Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 7, Problem 22SQ
To determine
The marginal cost of the fourth unit.
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pamela sells 10 bottles of olive oil per week at $5 per bottle. she can sell 11 bottle per week if she lowers the price to $4.50 per bottle. the output effect would be
A. $4.95
B.$50
C.$4.50
D. $45
At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of hats costs $53. What is Stacy's Marginal Cost of an extra scarf?
a. When three pens and four erasers were purchased, the cost was $21.25. When two pens
and two erasers were purchased, the cost was $12.50. What was the the price of a pen and the
price of an earaser?
b. Solve y = x2 +1 and 2y = 3x + 4
Chapter 7 Solutions
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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- a. When three pens and four erasers were purchased,the cost was $21.25.When two pens and two erasers were purchased,the cost was $12.50.What was the the price of a pen and the price of an earaser? b.Solve y=x2+1 and 2y=3x+4arrow_forwardAt Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch ofherbs costs $54. What is Yennefer's Marginal Cost of an extra spell?arrow_forwardMrs. Beatty buys sketchbooks and puzzles. Each sketchbook costs $1, and each puzzle costs $3. Which ordered pair represents the cost of 3 sketchbooks as the x-value and the cost of 3 puzzles as the y-value?arrow_forward
- when samsung reallocates its resources to produce 3.75 million tablets instead of 2 million tablets the opporunity cost a. 1.75 million tablet b 1.75 million phone c. 7 million phone d.7 million tabletarrow_forwardPeople will consistently sit through terrible movies at the theater instead of leaving early. This behavior makes no sense because it implies people are: O ignoring sunk costs, which is irrational. focusing on sunk costs, instead of thinking at the margin. thinking at the margin, instead of focusing on sunk costs. not thinking at the margin, which is rational.arrow_forwardAt Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?arrow_forward
- You run a business producing t-shirts. This month your total cost of production is $80,000, your variable cost of production is $50,000, and you produce 10,000 t-shirts. It follows that average cost is a. variable: $2 b. total; $10 c. fixed; $3. d. total; $13arrow_forwardThe cost curve for producing widgets passes through the following points and is piecewise linear in between. Solve, d. What is the incremental cost of producing the 100th widget? e. What is the incremental cost of producing the 500th widget?arrow_forwardTrue/False: Ryan has coffee shop. If the marginal cost of producing the tenth cup of coffee is $1.50, and if the average total cost of producing the nine cups of coffee is $2, then find the average total cost of producing the ten cups of coffee. Show your work.arrow_forward
- X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5 dollars for each unit, Y= 4 dollars for each unit. Since Y costs less than X, can the firm keep produce the same output at a cheaper cost by using less of X and more of Y? Explain why or why not.arrow_forwardWhat is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable costarrow_forwardThe table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs Cars Washed per Hour Total Cost (dollars) Marginal Cost (dollars) 1 $2 $2 2 4 3 12 4 8 5 10 6 42 Instructions: Enter your answers as a whole number. Complete the missing values in the table.arrow_forward
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