12 Suppose Bob is a sleeping farmer hehas a short run marginal cost andaverage total cost functions. You mayassume opportunity costs are factoredinto these cost functions. In addition,Bob has a marginal revenue. Price is$50MC =2q +30ATC =q+30Mr=50 price 50What is Bob's economic profit in theshort run lead total costs equal averagetotal cost times quantity and assumeopportunity costs are factor in

The following calculations must be used to determine Bob's economic gain over the short term:Total…

Answered: What is Bob's economic profit in the…

What is Bob's economic profit in the short run lead total costs equal average total cost times quantity and assume opportunity costs are factor in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose Bob is a sleeping farmer he
has a short run marginal cost and
average total cost functions. You may
assume opportunity costs are factored
into these cost functions. In addition,
Bob has a marginal revenue. Price is
$50
MC =2q +30
ATC =q+30
Mr=50 price 50
What is Bob's economic profit in the
short run lead total costs equal average
total cost times quantity and assume
opportunity costs are factor in

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
$ per unit 100.00- 90.00- 80.00 70.00- -00 09 50.00- 40.00- 30.00- 20.00- 10.00- 0 10 20 30 MR 40 50 Quantity OK 09 70 MC=ATC D 09 90 100
B9
What are the Revenue projects?
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
Output TFC 0 $500 2 500 4 CO 00 6 8 10 500 500 500 500 TVC $0 200 340 590 1000 1650 TC $500 700 840 1090 1500 2150
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