Suppose that marginal product stayed the same while product price doubled in the table below.TotalMarginalProductMarginalUnits ofProductProductPriceTotalRevenueResource(Output)(MP)RevenueProduct$2$01714$14136.26121836104.224448.25506.6.27254428156What would be the new values in the table?TotalMarginalProductMarginalUnits ofProductProductTotalRevenueResource(Output)(MP)PriceRevenueProduct$0134.7What would be the net impact on the location of the resource demand curve given below?

Given information Units of resources, total production, marginal product, total revenue, marginal…

Suppose that marginal product stayed the same while product price doubled in the table below. Total Marginal Product Marginal Units of Product Product Total Revenue Resource (Output) (MP) Price Revenue Product $2 $0 1 7 14 $14 13 6. 2 26 12 3 18 2 36 10 4. 22 4. 44 8 25 50 6. 6. 27 54 4 7 28 1 56 What would be the new values in the table? Total Marginal Marginal Units of Product Product Product Total Revenue Resource (Output) (MP) Price Revenue Product $0 1. $4 3 What would be the net impact on the location of the resource demand curve given below?

Suppose that marginal product stayed the same while product price doubled in the table below. Total Marginal Product Marginal Units of Product Product Total Revenue Resource (Output) (MP) Price Revenue Product $2 $0 1 7 14 $14 13 6. 2 26 12 3 18 2 36 10 4. 22 4. 44 8 25 50 6. 6. 27 54 4 7 28 1 56 What would be the new values in the table? Total Marginal Marginal Units of Product Product Product Total Revenue Resource (Output) (MP) Price Revenue Product $0 1. $4 3 What would be the net impact on the location of the resource demand curve given below?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the fourth unit of the resource is what?
A food manufacturer is trying to maximize profit by selling wheat-based cereal (C) and wheat bread(B) with raw wheat (W). The production functions are: Cereal: C = 28WC - 1.5Wc Bread: B = 65WB - 2WB2 Constraint: WC + WB = 4144 Profit is $1.00 per box of cereal and $0.50 per pack of wheat bread. There are 4,144 units of raw wheat available. How much wheat should go to the cereal (WC)?
QUESTION 15 Imagine a small juice producer named " Bilberry Infused Beverages" known for its refreshing beverages. The owner, Louis, keeps track of the production costs. Recently he decided to expand his operations and produce more Juices to meet the increasing demand. Table 15.1 below shows the data he has collected: Complete Table 15.1 below and use the information to answer the question that follows. Table 15:1 Production Costs for Bilberry Infused Beverages (4 Marks) Output Total cost Fixed cost Variable Marginal Average cost cost cost Average fixed cost 0 30 O 1 10 2 18 3 22 4 5 64 B 832 8 76 7 8 15 15 What is the marginal cost of producing the 8th unit of the good? a) 4 b) 10 c) 12 d) 29
As per given information, the table is completed:- (In $) Quantity Price Total Marginal Total Cost Marginal Revenue Revenue Cost 34 20 20 1 32 32 32 36 16 2 30 60 28 46 10 28 84 24 50 4 4 26 104 20 54 4 24 120 16 56 2 22 132 12 64 7 20 140 80 16 8 18 144 4 100 20 16 144 128 28 14 140 -4 160 32 (d) Generally, what are the relative values of price, ATC, and AVC when a monopolist experiences: a profit? a loss but continues to produce? a loss but ceases production? 10
Consider a competitive, price-taking firm that employs only one variable input, labor, to produce a product that sells for $14 per unit. The wage rate is $24 per unit of labor and total fixed costs are $500. Fill in the blanks in each column of this table as instructed by the questions below: a)Fill in the blanks in columns 3 and 5. Marginal product begins to diminish beyond ________ units of labor. Marginal product is negative for the _____th unit of labor. b- Compute marginal and average revenue products and fill in the blanks in columns 4 and 6. The sixth unit of labor _________________ (increases, decreases) _______________ (total, marginal) revenue by $__________. Decreasing labor usage from three to two units _______________ (increases, decreases) _______________ (total, marginal) revenue by $___________. c- The manager hires _____8___ units of labor in order to maximize profit. At this level of labor usage, ARP = _____________ which is ______________ (greater, less) than MRP.
The tapie pelow Cotains pricerdemand and total cOSt data Tor the production of treadmilis, where p is the wholesale price (in dollars) of a treadmill for an annual demand of x treadmills, and C is the total cost (in dollars) of producing x treadmills. p ($) C ($) 2,910 1,450 3,634,000 3,415 1,275 3,782,000 4,645 1,123 4,185,000 5,330 918 4,290,000 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p= ax + b, where a is rounded to 1 decimal place and 6 is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using x as the independent variable: C(x) = cx + d, where c is rounded to the nearest integer and d is.rounded to the nearest 10,000. To Do Notifications Dashboard Calendar
Question 15 (i) Which of the following is(are) correct about how accountants and economists consider costs? Accountants consider only implicit costs Economists consider both explicit and implicit costs A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 nor 2 (ii) Which of the following statements is(are) correct for a monopoly firm and a competitive firm? Both firms earn economic profit in the long run. Both firms aim to maximize profit and produce at P = MC. A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 nor 2
: The local government in Karachi is considering two tax proposals: A lump-sum tax of Rs. 300 on each producer of Ice-cream. A tax of Rs. 1 per unit of Ice-cream, paid by producers of Ice-cream. Which cost curves; average fixed cost, the average variable cost, average total cost, and marginal cost would shift as a result of the lump-sum tax? Why? Which cost curves; average fixed cost, the average variable cost, average total cost, and marginal cost would shift as a result of the per-unit tax? Why?
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