You run a firm using two rented machines, the cost of rent is 100 each. Wage per worker (L) is 200. The output table is as follows: (workers) 0 1 2 3 4 5 6 Q 0 4 Answer: 10 14 17 19 20 If the price is $67, how much is your profit?
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![You run a firm using two rented machines, the cost of rent is 100 each. Wage per worker (L) is 200. The
output table is as follows:
(workers)
0
1
2
3
4
5
6
Q
0
4
Answer:
10
14
17
19
20
If the price is $67, how much is your profit?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d3ead86-d738-4554-929a-5127414f39f2%2F411c2958-a7c2-4304-b713-38d587a618c6%2Fkojnyrm_processed.jpeg&w=3840&q=75)
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- Country Motorbikes Incorporated finds that it costs $400 to produce each motorbike, and that fixed costs are $1300 per day. The price function is p(x)= 700-5x, where p the price (in dollars) at which exactly x motorbikes will be sold. Find the quantity Country Motorbikes should produce and the price it should charge to maximize profit. Also find the maximum profit. 40 quantity price profit motorbikes Enter a number.a) Find the long run equilibrium price. Find the minimum efficient scale of the typical firm. Find the typical firm’s average cost when it operates at minimum efficient scale. In the long run, what price will prevail in this market? In words, clearly justify your answer. Suppose demand is QD = 3,200 – 100P. (b) Explain why you expect the number of firms in this market to be fifty-five. In this market, what is the short run supply function of the typical firm? What is the short run market supply function? Suppose the local government introduced a $90 licensing fee that raised the fixed cost from $160 to $250. c) Would the introduction of the licensing fee affect the short run equilibrium price or quantity? Justify your answer? Clearly explain why you expect that in the long run fewer larger firms will operate in this market. After the introduction of the licensing fee, what is the new long run equilibrium price? How many firms will survive in this market?Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $62,000. If he adds one more tractor, monthly revenue will increase from $50,000 to $58,000. Each additional worker costs $4,000 per month, while an additional tractor would also cost $4,000 per month. Instructions: Enter your answers as a whole number. a. What is the marginal revenue product of labor? $ The marginal revenue product of capital? $ b. What is the ratio of the marginal revenue product of labor to the price of labor (MRPL/PL)? : What is the ratio of the marginal revenue product of capital to the price of capital (MRPC/PC)? :
- An employer who employs m workers determines that they produce: units of that product daily. Total income (in dollars) is given by: 1) ¿What is the price, per unit, when there are 30 workers? 2) Determine the marginal revenue when there are 30 workers. 3) The product of marginal income corresponds to the rate of change of income with respect to the number of active employees, at a given moment. Determine the product of marginal revenue when m = 304 total cost is c(4, r, q) 5 total 75. If Firm A has constant marginal cost, and input prices double to 2r and 2w, how much will it cost to produce q 6 units of output (what is c(6, 2r, 2w))? (HINT: First calculate the marginal cost for c(q, r, w), then calculate c(6, r, w), and then calculate c(6, 2r, 2w)) = Firm A has cost function c(q, r, w). At output q = cost is c(5,r, q) ○ c(6, 2r, 2w) ○ c(6, 2r, 2w) = 90 ○ c(6, 2r, 2w) = 150 c(6, 2r, 2w) O c(6, 2r, 2w) = 180 - = - 75 160 = 60, and at output q -Question 12 Refer to Figure 1 If the shop pays its mechanics a wage of $600 per day, then what is the shop's marginal profit from that third mechanic? (Enter your answer without a dollar sign.)
- Suppose a firm is able to sell their product for a price of $10. You have the following information on the firm's output and cost Output 500 $70 $100 Implicit Costs Explicit Costs Instructions: Enter amounts as a whole number. If the firm is earning a loss indicate with a negative sign (-). What is the firm's economic profit? $Price ($/slice) For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit- maximizing level of output and how much profit will this producer earn if the price of pizza is $2.50 per slice? Instructions: In the graph below, label all three curves by clicking on the dropdown to select the appropriate label. Then, indicate the profit-maximizing level of output on the graph. 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0 Cost Curves Tools -O Select ▼ Select ▼ Select ▼ Q* 100 200 300 400 500 600 700 800 900 Quantity (slices/day)Assume that a firm’s marginal revenue curve intersects the rising portion of its marginal cost curve at 500 units of output. At this output level, a profit-maximizing firm’s total cost of production is $1,000. If the price of the product is $5 per unit, the total revenue earned by the firm will be:
- Tex has a small plant that produces storm windows. Its total revenue function is ?? = 5.4?, and the total cost function is ?? = 30 + 3? + 0.03?2 What is the profit maximizing output for Tex? Show your work. What is his selling price? How much profit is he making? Now assume that Tex has fixed costs of only 5. With this different information, answer parts (a) and (b). How have fixed-cost changes influenced Tex's production decisions? Now assume that Tex has fixed costs of 55. How would your answer change to part (c)?Using the data in the following table, show what happens to the firm's output choice and profit if the fixed cost of production increases from $100 to $150 to $170, where q is quantity and C is total cost. Assume that the price of output is $62. MC q 0 1 2 3 4 5 6 7 8 9 10 11 If the fixed cost of production is $100, then output will be 50 28 20 14 18 20 22 38 45 55 65 C (FC = $100) 100 150 178 198 212 230 250 272 C (FC = $150) 150 200 228 248 262 280 300 322 310 360 355 405 410 460 475 525 units (enter your response using an integer) C (FC = $170) 170 220 248 268 282 300 320 342 380 425 480 54510 ATC ATC2 ATC3 ATC, 2 2 4 6 8 10 Quantity (thousands of copies per day) A copy shop is choosing between four different operational sizes (ie, plant size). The average total cost curve for each option is shown in the graph. If the market demand for copies is 12,000 copies per day, how many copy shops would you expect to see in this market? The answer depends on the price of a copy, which is unknown. O 1 (because the copy shop will become a monopoly with a large quantity demanded) O (because the copy shop can't produce 12,000 copies efficiently and will shutdown) 3 (with each shop supplying 4000 copies per day) 8, 6 Average cost (cents per copy)
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