If you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable cost (gas, your labor…): $190 Mortgage payment for car: $70 License Fee: $30 For profit maximization, will you operate your taxi business today?  What is the minimum daily revenue to keep the operation in the short run?  What is the minimum daily revenue to keep the operation in the long run?  Please show calculation formula and/or equation.

Q: Universal’s variable cost to rent a car is $15. Assume the fleet size is fixed at 21,666. How many…

A: Given information Universal's variable cost to rent a car is $15 Fleet size is fixed at 21,666 The…

Q: Output(units per day) 10 20 30 Total costs($ per day) 40 54 62 80 Find the average total cost at the…

A: Average total cost is the per unit total cost , so here we calculate the average total cost by using…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost 0 dozen p

A: Fixed Cost: In a firm, there are two types of costs exists that is a fixed cost and variable cost.…

Q: At an output of 20,000 units per year, a firm's variable costs are $80,000 and its average…

A: Given information: Total output produced: 20,000 units per year Total variable cost: $80,000 per…

Q: Suppose you have a job in production management. A portion of your costs are as in the table below:…

A: Here we calculate the profit and conclude the decision is this production profitable or not  , and…

Q: Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: (d) Define the cost function g(n) = cost of making n sandwiches. Assume the cost to make 800…

A: "Since you have posted multiple questions, I can only answer the first question, rest you need to…

Q: A shoe store sells 250 pairs of sneakers per month at a per-unit price of $115. This is the price…

A: Economic profit is the difference between total revenue and total cost. Total cost includes fixed…

Q: Cost, Revenue & Profit For these problems, xx will represent the number of items and yy will…

A: Slope intercept form: Y=AX + B

Q: P=1,000-0.0025Q where Q is the number of wine decanters produced monthly. Bavarian Crystal Works…

A: P = 1,000 - 0.0025Q There is a lease payment of $1,000,000 which is a fixed cost as lease and rent…

Q: Tom, the only steel drum manufacturer in Narnia, can sell a single drum for $30. However, for every…

A: Here we calculate the output , price and Profit or loss by using the given information ,and fill the…

Q: 1. The firm's fixed costs are $2,000, and the firm's total costs of producing 100 units is $4,000.…

A: TVC = TC - TFC = 4,000 - 2,000 = $2,000

Q: Cost (thousands of $) The graph shown on the right represents the cost C (in thousands of dollars)…

A: Cost refers to all the expense as well as the expenditure in a production process. These expenses…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: In case of short-run average cost functions, the firm incurs two types of costs:-Fixed costs and…

Q: Cost A company buys and retails baseball caps, andthe total cost function is linear. The total cost…

A: Marginal cost shows the increment in the total cost by producing an additional unit of the cap.

Q: According to Accountants cost of production consist of both explicit and implicit cost ---- a) Yes.…

A: According to Accountants cost of production consist of both explicit and implicit cost. This…

Q: The objective of this activity is to test students understanding of the various components of the…

A: Note:- Since we can only answer one question at a time, we'll answer the first one Please repost the…

Q: The Jones Company has the following cost schedule:   Output Total Cost (Units) (OMR)     0…

A: Table Output(1) TC(2) MC(3) FC(4) AFC(5) VC(6) ATC(7) AVC(8) 0 3000 -…

Q: Consider a small photography studio with 6 workers and 3 The total cost of labor and capital is…

A: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

Q: Shown are the related cost curves: 550 110 (0) 500 100 450 90 400 (A) 80 (D) 350 70 300 60 (F) * 250…

A: Total cost refers to the sum of all cost incurred for producing the particular level of output from…

Q: Suppose a firm produces 20 unit of output per month and has a total variable cost of R3000 per…

A: Here, given information is: Total output produced= 20 units Total variable cost per month= R3000…

Q: $100 90 80 70 60 50 40 30 20 10 1 2 3 4 567 89 10 Quantity of Output Refer to Figure 7-3. Which is…

A: please find the answer below.

