The table below shows one of the most preferred trade exercises in your class, according toyour classmates' votes. Refer to it to answer the following question.Burrito40/hrBowl44/hrChipotleHot HeadBurritos36/hr42/hrBased on production per hour, the per unit opportunity cost (as a non-simplified fraction) ofproducing Burritos (in terms of Bowls) for Hot Head Burritos isthe specific fraction, no text or letters)-(Note: tpe only

Opportunity cost: The opportunity cost is the value of the next best alternative available. It is…

The table below shows one of the most preferred trade exercises in your class, according to your classmates' votes. Refer to it to answer the following question. Chipotle Burrito 40/hr Bowl 44/hr Hot Head Burritos 36/hr 42/hr Based on production per hour, the per unit opportunity cost (as a non-simplified fraction) of producing Burritos (in terms of Bowls) for Hot Head Burritos is (Note: type only the specific fraction, no text or letters)

The table below shows one of the most preferred trade exercises in your class, according to your classmates' votes. Refer to it to answer the following question. Chipotle Burrito 40/hr Bowl 44/hr Hot Head Burritos 36/hr 42/hr Based on production per hour, the per unit opportunity cost (as a non-simplified fraction) of producing Burritos (in terms of Bowls) for Hot Head Burritos is (Note: type only the specific fraction, no text or letters)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 11P

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Similar questions

Select all statements that are true using the attached chart. A.)Breakeven is the quantity where TR - TC = 0 B.)The profit maximizing quantity of participants/bags is MR ≥ MC 300 C.) The profit maximizing quantity of participants/bags MR ≤ MC 400 D.) Using Qb = F/(MR – AVC) the breakeven quantity of participants/bags is 113 and 115 bags.
Example The following equations shows the effect of time (x) in year and salt concentration (y) in ppm on the total cost due to corrosion failure for a particular operation 12500 CT = 4x + + 2.5 y + 500 ху Determine the optimum value of x and y, and calculate the total cost. Solution 12500 = 0 x?y 12500 3125 x2 = 4y and ac, = 2.5 ду 12500 = 0 xy2 12500 5000 2.5 y2 Then 5000 (3125 y? у-20 рpm And x= 0.625 year The total cost will be 20505 at the optimum point Н.W Repeat the previous example if the total cost equation is C, = x? + xy + 2y² + 200
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A certain electronics manufacturer found that the cost C to produce x DVD/Blu-ray players can be found using the 0.04x? + 8x + 800. If the marginal cost equation C were $19.2, how many DVD/Blu-ray players were produced?
Someday, if you want to be an economist or to study more about economic analysis, what platform you will implement to sustain the development of cost estimating fundamentals?
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The 1,850 residents of Great Donut Island are all fishermen. Every morning they go to the nearest port to launch their fishing boats and then return in the evening with their catch. The residents are evenly distributed along the 20-mile perimeter of the island. Each port has a fixed cost of $1,850/day. If the optimal number of ports is 7, what must be the per mile travel cost? Instructions: Round your answer to the nearest penny (2 decimal places).
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Completed 58 out of 60 uestion 31 of 60 If output falls below equilibrium, marginal cost will be higher than the price. O True O False LEGO
During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.
Answer all parts (a)-(g) of this question.Mette has started Mersea Oysters. She aims to export oysters to Germany where she acts as aprice taker. After a couple of nights of calculations she believes that her cost function is givenby C(q) = 100 + 6q + 2q2, where q denotes kilos of oysters harvested. The market price shewill face in Germany is 50 per kilo.(a) [4 marks] Derive Mette’s marginal cost function.(b) [7 marks] Use your result from (a) to determine the profit-maximizing output level.(c) [7 marks] Explain in words why the supply function for a price taker is the same as themarginal cost function.(d) [8 marks] Calculate Mette’s profit. Illustrate marginal cost and profit in a diagram.(e) [8 marks] Now instead assume that the price is 22. Should Mette produce at this price?(f) [8 marks] Assume again that the price is 22 but that the fixed cost of producing (100) issunk and was taken in the previous period. Should Mette produce at this price in this case?(g) [8 marks] Assume again…