nts per question)1a0od it produces is constant, than itNAME:NT A QUIZABC Limited sells its product in a perfectly competitive market for a price of $151.perunit and hires workers at a daily wage of $75. Labor is the only factor cost, and the firm iscurrently earning profits. If ABC hires one more worker and output increases by 5 unitsperday, the firm's profits willa. decrease by $5b. decrease by $75c. increase by $75d. increase by $15e. remain unchanged.

The correct answer to the above-mentioned question is option (e).

Answered: nts per question) 1a0od it produces is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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P (dollars) MC ATC AVC 4 2 Q (units) 300 600 900 Consider the following cost schedule for many firms in perfectly competitive market. If the market price is $4, then the firm should be to maximize profit and profit will O shut-down; negative O produce 600 units; negative O produce 600 units; positive O produce 600 units; zero 6
(Exhibit: A ) The firm will shut down in the short run if the price falls below: 0G. 0F. 0E. 0P. 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.
400 300 200 120 100 100 a) $120 Ob) $100 Oc) $200 or less d) $300 or less LL. I I I L 220 320 400 500 580 Refer to the above Figure A. In the short-run this firm would shut-down at a price of 1 I I MC /ATC AVC
Assume coffee machine and labor are the only two inputs for a coffee shop. The labor demand elasticity will be larger if A. Coffee machine is the substitute for labor in the shop. in the short run. B. Coffee has a relative inelastic demand C. Labor cost is around 80% in the total cost of the shop. D. The supply of tea machine is quite elastic.
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Tire Co. has total fixed costs of $1000 per month. The firm's variable cost is $800 for 10 tires. At that level of output, the firm's average variable costs equal: A. S80 B. S180 C. $100 D. 5120
S IC raw Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Price of Strawberries (per Box) $2 2 2 2 2 2 2 222 Total Revenue (per Hour) $0 10 20 28 34 38 40 40 36 30 Marginal New Price Revenue of Product Strawberries $10 10 8 6 4 NO 2 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 New Total Revenue (per Hour) $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 $ 76 80 $ 80 $ 72 $ 60 $ www 20 20 16 12 8 4 0 -8 -12
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A Lyft driver has the short-run costs below, what is the fixed cost? What is the marginal cost of the 5th ride? What is the minimum price that this driver would be willing to accept for a ride?
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1. Every firm will have a U-shaped cost curve in the short-run because a. Every firm faces resource limitations b. Every firm faces rising capital costs during an economic recession c. Of the law of diminishing marginal returns d. Of labor unions

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