Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it wants tomilk the cows at a capital rental price of $100 a day.It faces the following production schedule:Number of Robots Total Product0 0 gallons1 502 853 1154 1405 1506 155a. In what kind of market structure does the firm sellits output? How can you tell?b. In what kind of market structure does the firmrent robots? How can you tell?c. Calculate the marginal product and the value ofthe marginal product of each additional robot.d. How many robots should the firm rent? Explain.

Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: We have blank for MC at q=5.

Q: A The table below shows the total product from different levels of labor. Suppose the hourly wage…

A: Variable costs refer to the costs of production that are dependent on the output of  a firm, i.e.,…

Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

Q: 1. The article poses the question: "So why do farmers put up with the hassle?"  And then answers it:…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: 20. If there are implicit costs of production Economic profit will be equal to accounting profit A.

A: Accounting profit is calculated by using the formula revenue minus expenses that is the net income…

Q: 19

A: In order to get the marginal cost of producing additional bottles of mineral water, we need to…

Q: The amount that a firm pays for all of the inputs that go into producing goods and services is the:…

A: Understanding the components of production costs is fundamental to assessing the financial…

Q: What happens when a company doesn't follow economic thoery and charges pries below the marginal…

A: At the point when an organization doesn't follow economic theory and charges costs below the…

Q: boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note:…

A: Given Quantity and Total cost where, MC = change in TC / Change in Qty FC = 60 remains fixed at…

Q: Mariam's Kitchen offers catered meals in a perfectly competitive industry. Mariam's machinery costs…

A: Total cost shows the total cost of producing a good. Total cost includes the fixed cost and the…

Q: The Banana computer company produces affordable, easy-to-use home computer systems and has fixed…

A: Analysis of AC can be used to calculate profit or loss. A company will turn a profit if the price it…

Q: Would a decrease in the wage rate (or some other short-run variable input price) shift down the…

A: Marginal Cost Curve: A graphical representation showing the additional cost incurred by producing…

Q: K Matt's candle factory rents equipment for making candles and hires students Matt pays $140 a day…

A: Total cost is the sum of fixed cost and variable cost.  Variable costs are the cost that changes…

Q: Use the cost curves below to answer the following questions. 120 90 80 70 40 30 200 250 300 500 MC…

A: In perfect competition,  A firm will produce where P = MC  P is the market price MC is the marginal…

Q: Use the following table and use your previous calculations at what quantity of output does marginal…

A: Total cost is the sum of total fixed cost and total variable cost. Marginal cost is the addition to…

Q: A production technology that lies on the diagram's $500 isocost line dominates a technology that…

A: Isocost lines represent all possible combinations of two inputs (usually capital and labor) that a…

Q: Please help for this mcq

A: In order to find the marginal cost of producing additional bottles of mineral water, we need to…

Q: Webby Inc. is a web development company. Webby's monthly production function for developing websites…

A: Step 1: Calculate the marginal product The formula for Marginal Product is:Marginal Product = Change…