out exactly as it is written: increase, decrease, be indeterminato, stay the same. be unknown)
Save Ame
2.5 points Save Answer
21.60
24.00
26.67
8.33
The accompanying table gives cost data for a firm that is selling in a purely competitive market if the market price for the firm's product is $45, the competitive firm will make a maximum profit of $ (write your answers as a number only and use 2 decimal
places)
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