Wolfgang is a typical producer in a perfectly competitive piano industry (.e, all other producers of planos face the same costs as Wolfgang). The following production and cost data apply to the long run as well as the short run. Fixed costs (rent) are unrecoverable in the short run and are equal to $2400 per month Variable costs consist of raw materials (wire, wood, plastic), which cost $1000 per piano, and the $40 per hour opportunity cost of Wolfgang's time. Wolfgang's production function is given in the table at right. Wolfgang will shut down if the price per piano is less than A $3000 B. $4000 C$5000 SOD. None of the above Planos (0) 0 1 2 3 4 Hours (L) ៩៩៩៩។ 100 240 400 Raw Materials (5) 0 1000 2000 3000 4000

Wolfgang is a typical producer in a perfectly competitive piano industry (.e, all other producers of planos face the same costs as Wolfgang). The following production and cost data apply to the long run as well as the short run. Fixed costs (rent) are unrecoverable in the short run and are equal to $2400 per month Variable costs consist of raw materials (wire, wood, plastic), which cost $1000 per piano, and the $40 per hour opportunity cost of Wolfgang's time. Wolfgang's production function is given in the table at right. Wolfgang will shut down if the price per piano is less than A $3000 B. $4000 C$5000 SOD. None of the above Planos (0) 0 1 2 3 4 Hours (L) ៩៩៩៩។ 100 240 400 Raw Materials (5) 0 1000 2000 3000 4000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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