Price = Marginal Output Total Cost Marginal Average Total Cost Total Profit Average Revenue Cost Revenue Revenue 40.00 -40.00 35.00 1. 68.00 35.00 2 88.00 35.00 104.00 35.00 4 118.00 35.00 130.00 35.00 6. 147.00 35.00 7 169.00 35.00 8 199.00 35.00 9. 239.00 35.00 10 293.00

Price = Marginal Output Total Cost Marginal Average Total Cost Total Profit Average Revenue Cost Revenue Revenue 40.00 -40.00 35.00 1. 68.00 35.00 2 88.00 35.00 104.00 35.00 4 118.00 35.00 130.00 35.00 6. 147.00 35.00 7 169.00 35.00 8 199.00 35.00 9. 239.00 35.00 10 293.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose you go to Trader Joe's to buy fruit for the week. You only like apples (A) and bananas (B) and your weekly fruit budget is $11. When you arrive at Trader Joe's you notice that the price of an apple is $1.00 and the price of a banana is $0.25. QUESTION #1: How many apples and bananas should you buy? QUESTION #2: When you have found the answer, draw a diagram that shows the outcome. Step #1. Determine your preferences. Let's suppose that your preferences can be represented by the following utility function: U(A, B) = AªBß = A0.40 B0.60 FYI: This utility function is known as a Cobb-Douglas utility function. It is the most commonly used function used in economics! The reason we like it so much is that it has: 1. Constant returns (double your consumption of A and B and your utility doubles); a + B = 1 2. Diminishing marginal utility (the extra utility gained from consuming A (or B) decreases as you consume more of the A good (or B good); a 0.40); B > a. Step #2: Determine your…
To reach consumer equilibrium, which of the following consumption choices must be made? The total utility per dollar spent on Good X must equal the total utility per dollar spent on Good Y. The total utility of Good X must equal the total utility of Good Y. The marginal utility of Good X must equal the marginal utility of Good Y. The marginal utility per dollar spent on Good X must equal the marginal utility per dollar spent on Good Y.
Which of the following combinations are unattainable given a consumer's budget line? Multiple choice question. A combination that intersects either of the axes Combinations that fall on the budget line Combinations that fall inside the budget line Combinations on the midpoint of the budget line Combinations that fall beyond the budget line
Which of the following combinations are unattainable given a consumer's budget line? Multiple choice question. A combination that intersects either of the axes Combinations that fall on the budget line Combinations that fall inside the budget line Combinations on the midpoint of the budget line Combinations that fall beyond the budget line
Pablo bought a sofa on sale for $147.20. This price was 68% less than the original price. What was the original price?
If corn cost $.55 per pound and protein supplement cost $.12 per pound what is the maximum amount of corn purchase with a $2200 budget?
An increase in the price of raisins-- a complement to oatmeal is the correct answer.
marginal utility is a measure of the benefit (or value, or enjoyment) a person obtains by a) Consuming a single additional unit of a product. b)Selling a single additional unit of a product (and spending the resulting cash). c) Borrowing the dollar value of a single additional unit of a product (and spending it on something nice). d)Converting a single additional unit of product to an equivalent number of units.
I can't seem to figure out how to fill this table out.
Suppose the price of A is $20 and the price of B is $10 and that good A is plotted on the horizontal axis. If the price of A doubles and the price of B triples, leaving theconsumer’s income unchanged, the budget line a) will become steeper. b) will become flatter. c) will shift in toward the origin. d) will shift out from the origin.
A Moving to another question will save this response. Question 4 Refer to the information provided in Table 22.5 below to answer the question(s) that follow. Table 22.5 Price per Unit in 2014 2015 $2.00 Units Purchased 2013 $2.00 $2.00 $2.50 2016 $2.10 $2.40 $2.50 $3.50 $4.00 Blueberries 8 Pineapples $2.50 $3.00 Cheese 3 $3.00 Refer to Table 22.5. If 2014 is the base year, the consumer price index in 2013 is 0.893. 0.96. 1.04. 1.119.
In the diagram to the right, we have five different combinations of movies and books. Combination A represents 2 movies and 3 books. Combination C represents more books (7) and the same number of movies (2). Points B, E, and F are other combinations with more movies, more books, or more of both. When compared to combination A, combination B provides satisfaction to the consumer. When compared to combination F, combination B provides satisfaction to the consumer. When compared to combination A, combination F provides satisfaction to the consumer. These conclusions are based on what assumption about preferences? Books 10- 9- 8- 7- 6- 4- 3- 2- 1- 0- 0 1 C A 2 3 E 4 5 Movies LL B 6 7 8 9 Next