Explanation Given information: A firm that sells slippers for $20 a pair and 1200 pairs of slippers are produced each month, at an average cost of $2 each. The marginal cost at a production level of 1200 is $3 per pair. Calculation: Selling price of 1200 pairs of slippers is 20 × 1200 = $ 24 , 000 To determine (b) To check whether increasing production increase or decrease average cost and also check profit. To determine (c) To write: The recommendation whether production should be increased or decreased.

6th Edition

ISBN: 9781119267874

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 4.5, Problem 9P

To determine

(a)

Find out whether you are making or losing money.

To determine

(b)

To check whether increasing production increase or decrease average cost and also check profit.

To determine

(c)

To write:

The recommendation whether production should be increased or decreased.

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Chapter 4.5, Problem 8P

Chapter 4.5, Problem 10P

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Chapter 4 Solutions

APPLIED CALCULUS-WILEYPLUS

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(a) Find out whether you are making or losing money.

Solution Summary: The author explains that a firm that sells slippers for 20 per pair and 1200 pairs of slipper are produced each month, at an average cost of 2 each.

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(a) Find out whether you are making or losing money.

(b) To check whether increasing production increase or decrease average cost and also check profit.

(c) To write: The recommendation whether production should be increased or decreased.

Want to see the full answer?

Chapter 4 Solutions

(a)

Find out whether you are making or losing money.

(b)

To check whether increasing production increase or decrease average cost and also check profit.

(c)

To write:

The recommendation whether production should be increased or decreased.