Using the following table with theresources and their cost per unit, whichproduction choice would a businessdecide to use?$100$30 $20Cost per unitCapital Labor LandProduction212choice 1Production152choice 2Production243choice 3Production choice 2Production choice 3Production choice 1LO

The primary objective of any business entity is to maximize profits. Thus, to earn high profit a…

Answered: Using the following table with the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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15 3. Jane's Juice Bar has the following cost schedules: Quantity 0 vats of juice $0 1 10 12 25 3 45 4 70 100 135 10 1 12 13 14 15 Variable cost Total cost $30 40 55 75 100 130 165 Calculate average variable cost, average total cost, and marginal cost for each quantity. Put these numbers in the table below. Quantity Average variable cost Average total cost Marginal cost a. b. Graph all three curves (average variable cost, average total cost and marginal cost) using Excel or a piece of grid paper. Attach the graph to this assignment. What is the relationship between the marginal-cost curve and the average total cost curve? Between the marginal cost curve and the average variable cost curve? Explain
Question 8 Which of the following is not a variable cost at the sandwich shop? O Cost of labor Cost of tomatoes O Cost of delivery Cost of rent Question 9
m 2 - Chapters 7-10 OPEN The table below shows cost data for producing different amounts of sofas. Use the given information to find the missing cost data. Quantity O 1 2 3 4 10 Total Cost in $ 60 75 104 281 DE G Average Fixed Cost in $ Average Variable Cost in $ a hp 30 IC 12 A 15 11.5 14.0000000000007 24 Marginal Cost in $ 52 125 15 I am finished 4:00 PM 74°F ^ ® # 10₁ 10/30/2022 A
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: $…
Question When do firms decide to shut down production in the short run? Explain it. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Graphical representation of the short-run total cost curve showing total cost, fixed cost, variable cost: and The marginal cost and average total cost:
b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…
a) Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost (TC) and marginal cost (MC) columns. b) For what levels of output is the marginal cost decreasing? For what levels of output is it increasing? What is the level of output at which marginal cost equals average cost? c. Why do we assume that marginal cost first decreases then increases?

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