Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 13.2, Problem 2QQ
To determine
The farmer’s production function and total cost curve.
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If Farmer Jones plants no seeds on her farm, she gets no harvest. If she plants 1 bag of seeds, she gets 3 bushels of wheat. If she plants 2 bags, she gets 5 bushels. If she plants 3 bags, she gets 6 bushels. A bag of seeds costs $100, and seeds are her only cost. Use these data to graph the farmer’s production function and total-cost curve. Explain their shapes.
Answer the attached question
Joanne sells silk screened T-shirts at community festivals and craft fairs. Her marginal cost to produce one T-shirt is $3.50. Her total cost to produce 70 T-shirts is $305, and she sells
them for $7 each
a. Find the linear cost function for Joanne's T-shirt production
b. How many T-shirts must she produce and sell in order to break even?
c. How many T-shirts must she produce and sell to make a profit of $700?
a. The linear cost function is C(x)=
b. Joanne must produce and sell
c. Joanine must produce and sell
T-shirts in order to break even, because the number of T-shirts must be a whole number
T-shirts to make a profit of $700, because the number of T-shirts must be a whole number
Chapter 13 Solutions
Principles of Microeconomics
Ch. 13.1 - Prob. 1QQCh. 13.2 - Prob. 2QQCh. 13.3 - Prob. 3QQCh. 13.4 - Prob. 4QQCh. 13 - Prob. 1CQQCh. 13 - Prob. 2CQQCh. 13 - Prob. 3CQQCh. 13 - Prob. 4CQQCh. 13 - Prob. 5CQQCh. 13 - Prob. 6CQQ
Ch. 13 - Prob. 1QRCh. 13 - Prob. 2QRCh. 13 - Prob. 3QRCh. 13 - Prob. 4QRCh. 13 - Prob. 5QRCh. 13 - Prob. 6QRCh. 13 - Prob. 7QRCh. 13 - Prob. 8QRCh. 13 - Prob. 1PACh. 13 - Prob. 2PACh. 13 - Prob. 3PACh. 13 - Prob. 4PACh. 13 - Prob. 5PACh. 13 - Prob. 6PACh. 13 - Prob. 7PACh. 13 - Prob. 8PACh. 13 - Prob. 9PACh. 13 - Prob. 10PA
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- If Farmer Jones plants no seeds on his farm, he gets no harvest. If heplants 1 bag of seeds, he gets 3 bushels of wheat. If he plants 2 bags, he gets 5 bushels.If he plants 3 bags, he gets 6 bushels. A bag of seeds costs $100, and seeds are his onlycost. Use these data to graph the farmer’s production function and total-cost curve. Explaintheir shapes.arrow_forwardMarcel leases a garage. He must pay $400 every week for his lease regardless of how many cars he fixes. The number of cars he fixes each week depends on how many mechanics he hires. The table below summarizes his cost information. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Instructions: Enter your answers as a whole number, Marcel's Production Costs Total Fixed Output 0 15 25 35 45 55 Cost (dollars) $400 400 Total Variable Cast (dollars) 50 400 800 1,200 Total Cost (dollars) $400 2,000 2,400arrow_forwardGraph the following: Average Total Cost curve and Average Variable Cost curve with proper positioningarrow_forward
- Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost of $50,000. If I produce 10,001 pizzas, my total cost will rise to $50,011. Therefore, my marginal cost of producing pizzas must be increasing." ( 1.) Using the point drawing tool, indicate the point of marginal cost. Label this point "Marginal cost." 2.) Using the point drawing tool, indicate the point of average total cost. Label this point "Average total cost." Carefully follow the instructions above, and only draw the required objects. Costs(dollars per pizza) (5.95,0) MC Quantity (pizzas per month) points ATCarrow_forwardthe numbers inputed on the graph are correct so fararrow_forwardA commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: a. What is the marginal product of each hour spentfishing? b. Use these data to graph the fisherman’sproduction function. Explain its shape.c. The fisherman has a fixed cost of $10 (his pole).The opportunity cost of his time is $5 per hour.Graph the fisherman’s total-cost curve. Explainits shape.arrow_forward
- Sarah's copy shop can use four alternative plants. The figure shows the average total cost curves for Plant 1 (ATG), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATCA). What is Sarah's long-run average cost if the output is 3,000 copies per day? 10 ATC ATC ATC, ATCA 6 10 Quantity (thousands of copies per day) Select one: O a. 3.7 cents per copy 8.5 cents per copy c More information is needed to determine the long-run average cost O d.5.0 cents per copy Average cost (cents per copy)arrow_forwardDerive the long run average total cost curve and show minimum efficient scale on it.arrow_forwardSuppose Honda's total cost of producing 4cars is $225000and its total cost of producing 5cars is $250000 .what is the average total cost of producing 5cars? What is the marginal cost of the fifth car? Draw the marginal cost curve and the average cost curve for a typical firm and explain why these curves cross where they do.arrow_forward
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