Suppose a firm has the ability to produce soap, toothpaste, or both. If the firm produces as units of soap and no toothpaste, then the total cost of production will be $14 thousand. If instead the firm produces q units of toothpaste and no soap, then the total cost of production will be $24 thousand. However, if the firm produces both as units of soap and qr units of toothpaste, then the firm's total cost of production will be $95 thousand Does this firm potentially experience economies of scope, diseconomies of scope, or no economies of scope? This fim potentially experiences diseconomies of scope What is the firm's degree of diseconomies of scope? The degree to which this firm potentially experiences diseconomies of scope is (Enter your response rounded to two decimal places, using a minus sign if necessary.) Enter your answer in the answer box.

4. Various measures of cost Suppose the imaginary company of Panthera is a small, Reno-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 0 1 2 3 4 01 5 6 60 160 220 270 340 450 630 000000 Average Variable Cost Average Total Cost (Dollars per pair) (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve by placing a green point at…

Suppose your dad owns a voodworking shop where he makes handmade benches. The following graph shows the marginal cost (MC) and average variable cost (AVC) for your dad's business. 100 90 80 MC 70 60 AVC 50 40 30 20 10 10 20 30 40 50 60 70 80 90 100 OUTPUT (Benohes per month) For each of the prices in the following table, use the graph to determine the number of benches your dad would produce in order to maximize his profit. Also, for each of the prices, indicate whether the firm will produce or shut down (or be indifferent between the two) in the short run. Price Output (Dollars per bench) (Benchs per month) Produce or Shut Down? 32 36 42 55 66 76 COST (D olars per bench)

A firm has a fixed production cost of $4000. For the first 100 units of production, the firm has a marginal cost of $50 per unit produced. Producing more than 100 units has a marginal cost of $70 per unit produced. The firm cannot produce more than 150 units. How much does it cost to produce at q=0? at  q=50? at q=100? at q=125? at q=150? Graph the firm’s marginal cost function

The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes saps your energy. Over a period of time, it eroded our focus (and] thinned out the expertise and knowledge we painstakingly built up over the years." Based on this quote, what must be true of the plant's average cost of production curve? A) It is U-shaped. 9 It is a ray from the origin. B) It is upward-sloping. D) It is downward-sloping.

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4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in San Francisco. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) Quantity Total Cost Marginal Cost Fixed Cost Variable Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) 120 1 210 2 270 3 315 4 380 5 475 630

2. Trapper Joe, the fur trader, has found that his production function in acquiring pelts is given by q = 2pH where q =the number of pelts acquired in a day, and H =the number of hours Joeís employees spend hunting and trapping in one day. Joe pays his employees $8 an hour. a) Calculate Joeís total and average cost curves (as a function of q). b) What is Joeís total cost for the day if he acquires four pelts? Six pelts? Eight pelts? What is Joeís average cost per pelt for the day if he acquires four pelts? Six pelts? Eight pelts? c) Graph the cost curves from part a and indicate the points from part b.

E1 On the following graph, plot Douglas Fur’s average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol) AVC, plot the pointn on the integer; for example, the ATC of producing one pair of boots is $210, so you should start your ATC curve by placing a green point at (1, 210). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $90, so you should start your MC curve by placing an orange square at (0.5, 90).)

A movie club charges a one-time membership f $25. It allows members to purchase movies for each. Another club does not charge a membersh fee and sells movies for $12 each. How many mc must a member purchase for the total cost of th two clubs to be equal?