Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 7, Problem 19SQ
To determine
The fixed cost of producing six units of pizza.
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The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The marginal cost per widget at a production level of 300 units is closest to which of the following? a. $2,800 b. $6 c. $8 d. $4,000.
Which of the following would shift a firm's short-run cost curves downward? a.an increase in excise taxes levied on the firm's product b.an increase in the demand for the firm's product c.an advance in technology d.an increase in employees' wages
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The variable cost of producing 10 units is
A. $2
B. $2.50
C. $20
D. $16
Chapter 7 Solutions
Micro Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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- 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 numberarrow_forwardJustify the statement. Whether true or false. Fixed cost does not change with the change in the output in a production processarrow_forwardThe law of diminishing marginal returns _____. a) is relevant in the short run. b) assumes all the inputs are fixed c) applies when all inputs are increasedarrow_forward
- X and X2 are the two factors used in production A firm's production function: fcx₁, x₂) = max {x₁, X₂} the price of X, is W₁=8, and the price of X₂ is W₂=10 The firm paproduce 100 total units of output, what is the total cost?arrow_forward1) Consider the long-run production of shirts. The cost of the indivisible inputs used in the production of shirts is $400 per day. To produce one shirt per day, the firm must also spend a total of $55 on other inputs-labour, materials, and other capital. For each additional shirts, the firm incurs the same additional cost of $55. a) Compute the average cost for 50 shirts, 100 shirts, 130 shirts, and 200 shirts. b) Draw the long-run average cost curve for 50,100,130 and 200 shirts per day.arrow_forwardWhen the output level is 100 units, what is the total cost of production. A. $2000 B. $20 C. $1000 D.arrow_forward
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