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- Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $62,000. If he adds one more tractor, monthly revenue will increase from $50,000 to $58,000. Each additional worker costs $4,000 per month, while an additional tractor would also cost $4,000 per month. Instructions: Enter your answers as a whole number. a. What is the marginal revenue product of labor? $ The marginal revenue product of capital? $ b. What is the ratio of the marginal revenue product of labor to the price of labor (MRPL/PL)? : What is the ratio of the marginal revenue product of capital to the price of capital (MRPC/PC)? :2:34 PM A A O D 2 B/s Ee com Sr Rebecca Rashid QUESTToday, 12:02 PM A firm has the following total cost function TC = 120 + 50g - 10q2 + q° Find the equations for a) Total Variable Cost b) Average Variable Cost c) Marginal Cost XQUESTION THREE Mary's utility is given by the following Cobb-Dougias functic U = VX. Y. You are further told thai X and Y represent bread a) Write down Mary's constraint. b) Set ap the Lagrangian expression for Mary. c) Find the maximising quantities of bread (X) and sausa d) Show that the demand obtained in (C) above have neg c) Derive the Indirect utility function. f) Derive the Expenditure function. g) Given that the price of bread (X) is K25 and sausage is K2000. Find Mary's maximum utility. ...①The total cost for producing x items is given by 12x + 3735. Each item is sold for $21. Find the formula for the total items must be sold to break even? revenue. How Many ②Solve the equation x² - 10x = -2x-15 3 A department store will buy 8 items if the price is $40 per item, and 14 items if the price is $28 per item. The Supplier is willing to sell 5 items if the price is $70 per item and 12 items if the price is $140 per item. If the supply and demand functions are linear, find the equilibrium point. invest $10,000 in an account that pays 10% compounded you continuously, how much money will you have in 15 years? (4) If ⑤ het f(x) = 300 √x + 2. Find the average rate of change when x increases from 25 to 100. Calculate derivatives of the following functions. a) 2 2x-3 4x+5 b) (2x5 +1) 9 ⑦Calculate derivatives of the following functions 8 の 2 6x в) че 6) 1) In (3x² + 5x) Calculate the following integral S (8x7 - 12x 5 + 3x² + 4) dx
- Calculate Kenji's marginal revenue and marginal cost for the first seven shirts he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. ? 30 8 COSTS AND REVENUE (Dollars per shirt) 25 15 O 10 0 0 1 2 5 QUANTITY (Shirts) 3 4 6 Kenji's profit is maximized when he produces 7 8 would maximize his profit) is $ which is maximizing quantity corresponds to the intersection of the last condition can also be written as Marginal Revenue shirts. When he does this, the marginal cost of the last shirt he produces is $ which is than the price Kenji receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt than than the price Kenji receives for each shirt he sells. Therefore, Kenji's profit- curves. Because Kenji is a price taker, this Marginal CostUse the graph above to answer these questions: What is the profit-maximizing level of output? What is the economic profit? What is the per-unit amount of profit at the profit-maximizing level of output?3
- Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 90 70 60 ATC 40 30 20 AVC 10 + ++++ 10 15 20 3 30 35 o 5 QUANTITY (Thousands of jackets) 50 For each price in the following table, use the graph to determine the number ofr jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero jackets and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per jacket) (Jackets) Produce or Shut Down? Profit or Loss? 10 20 32 COSTS (Dollars)Please help me to find the answer for attached question. The before I received with the answer of wrong demand function. I mentioned real required demand function as "Green colour tick mark". Thanking youConsider the total cost and total revenue given in the following table: Quant Total Total Prof Marginal Revenue Marginal Cost ity Cost Revenue 8. 1 9 8 10 16 11 24 4 13 32 19 40 6. 27 48 7. 37 56 1. Calculate profit for each quantity (write your answers in the column provided above). How much should the firm produce to maximize profit? 2. Calculate the marginal revenue and marginal cost for each quantity (write your answers in the columns provided above). Illustrate in a graph the marginal revenue and marginal cost below. Identify the profit maximizing quantity.