Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
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Question
Chapter 14, Problem 4P
To determine
The marginal product of labor and the marginal product of capital.
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Remi owns a small pizza restaurant, where he works full-time in the kitchen. His
total revenue last year was $100,000, and his rent was $3,000 per month. He pays
his one employee $2,000 per month, and the cost of ingredients and overhead
averages $500 per month. Remi could earn $35,000 per year as the manager of a
competing pizza restaurant nearby. His economic profit last year was
O $89,000
O $94,500
O $97,000
O 554,000
O $62,000
The following figure shows the revenue and cost curves for a firm X.
RM
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b.
C.
7
6
LO
5
4
3.5
0
20 25 30
MC
40
AVC
AC
AR=MR
Units
If a firm X achieves productivity efficiency, what will be the total revenuel
generated
At what price will a firm stop operating? Please explain.
If the market price is RM4.00, what is the total profit or total loss.
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Market for Goods
100
90
I Quantity
Demanded
25
80
(Units)
Demand Price
(Dollars per unit)
70
50.00
60
50
40
30
Demand
20
10
10
15
20
25
30
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50
QUANTITY (Units)
PRICE (Dollars per unit)
Chapter 14 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
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- 1. Suppose that Bill owns a vehicle smash repair shop. The table below shows how the quantity of cars Bill can repair per month depends on the number of workers that he hires. Assume that he pays each worker $4000 per month and his fixed costs are $6000 per month. Using the information provided, complete the table. QUANTITY QUANTITY OF OF CARS PER WORKERS MONTH 0 1 2 3 4 LO 5 0 20 30 40 50 55 FIXED COSTS $6000 VARIABLE COSTS TOTAL COST AVERAGE TOTAL COSTarrow_forwardhelp please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingarrow_forwardThe WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in Table 7.16 for totalcost, average variable cost, average total cost, and marginal cost.arrow_forward
- 4. Various measures of cost Suppose the imaginary company of Roobek is a small, Jackson-based American apparel manufacturer specializing in athleisure. The following table presents the brand's total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost (Pairs) (Dollars) (Dollars) 0 1 2 3 4 LO 5 6 120 200 240 285 340 425 540 Fixed Cost Variable Cost (Dollars) (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair)arrow_forwardAnswer the question on the basis of the following cost data. Output Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost 1 $ 50.00 $ 2 $ 50.00 $ 3 $ 50.00 $ 4 $ 50.00 $ 5 $ 50.00 $ 6 $ 50.00 $ 440.00 $ 7 $ 50.00 $ 560.00 $ 8 $ 50.00 $ 700.00 $ The marginal cost of the fifth unit of output is O 62 O 80 O 78 O 3 100.00 $ 160.00 $ 200.00 $ 260.00 $ 340.00 $ 50.00 $ 25.00 $ 16.67 $ 12.50 $ 10.00 $ 8.33 $ 7.14 $ 6.25 $ 100.00 80.00 66.67 65.00 68.00 73.33 80.00 87.50arrow_forwardUse the table to answer the question.arrow_forward
- The table contains various costs of production that pertain to Mzanzi-Ndizvo (Pty).Complete the table below for the missing information using the necessary cost formulas.arrow_forwardThe table below shows cost data for producing different amounts of cough syrup. Use the given information to find the missing cost data. Quantity 0 1 2 3 4 LO 5 Total Cost in $ 120 150 206 556 -> Average Fixed Cost in $ Average Variable Cost in $ 60 30 24 9. 30 22.5 28.6666666666667 47.25 -> Marginal Cost in $ 30 15 103 247 ←arrow_forwardRefer to the table below. Note that the first column shows variable costs. Quantity Cost Fixed Total Average Average Variable (in dollars) Costs Costs Total Costs Costs (in dollars per 0 1 2 3 4 LO 5 6 0 15 35 60 90 125 160 (in (in (in dollars unit) dollars) dollars) per unit) 40 40 40 40 55 75 37.5 40 100 33.3 40 130 32.5 40 165 33 40 200 33.3 : 15 17.5 20 22.5 25 26.6 Marginal Costs (in dollars per unit) : 15 20 25 30 35 a If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? losses equal $15 profts equal $15 profts equal $25 losses equal $25arrow_forward
- Consider the following production schedule: Output per hour Total Cost 0 $ 1 $ $ $ $ 4.00 7.00 8.00 12.50 17.20 $ 22.00 $ 29.00 In the above table, the firm's total fixed cost of production is 2 3 4 5 сл LO 6 $99.70 $4 $29 $3 $7arrow_forwardhello i need an answer in 10minutes thankssarrow_forwardSuppose that a business incurred implicit costs of $250,000 and explicit costs of $500,000 in a specific year. If the firm sold 10,000 units of its output at $80 per unit, it's economic profit is O 150,000 O 100,000 300,000 O 50,000arrow_forward
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