Q: Intelligent Inc. specializes in the manufacture ofcomponents for personal computers. Managementhas…

A:

Q: Assume that it costs a company approximately C(x) = 400,000 + 140x + 0.003x? dollars to manufacture…

A: The total cost function of the firm is C(x) = 400,000 + 140x + 0.003x^2 where x = production of…

Q: planning for the company. You are required to generate costs data from the equation below. C(y) =…

A: Answers   Total Cost: C(y) = 23y2 + 12y + 8   A. Fixed Cost = Total cost when y = 0   C(y) = 23(0)2…

Q: Determine if the statements and expressions regarding costs are true or false. True False Average…

A: We can re-create the table correctly as follows.

Q: Suppose that the monthly cost, in dollars, of producing x chairs is C(x) = 0.005x + 0.07x + 15x +…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: Noel's sandwich shop incurs these costs while in business: $6,000 in wages, $2000 on leasing…

A: Sunk cost is the cost which is already incurred and cannot be recovered so using sunk cost in…

Q: Consider a small photography studio with 8 workers and 5 The total cost of labor and capital is…

A:

Q: A company is planning to manufactureand market a new two-slice electric toaster. After conducting…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A company handles an apartment building with 50 units. Experience has shown that if the rent for…

A: To maximize profit, the company needs to ensure that the marginal revenue of selling one more…

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit.  MCn =…

Q: (a) Find the marginal cost function C'(x). C'(x) Use it to estimate how fast the cost is increasing…

A: Answer: Given values: To find: Marginal cost function and marginal cost (at 60,000) Average cost…

Q: At its best possible output level, a firm has total revenue of Rs. 7000 per day and total cost of…

A:

Q: You are given the following cost functions: TC=100+60Q−3Q2+0.1Q3TC=100+60Q−3Q2+0.1Q3…

A: Total cost (TC): It is the sum total of the cost that is being borne by the producer in the process…

Q: A. Team Wang has the following costs for the short-run production of different quantities of a good:…

A: A cost function is a function of input prices and output quantity whose value represents the cost of…

Q: What is the average variable cost of producing 400 units of output?

A: Answer: Given that:      Labor  Output   Marginal Cost  Variable Cost  Fixed Cost  0  0    0  5…

Q: Average Total Cost ($ per tablet) Q=400 Number of Factories Q=100 Q=200 Q=300 Q=500 Q=600 1 400 300…

A: Answer: The long-run average cost of production: in the long run a firm produces a particular level…

Q: Ashley Furniture hires you as consultants to help them sell their new coffee table. Through a…

A: P Q 220 110 160 130 Equipment Cost = 3000 Each individual table Cost = 90

Q: Suppose that you are starting up a dog-walking service and you know several stay-at-home moms who…

A: The profit is computed by subtracting the total cost from the total revenue of a firm. Total cost is…

Q: Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: SRATC or small plant SRATC tor medium plant SRATC for arge plant LRATC S500 Diseconomies of Scale…

A: Costs in the long run are determined by the firm's level of output, factor costs, and the quantities…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Suppose Ike's bike is presently producing 500 bikes per month in its only factory. its short run…

Q: The diagram displays short-run cost curves for a facility that produces liquid crystal display (LCD)…

A:

Q: Which of the following is most likely to be a variable cost for a firm? an annual payment for…

A: Fixed cost does not depend on production whereas variable cost does. Variable cost increases with…

Q: he fixed costs for a certain item are $205 per week. The fixed cost is the y-intercept. The cost to…

A: Fixed costs (FC) of the retailer are $205 per week. The cost to produce one unit is $4. Let Q denote…

Q: c) Graph P. d) Use your graph of P to estimate the number of panels that give maximum profit. e) How…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Which of these will have lower values as the quantity produced increases? a. Fixed cost per unit b.…

A: Fixed Cost remains fixed at all levels of output. Average Fixed Cost or fixed cost per unit…