Use the information in the table to answer the below question.                       Production Possibilities Frontier         Number of hours worked   Total benefit   Total cost       0        0     0 10    300 100 20    550 210 30    750 340 40    900 500 50 1,000 700   Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: In the following table, indicate how each cost and curve is affected, if at all. Cost Effect on Cost…

A: Variable cost is the cost that changes with the quantity of good produced. Fixed cost are the costs…

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: At Dana's dairy farm, the average total cost of producing 19 liters of milk is $10, while the…

A:

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…

Q: Explain all resources that economic relies on.

A: Economic resources: - all resources used as an input in the production and distribution of goods and…

Q: Consider the marginal cost curve associated with cleaning your dorm room. Label the vertical axis…

A: Marginal cost is addition to the total cost caused by producing one more unit of output.

Q: e) Do any of these three friends violate the property of "more is better" for junior mints? Or do…

A: Marginal utility:Marginal utility is the additional unit that is added to the total utility. It is…

Q: Diminishing Marginal Returns” is achieved when?

A: The law of diminishing marginal returns states that adding an extra factor of production ends up in…

Q: Construct Tent's marginal product and average product schedules Complete the table

A: Marginal product measures the change in total product due to a change in one factor, keeping other…

Q: You need to have work done on your home. In addition to the expense, it will be annoying to have…

A: You need to have work done on your home. In addition to the expense, it will be annoying to have…

Q: Scenario: Assume that there are five apartments located at different distances from an individual's…

A: There are 5 apartments to choose from .Based on their location they are as follows-1 ) Very Close…

Q: Calculate VC, FC, AVC and AFC in the following table Out put Total cost Variable Fix Cost AVC AFC…

A: Total cost refers to the costs that are remaining the same for all level of production. Generally…

Q: You purchased a car using some cash and borrowing $19,000 (the present value) for 53 months at 12%…

A: Present value of the car=$19000Time=53 monthInterest rate=12% pa

Q: Units of Total Marginal Product Average Product Labor Product of Labor of Labor 4 16 ? 120 30

A: Average product = Total product / number of labors

Q: How does labor influence marginal product? There's the saying "the more the merrier," but is this…

A: Marginal Product of labor increases with decreasing rate. Marginal Product of Labor(MPL) is a change…

Q: What is the future worth of the following series of payments? a) $30,000 at the end of each…

A: Part A PV annuity = 30000 n = 5 years r = 8%   Part B PV annuity = 50000 n = 10 years r = 6%   Part…

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: The table below describes the hourly cost Sam faces as he washes more cars.   Sam's Car Wash Costs…

A: The Total Cost is the real cost of producing a specific amount of output. In other words, the total…

Q: The table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs…

A: Answer: Formula to be used: MCN+1=TCN+1-TCNWhere,MCN+1=marginal cost at unit N+1TCN+1=Total cost at…

Q: te a topic on economies of scale, economies of scope, or learning curves.

A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…

Q: (ii) The MC of producing a certain good is given by the following function. Determine constants A…

A: Note: Since more than one questions are asked, we are going to answer the first question due to…

Q: 3. U=x2/³/5, price of x = $6, price of y = $3, Utility = 1900. (Round quantities to the nearest…

A: The cost minimisation aims at minimising the total expenditure of  the consumer while achieving the…

Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…

A: We have to calculate marginal production, average production, total cost, average total cost, fixed…

Q: This discussion is related to Making a Decision, MAD 16-1 of your text (page 832). The text gives…

A: The direction and momentum of the cost of a variable is called it's trend. For example, if the price…

Q: a software production firm, average product has started falling and total output indicated…

A: A mathematical association between marginal product(MP) and average product(AP) expressing that the…

Q: Refer to the table below. How will the marginal cost curve look like if you draw it? Units of…

A: MC = change in TC / change in units With MC remains constant with increase in output, MC curve is…

Q: Hamza is a young and energetic production manager of a software production firm. With his hard work,…

A: Total costs include both total fixed and total variable expenses. Total fixed costs are the sum of…