Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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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
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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Similar questions
- 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_forward30. What happen when you add Total Fix Cost and Total Variable cost that is divided by their quantity. a. the assumption is that goods were produce but yet to be priced b. the assumption is that goods were produce but yet to be equalized c. the assumption is that goods were produce but yet to be quantified d. the assumption is that goods were produce but yet to be determinedarrow_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_forward
- At 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_forwardYou 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_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
- What is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable costarrow_forwardUse the graph from class to find 1. Marginal Cost at 100; 2. Total Cost at 100; 3. Variable Cost at 100; 4. Fixed Cost at 100. Construct your own graphs similar to the ones from class. Use your diagram to show . 5. Whether or not reducing the quantity produced will always reduce the total cost. 6. Whether or not reducing the quantity produced will always reduce the average total cost. 7. Whether or not reducing the quantity produced will always reduce the marginal cost. 59 30 10- 5 MC ATC AVC 100 0arrow_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
- If Jakob knows the marginal cost of the 1st foot of stream bank restored is $21, the marginal cost of the 2nd foot of stream bank restored is $40, and the marginal cost of the 3rd foot of stream bank restored is $17, what is the total variable cost of restoring 3 feet of stream bank? OA. $26 OB. $78 OC. $17 OD. $61arrow_forwardQ8arrow_forwardYou own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what are your total costs? A. TC = $80 B. TC = $8,000 C. TC = $20 D. TC = $2,000arrow_forward
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