Table) Based on the table, what is the average total product when John's Salsa Company hires three people? Total Product 9 20 33 1 3 4 40 33 10 13 11 Farmer Jean sells corn in a perfectly competitive market. The market price for a bushel of corn is $6. Jean has six hundred bushels of corn to sell. If her total variable cost is $3,300 and her total fixed cost is $300, then: Jean should raise her price. Jean is earning a positive economic profit. Jean is minimizing her losses. Jean is earning a normal profit.

Table) Based on the table, what is the average total product when John's Salsa Company hires three people? Total Product 9 20 33 1 3 4 40 33 10 13 11 Farmer Jean sells corn in a perfectly competitive market. The market price for a bushel of corn is $6. Jean has six hundred bushels of corn to sell. If her total variable cost is $3,300 and her total fixed cost is $300, then: Jean should raise her price. Jean is earning a positive economic profit. Jean is minimizing her losses. Jean is earning a normal profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please also do the graph and the choices for the first blank is 2000, 7500, 8000, 10000 and the choices for the second blank is profit or economic loss thank you!!!
Answer Question 6
7. You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One day he gives you the following data at his present level of production: Output = 2000 pounds, market price = $5.00, total cost =$8000, fixed cost=$2000, marginal cost=$5. The minimum of AVC occurs at {1000 pounds at $2} and the minimum of ATC at {1500 pounds at $3.5}. Please help Jack with the following questions based on the above figures: a. Draw a graph for the raw cotton market and a graph for Jack’s farm current situation that includes MC, ATC, and AVC, labeling all relevant points on axes with numerical values. Is Jack maximizing the profit (minimizing the loss)? Why or why not? Label the total profit/loss area. b. Suppose more farmers enter the raw cotton market until the market price is $3.00 per pound. On the same graphs, show the effect of this change in the market place. Would you like to suggest Jack leaving the market in the short run? Explain your answe
Figure: Cost Curves for Corn Producers Price, cost of bushel $30 26 MC 22 18 ATC AVC 14 10 1 3 4 7 Quantity of corn (bushels) Reference: Ref 12-3 (Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $10, in the short run, the farmer will produce of corn and earn an ec omic equal to 2 bushels; profit; $0 2 bushels; loss; just more than $80 per bushel 3 bushels; profit; loss, -$15 4 bushels; profit; just less than $80 per bushel
Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Output Total Cost $ 10.50 $ 10.00 6 6 $ 61 10.00 8.85 7 7 62 9.50 8.00 8 8 64 9.00 7.00 9 9 67 8.50 6.10 10 10 72 8.00 5.00 11 11 79 7.50 4.15 12 12 86 Suppose that entry into the industry changes this firm's demand schedule from columns (1) and (3) to columns (2) and (3). Economic profit will Multiple Choice fall to $4. decline to zero. increase by $6. fall by $8.
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113. Subject :- Economy
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
Given the following Information about a competitive firm's costs, calculate marginal cost and then answer three questions. 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. Output (Units) Total Cost Marginal Cost 10 $50 11 52 $ 2 12 56 $ 4 13 62 $ 6 14 70 $ 8 15 80 $ 10 16 92 $ 12 17 106 $ 14 18 122 $ 16 19 140 $ 18 a. If the prevailing market price is $12 per unit, how much should the firm produce? 16 units b. How much profit will it earn at that output rate? 100 c. If the firm Increases output by 1 unit, the firm will make more profit.
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Number of Factories Q = 100 Q = 200 Q = 300 Q = 400 Q = = 500 Q = 600 %3D 1 360 200 160 240 400 720 2 540 300 160 160 300 540 720 400 240 160 200 360 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using
The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24