Jack scalps lawns in the neighborhood for $36 per house. He does ten houses per day. He is incurring total costs of $400 per day, of which $100 is fixed. The marginal cost per house is constant. (i) What is the value of the marginal cost associated with scalping the lawn of one house? (ii) What are profits equal to at the profit-maximizing level of output?.

Q: • #1 In the wake of the pandemic, chefs creatively used their talents and many designed high-end…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: What will be the marginal cost if the change in total cost is $55 and Change in quantity is $60.

A: Marginal cost determined to be a cost, which involves increase or decrease to the overall cost of…

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: In the study of economics, production functions represents the relationship between the quantity of…

Q: 1. The total cost of producing a quantity q is C(q). The average cost a(q) is given in figure below.…

A: C’ (q 0) is the marginal cost for any q 0. The line t 2 has slope twice than that of line t 1.

Q: X and Y are both factors of production. X's marginal product is 30 and Y's is 20. X is $5 each and Y…

A: A profit maximizing firm recruit the resource at the point where the marginal product of resource…

Q: g. What is the marginal cost of producing the 10th high-end meal box? h. Find the quantity of output…

A: g) Cost function is given as   MC at the 10th high-end meal box will be

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

Q: You run a game-day shuttle service for parking services for the local ball club. Suppose you are…

A: MC is the change in the TC when the number of customers changes by 1 unit. When the number of…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: Consider the table below that describes the costs associated with producing a good (Q). Total…

A: Marginal cost refers to the additional cost of producing one more unit of output.

Q: The cost function of producing Q units of good s.t:

A: ‘Total cost’: ‘Total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: #1 In the wake of the pandemic, chefs creatively used their talents and many designed high-end…

A: The firm incurs various costs on the production of the goods and services. The firm has various…

Q: Aaron has been spending five nights studying for his math tests and his current grade in the course…

A: Marginal cost:Marginal cost is the additional unit that is added to the whole value. It is…

Q: Frame de Art is an art framing shop in a small town. Frame de Art has one storefront ($500 per week)…

A: In economics, marginal cost refers to the change in the total cost of production that arises from…

Q: Does the value of λ change if the budget changes from $4600 to $5600? What condition must a…

A: Lagrange multiplier method is a method in which we can get maxima or minima from an equation by…

Q: Diminishing Marginal Returns” is achieved when?

A: The law of diminishing marginal returns states that adding an extra factor of production ends up in…

Q: Northside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a…

A: The firm sells 1000 units of cup of coffee and 200 units of breakfast sandwiches in the market at…

Q: Consider a beekeeper. The beekeeper has the following production function where the input is the…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…

A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…

Q: You produce widgets. Currently you produce four widgets at a total cost of $40. What is your average…

A: The average cost is the total cost divided by the quantity of output whereas the marginal cost is…

Q: The production function is y = min{x1 , x2} where x1 and x2 are the amounts of two inputs used. The…

A: Two goods are complements when they are consumed together in fixed proportion.

Q: Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A firm is producing 20 units with an average total cost of $25 and marginal cost of $15. If it were…

A: Introduction: Average cost to produce 20 units are $25 so the total cost can be derived by…

Q: Hi! Can you help me with the question below?  Northside Social (NS) sells cups of coffee and amazing…

A: The elastic demand shows the responsiveness of quantity demand for a good when its price changes.…

Q: Consider the table below that describes the costs associated with producing a good (Q). Q Total…

A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)