Use the following to answer question 2:Units of resourceTotal productTotal revence (5)ма0 130150 36 35 604518 2054 4036 (19) 5-6-19A) LB) 2C) 3D) 46 112. Refer to the above table. How many units of a resource would the profit-maximizingfirm use if the price of this resource was $19.00?

In the realm of business economics, decision-making and resource allocation within intricate market…

Use the following to answer question 2 Units of resource Total product Total revence (5) MA 0 A) L B) 2 C) 3 D) 4 0 1 6 11 3 15 18 20 36 36 (1) 5-6-19 2. Refer to the above table. How many units of a resource would the profit-maximizing firm use if the price of this resource was $19.007

Use the following to answer question 2 Units of resource Total product Total revence (5) MA 0 A) L B) 2 C) 3 D) 4 0 1 6 11 3 15 18 20 36 36 (1) 5-6-19 2. Refer to the above table. How many units of a resource would the profit-maximizing firm use if the price of this resource was $19.007

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

5. Rusty Trawler imports oil from Saudi Arabia. His cost function (for purchasing and delivering the oil) is TC = 5000+.1Q² where Q is the number of barrels of oil delivered. He may sell all the oil he can deliver for $60 per barrel (so TR = 60Q). Given these conditions, what are Rusty's maximum possible profits? a) $0 b) $300 c) $2,500 d) $4,000
Refer to the table below. The table shows Long-Run Total Costs Quantity 1 2 5 7 Firm 1 $180 $280 $470 $680 $890 $1,200 $1,510 Firm 2 $120 $250 $390 $540 $700 $870 $1,050 Firm 3 $150 $300 $450 $600 $750 $900 $1,050 Firm 4 $210 $340 $490 $620 $850 $1,060 $1,290 Firm 4's efficient scale occurs at what quantity? 5 4 O O O O
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
Only typed answer
7
18 IV 16 III 14 E 12 %3D 10 8 4. 0246810 12 14 16 18 20 22 24 26 2830 32 34 Quantity 32. The marginal cost curve is labeled:
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
Question 3 to the cost of producing the (x + 1)st item? a Can you think of a cost function, so that the marginal cost at any r is exactly equal If yes, describe as many such functions as possible. If not, show why such a function cannot exist. Type here to search 7:00 PM ENG 4/27/2021 Esc Lock F1 F2 F6 F3 F4 F5 F7 Home End Delete F8 F9 F10 F11 F12 Insert %23 $4 & * 7. 4 5 6 Backspace 80 W E R T Y U S D F G H J K L B N M Alt Alt PrtSc Ctrl PgUp
Answer each of the following as true or false and briefly explain your answer. 9 39 8 1a) If ec> 1, increasing returns to scale and decreasing average costs are indicated 1b) 7 17 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Average cost exceeds marginal cost at the minimum efficient scale of plant. 0 0 1c) DA When total fixed cost and price are held constant, a reduction in average variable cost will typically cause a reduction in the breakeven activity level. 10X00X0 0,0 0,0 0 When long-run average cost is decreasing, it can pay to operate smaller plants at their peak efficiency rather than larger plants with some excess capacity.
Q3 need in 10 minutes
1. Cowboy Metal Cutting produces a laser-cut part based on customer orders. The number of units requested on a customer's order for the laser-cut part can vary from 1 to 150. Cowboy has determined that three different cutting machines can be used to produce this part. An economic analysis of production costs has produced the data in the table below: Cutting Tool ID Fixed Cost Per Order Variable Cost Per Unit CT1 $300 $9.00 СТ $750 $3.00 CT3 $500 $5.00 a. Plot the total production cost of each tool against the number of units produced. For all order sizes between 1 and 150, determined the most economical cutting machine for an order of that size. b. For an order size 75, what is the minimum selling price of each unit if the company desires a profit of 15%?
21