Relationship between price , marginal cost, and output.

Question

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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.

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Exercise 6 Imagine that you head production of a multinational food processing company. The ongoing uncer- tainty about costs means that you are unsure of the future cost of one of your inputs, x2. Your firm's production function is y = f(x1, x2) = x²x²² The output price p is 1000, x1 = 27, and wx₁ = 60. 1. Suppose the current input price is Wx2 = 50. Solve for the optimal choice of x2. 2. Now suppose that the probability the input price remains 50 is 0.65 and the probability that Wx2 60 is 0.35. Solve for the optimal choice of x2. Round down to the nearest integer. = 3. Finally, suppose the costs do actually rise, i.e., Wx2 = 60. Calculate the difference in profit from the uncertainty in (2) vs. the certainty in (1).

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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.

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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.

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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.

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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

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Chapter 11 Solutions