ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
Chapter 3, Problem 7P
To determine
The differences between cooperatives and typical businesses.
Introduction:
Cooperatives: A cooperative is a business firm owned and operated by a group of individuals with the goal of benefitting all the members.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Q34
4
Price
Quantity
(Dollars per lamp)
(Lamps)
Produce or Shut Down?
Profit or Loss?
15
Shut down
Loss
20
Shut down
Loss
25
Either 0 or 45,000
Either shut down or produce
Loss
55
60,000
Produce
Break even
70
65,000
Produce
Profit
85
70,000
Produce
Profit
Chapter 3 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
Knowledge Booster
Similar questions
- How do we measure the Profit Margin on Sales?arrow_forwardA. At XYZ Restaurant, which sells only pepperoni pizza, has the cost profile: [Note that variable costs are per pizza] Fixed Costs Variable Costs General $1,500 Flour $0.50 Labor Rent $3,000 Yeast s0.05 Insurance $200 Water $0.01 Advertising $500 Cheese $3.00 $450 Pepperoni $2.00 Utitilies Total $5,650 Total $5.56 Based on the total variable expenses per pizza, we now know that XYZ Restaurant must price its pizzas at $5.56 ($0.50 + $0.05 + $0.01 + $3.00 + $2.00) or higher just to cover those costs. We also know that if the pizzeria charges $10 for the finished product, then it receives $4.44 per pizza to contribute to the fixed costs and ultimately the restaurants overall profits. Question: How many pizzas does XYZ Restaurant need to sell at $10 each to cover all those fixed monthly expenses?arrow_forwardDirection: Explain the PEST ANALYSISPolitical:Economic:Social:Technological:(please do not copy answers on the internet, thank you)arrow_forward
- Review View Help 15-12- EE Normal No Spacing V 5 Paragraph S Styles 5) Use the table below to answer the following questions. Table 2 Taco Stans Pizza Sellers Firm Name Sales ($) Firm Name Sales ($) Burnaby X 750 Broadway Pizza 160 Mexico Top 550 Pizza Happy 80 Taco Call 200 Pizza Alex 60 Taco logo 150 Pizza Heaven 50 Total 4 Sales 1650 Total 4 sales 350 Total Sales 1775 Total Sales 1250 a) Refer to Table 2. The four-firm concentration ratio for tacos stands is (show your work) b) Refer to Table 2. The Herfindahl-Hirschman Index (HHI) for tacos is (show your work) c) What is the market Structure for Tacos? d) Refer to Table 2. The four-firm concentration ratio for the pizza sellers is (show your work) e) Refer to Table 2. The Herfindahl-Hirschman Index (HHI) for pizza is (show your work) f) What is the market structure for Pizza? DELL O Mailings ences Aa A D V A essibility: Investigate 1- v ¶ H- Heading 1arrow_forwardNumber of Consumers Who Try the Product Number of Repeat Customers 10 million 10 million Product Energy bar A Energy bar B In the table above, the profit from repeat customers will equal the cost of the advertisement if there are Profit per Repeat Customer 5 million 1 million $6 6 Profit from Repeat Customers $30 million 6 million Cost of Advertisement $10 million 10 million million repeat customers. (Enter your response rounded to two decimal places.)arrow_forwardPrice (dollars per ton of plywood) Price (dollars per ton of plywood) D2 DI DI D2 Quantity (tons of plywood per month) Quantity (tons of plywood per month) Figure A Figure B Price (dollars per ton of plywood) S2 Price (dollars per ton of plywood) S2 Quantity (tons of plywood per month) Quantity (tons of plywood per month) Figure C Figure D New technology for producing plywood is developed. Which of the figures above best illustrates this change? A) Figure D B) Figure A and Figure Darrow_forward
- Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 2 24 48 23 35 2.5 17.5 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 The table above is for a monopolistic competitive firm. What price will the firm charge? Question 19 options: $13 $15 $19 $24arrow_forwardQuantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 2 24 48 23 35 2.5 17.5 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 The table above is for a monopolistic competitive firm in the short run. What will the firm's profit equal in the long run? Question 21 options: $0 $91 $102 $228arrow_forwardQuantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 2 24 48 23 35 2.5 17.5 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 The table above is for a monopolistic competitive firm. What will the firm's profit equal in the short run? Question 20 options: $0 $91 $102 $228arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax