Yesha’s Flower Shop offers different kinds of flower like roses, daisy and sunflower. Upon checking the profit of each item, daisy is the lowest last year (2020). She is thinking of stop offering daisy or continue it. The daisy flower has a fixed cost of Php 45 and has the following variable costs shown below. Worker No. of Daisy Flower Variable Cost 0 0 0 1 90 12 2 200 24 3 260 36 4 300 48 5 330 60 Compute the Total cost and Marginal cost for each worker. Compute the Total Revenue for each worker if the price is 0.35. Compute the Profit for each worker. What should be Yesha’s decision based on your answers?
Yesha’s Flower Shop offers different kinds of flower like roses, daisy and sunflower. Upon checking the profit of each item, daisy is the lowest last year (2020). She is thinking of stop offering daisy or continue it. The daisy flower has a fixed cost of Php 45 and has the following variable costs shown below. Worker No. of Daisy Flower Variable Cost 0 0 0 1 90 12 2 200 24 3 260 36 4 300 48 5 330 60 Compute the Total cost and Marginal cost for each worker. Compute the Total Revenue for each worker if the price is 0.35. Compute the Profit for each worker. What should be Yesha’s decision based on your answers?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Yesha’s Flower Shop offers different kinds of flower like roses, daisy and sunflower. Upon checking the profit of each item, daisy is the lowest last year (2020). She is thinking of stop offering daisy or continue it. The daisy flower has a fixed cost of Php 45 and has the following variable costs shown below.
Worker |
No. of Daisy Flower |
Variable Cost |
0 |
0 |
0 |
1 |
90 |
12 |
2 |
200 |
24 |
3 |
260 |
36 |
4 |
300 |
48 |
5 |
330 |
60 |
- Compute the Total cost and Marginal cost for each worker.
- Compute the Total Revenue for each worker if the price is 0.35.
- Compute the Profit for each worker. What should be Yesha’s decision based on your answers?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education