Relationship between price , marginal cost, and output.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.

Select a number that describes the type of firm organization indicated. Descriptions of Firm Organizations: 1. has one owner-manager who is personally responsible for all aspects of the business, including its debts 2. one type of partner takes part in managing the firm and is personally liable for the firm's actions and debts, and the other type of partner takes no part in the management of the firm and risks only the money that they have invested 3. owners are not personally responsible for anything that is done in the name of the firm 4. owned by the government but is usually under the direction of a more or less independent, state-appointed board 5. established with the explicit objective of providing goods or services but only in a manner that just covers its costs 6. has two or more joint owners, each of whom is personally responsible for all of the partnership's debts Type of Firm Organization a. limited partnership b. single proprietorship c. corporation Correct Number

The table below provides the total revenues and costs for a small landscaping company in a recent year. Total Revenues ($) 250,000 Total Costs ($) - wages and salaries 100,000 -risk-free return of 2% on owner's capital of $25,000 500 -interest on bank loan 1,000 - cost of supplies 27,000 - depreciation of capital equipment 8,000 - additional wages the owner could have earned in next best alternative 30,000 -risk premium of 4% on owner's capital of $25,000 1,000 The economic profits for this firm are ○ A. $83,000. B. $82,500. OC. $114,000. OD. $83,500. ○ E. $112,500.

Answer 2

Question

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Answer 6

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Answer 7

Chapter 11, Problem 1FT

Subpart (a):

To determine

Relationship between price, marginal cost, and output.

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

The price of waffles per box (4) is greater than the marginal cost (2) , therefore, the Waffle Co should produce more generic-brand frozen waffles.

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Answer 13

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Answer 14

Subpart (b):

To determine

Relationship between price, marginal cost, and output.

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

The price of copper per ounce (32) is less than the marginal cost (45) , therefore, Rio Blanco should produce less copper.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept Introduction:

Marginal Cost: Marginal cost is the additional cost incurred by the firm by producing an extra per unit of output.

Answer 20

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Answer 21

Subpart (c):

To determine

Relationship between price, marginal cost, and output.

Answer 22

Subpart (c):

Expert Solution

Explanation of Solution

The price per website (5) is greater than the marginal cost (2) , therefore, GoDaddy.com should register more domain names.

Answer 23

Subpart (c):

Expert Solution

Answer 24

Subpart (c):

Expert Solution

Answer 25

Expert Solution

Answer 26

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Answer 27

Subpart (d):

To determine

Relationship between price, marginal cost, and output.

Answer 28

Subpart (d):

Expert Solution

Explanation of Solution

The price per month (80) is less than the marginal cost (120) per month; therefore, Luke Lawn Service should do less lawn service per month.

Answer 29

Subpart (d):

Expert Solution

Answer 30

Subpart (d):

Expert Solution

Answer 31

Expert Solution

Answer 32

Ch. 11 - Prob. 1FT Ch. 11 - Prob. 2FT Ch. 11 - Prob. 3FT Ch. 11 - Prob. 4FT Ch. 11 - Prob. 5FT Ch. 11 - Prob. 6FT Ch. 11 - Prob. 7FT Ch. 11 - Prob. 8FT Ch. 11 - Prob. 9FT Ch. 11 - Prob. 10FT

Relationship between price , marginal cost, and output.

Relationship between price, marginal cost, and output.

Explanation of Solution

Relationship between price, marginal cost, and output.

Explanation of Solution

Relationship between price, marginal cost, and output.

Explanation of Solution

Relationship between price, marginal cost, and output.

Explanation of Solution

Want to see more full solutions like this?

Chapter 11 Solutions