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. Burrito 40r Bowl 44 hr Chipotle 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 Chipotle is (Note: ope only the specific fraction no text or lemers)

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. Burrito 40r Bowl 44 hr Chipotle 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 Chipotle is (Note: ope only the specific fraction no text or lemers)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: True/False Marginal cost is the addition to the total cost when more unit of output is being…

A: In economics, cost is the value of the resources (such as labor, materials, and capital) used to…

Q: Solve the problem. 16) A company estimates that the daily cost (in dollars) of producing x chocolate…

A: C(x) = 810 + 0.03x + 0.0002x2 . Company Produces 720 chocolate bars

Q: The table shows the quantity of gold bars (in thousands) and the extraction cost per gold bar (in…

A: The data regarding the number of gold bars and their extraction is given below. Quantity of Gold…

Q: that the dollar cost of producing X appliances is c(x) = 1000+70x-0.1x². ■ Find the average cost per…

A: Total cost is the cost incurred by the firm on the production of final goods and services. The total…

Q: If the Marginal Cost for a product is found to be MC= 1500/15x+100' , and the cost of 80 units is…

A: We have, x= 80 Total cost = TC = $6000 at x = 80 Marginal cost, MC = 1500/ (15x+100) To find the…

Q: Noah and Naomi want to produce 300 garden benches per week in two production plants. The cost…

A: The cumulative production across various production units is 300 units.The cost function in firm 1…

Q: aryan plans to offer the services for $45 per lesson, as (A) Write down the total cost as a…

A: Total cost(TC): refers to the total cost incurred by the industries in the production process. Costs…

Q: Graph the average total cost curve

A: Total Cost is defined as the total expenditure that is incurred to produce the total…

Q: A firm's fixed costs are 180 and the variable costs are 3Q per unit. Based on this information,…

A: Total cost is the total expenditure that the producer incurs on the production of the output. Now…

Q: A company with two different plants manufactures guitars and banjos. Its production costs for each…

A: The cost of production of a firm involves costs of labor, raw materials, and capital. Out of the…

Q: If marginal cost is greater than average total cost, then average total cost must be increasing.…

A: The marginal cost curve is downward sloping when it is below ATC. At the same time ATC is also…

Q: 2) For the following cost functions calculate and plot the average fixed costs, average variable…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: A company manufactures and sells x cellphones per week. The weekly price-demand and cost equations…

A: Demand signifies the amount of a particular commodity or service that individuals are inclined to…

Q: Farmer Joe’s production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where x1 is the number of pounds…

A: Given; Farmer Joe’s production function; f(x1, x2) = x11/3x21/3 where; x1 is the number of pounds of…

Q: can you answer part D The average cost of production per thousand board feet is (Round to…

A: Total Cost = Total Fixed Cost + Total variable costAverage cost = Total Cost / Quantity

Q: Before the point of diminishing marginal returns, marginal cost will be increasing. Group of answer…

A: The law of diminishing marginal returns states that adding more and more variable input to a fixed…

Q: Select all statements that are true using the attached chart. A.)Breakeven is the quantity where TR…

Q: 20. What is the Marginal Cost at Q=6? a) 7.50 b) 12 c) 20 d) 25 e) 45 f) 100 Og) 120 h) 160

A: The marginal cost is the cost of manufacturing an extra unit, and it relates to the change in…

Q: The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If…

A: Marginal cost is the cost of producing one more unit of a good. It can be calculated by taking the…

Q: Variable Costs Average Variable Cost Production Data Production Data The $60 per worker a day…

A: The variable cost is $60 per worker a day. At 90 units of output (i.e. when 90 cars are washed in a…

Q: A new machine comes with 200 free service hours over the first year. Additional time costs $150 per…

A: We really want to compute the average cost per hour of using a machine for a total of 55 hours. The…

Q: (a) The cost of producing 5-gallon water bottles is given by C(q) = 0.005q? + 2q + 1000. If 2000…

A: Thank you for submitting the question on Bartleby platform but you have submitted multiple…

Q: Suppose Alaska could add 1000 MWh of wind generation—which produces for four hours during the…

A: Solve with the help of graph marginal cost curve

Concept explainers

Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).

Question

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.
Burrito
40/hr
Bowl
44/hr
Chipotle
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 Chipotle is
(Note: upe only the specific
fraction, no text or letters)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Consider the following chart. How much is the marginal cost when total output increases from 390 pounds to 450 pounds? Total Output Total Cost Marginal Cost (Pounds) (TC = FC + VC) 0 150 150 300 240 450 320 600 390 750 450 900 420 1050 $1.50 $2.25 $2.00 $2.50
Please don't use excel and show equations used.
3. Minimize the following total cost function: TC = Q³ – 10Q2 + 48Q + 46.
How do you think the costs of teaching a commerce degree online would compare to the costs of a commerce degree taught on-campus at a university (i.e., face-to-face)? (question is related to economic profit/cost) e.g. involving Average Total Cost (ATC), etc
2. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Latasha is a professional basketball player, and her game log for free throws can be summarized in the following table. Fill in the columns with Latasha's free-throw percentage for each game and her overall free-throw average after each game. Game Game Result Total Game Free-Throw Percentage Average Free-Throw Percentage 1. 8/10 8/10 80 80 6/10 14/20 3 1/5 15/25 4 3/5 18/30 5 8/10 26/40 On the following graph, use the orange points (square symbol) to plot Latasha's free-throw percentage for each game individually, and use the green points (triangle symbol) to plot her overall average free-throw percentage after each game. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100
600 550 500 450 400 360 350 300 270 250 200 150 100 50 0 ATC> MC a 6 10 19. What is the Average Total Cost at Q=6? a) 7.50 b) 12 c) 20 d) 25 e) 45 f) 100 g) 120 h) 160 b 20 O ATC=MC 30 TC ATC< MC 37 40
In Figure 2-a, the average variable cost curve is curve Group of answer choices A D C B
Which cost concept is used to determine the most cost-efficient level of production? a) Average cost b) Total cost c) Marginal cost d) Variable cost
Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q-1, Q-5, and Q-14 and then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the formula ATC=for your calculations. To refer to the graphing tutorial for this question type, please click here P arh NO m 956 *** PAY TH ww 178 9 Q ** See Hint waka
Suppose a company has fixed costs of $1500 and variable costs of (3/4)x + 1120 dollars per unit, where x is the total number of units produced. Suppose further that the selling price of its product is 1200 − (1/4)x dollars per unit. (a) Find the break-even points. (Enter your answers as a comma-separated list.)x = (b) Find the maximum revenue. (Round your answer to the nearest cent)$ (c) Form the profit function, P(x), from the cost and revenue functions.P(x) = Find maximum profit. (Round your answer to the nearest cent.)$ (d) What price will maximize the profit? (Round your answer to the nearest cent.)
True or False The average total cost cannot equal marginal cost.