### Table Analysis of Nimbus, Inc.Nimbus, Inc. manufactures brooms and sells them door-to-door. The table below shows the relationship between the number of workers and Nimbus’s output during a given day:| Workers | Output | Marginal Product | Total Cost | Average Total Cost | Marginal Cost ||---------|--------|------------------|------------|--------------------|---------------|| 0 | 0 | ---------------- | | | ------------- || 1 | 20 | | | | || 2 | 50 | | | | || 3 | 90 | | | | || 4 | 120 | | | | || 5 | 140 | | | | || 6 | 150 | | | | || 7 | 155 | | | | |#### Questions for Analysis:a. **Fill in the column of marginal products. What pattern do you see? How might you explain it?**b. **A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost.**c. **Fill in the column for average total cost.** (Recall that ATC = TC/Q.) **What pattern do you see?**d. **Now fill in the column for marginal cost.** (Recall that MC = ΔTC/ΔQ.) **What pattern do you see?**e. **Compare the column for marginal product with the column for marginal cost. Explain the relationship.**f. **Compare the column for average total cost with the column for marginal cost. Explain the relationship.**### Explanation of Concepts:- **Marginal Product (MP):** The additional output produced by adding one more worker.- **Total Cost (TC):** The total of fixed and variable costs. In this case, TC includes the $200 fixed cost plus the cost of workers ($100 per worker).- **Average Total Cost (ATC):** Total cost divided by the quantity of output produced (ATC = TC/Q).- **Marginal Cost (MC):** The increase in total cost when output is increased by one unit (MC = ΔTC/ΔQ).This

Company making brooms ant sell it door to door We have given output according workers We have to…

Answered: , Inc., makes brooms and then sells…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Consider the following model of a monopolistic form, where P is the sale price of the good, MC is marginal cost of producing the good and q is quantity produced (assumed equal to quantity sold) the firm has to sell all units of the good at the same price. p=10-2q MC=2+q If the firm produces 3 units, what total revenue will it receive? a. £4 b. £6 c. £12 d. £24
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Suppose that a furniture manufacturer makes chairs, sofas, and tables. Consider the following chart of labor hours required and available. Chair Sofa Table Daily labor available (labor- hours) 3 8 =III 1 2 6 0 The profit per chair is $50, per sofa $40, and per table $80. How many pieces of each type of furniture should be manufactured each day to maximize the profit? Carpentry Finishing Upholstery 6 1 2 720 144 228
4
A parking garage bases its prices on the number of hours that a vehicle parks in the garage. 14 13 12 11 10 9 8 Total 7 Cost 6 (Dollars) 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 Number of Hours Based on the graph, what is the pricing scheme the parking garage uses for vehicles? The first two hours cost $2, between two hours and six hours cost $2 per hour, and all hours after that cost $1. The first two hours cost $2, between two and four hours cost $1 per hour, and all hours after that cost $0.50. The first two hours cost $1 per hour, between two hours and six hours cost $2 per hour, and all hours after that cost $1. The first two hours cost $1 per hour, between two hours and six hours cost $1 per hour, and all hours after that cost $0.50.
A small business can produce a maximum of 46 of its product per month and sell them for $7 each. The variable costs are $2 per unit and fixed costs are $175 per month. d) Calculate the revenue at the break-even (round off to the nearest cent). $ e) Plot the revenue and cost functions. 400 300 200 100 Revenue/Cost($) 5 10 15 20 25 30 35 40 Quantity 45 50
Consider the following model of a monopolistic form, where P is the sale price of the good, MC is marginal cost of producing the good and q is quantity produced (assumed equal to quantity sold) the firm has to sell all units of the good at the same price. p=10-2q MC=2+q If the firm produces 3 units, what will its total cost be? a. £5 b. £10.5 c. £8.25 d. £15
An entrepreneur who owns and operates two businesses (A and B) would like to analyze their profitability. They would like your help in the analysis. They give you the annual net profit (in thousands of $) for each business from 2008-2020. Table 1: Annual Net Profits for Businesses A and B Business Year Profit Business Year Profit 2008 -50 2008 -10 2009 57 2009 30 2010 71 2010 27 2011 64 2011 22 2012 60 2012 21 2013 50 2013 20 A 2014 41 2014 24 2015 59 2015 24 2016 71 2016 32 2017 71 2017 36 2018 74 2018 37 019 81 20 40 2020 97 2020 49 a. Suppose you want to graph the distribution of profits. Explain why using only one stem- plot might not be optimal for the analysis. b. Describe the correct stemplot to use. Generate this stemplot. Explain your steps. What can you say about the distribution from this stemplot? c. When are stemplots useful? And why is that? d. Suppose that instead of having 26 observations you have 200 observations. What graph should you generate? e. What other type of…
Assume that the following has a linear cost function for producing x items. Find the cost function, revenue function, and profit function. Fixed Cost Marginal Cost Item Sells For $500 $14 $25 What is the cost function? C(x) = (Do not include the $ symbol in your answer.) What is the revenue function? R(x) = (Do not include the $ symbol in your answer.) What is the profit function? P(x)= (Simplify your answer. Do not include the $ symbol in your answer.)

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