A small business can produce a maximum of 46 of its product per month and sell them for $7 each. The variable costs are $2 per unit and fixed costs are $175 per month. a) Find the revenue function. R(x) = b) Find the cost function. C(x) = c) Calculate the number of items needed to be sold per month to break-even.
Q: There is a large market in Brisbane for home party entertainers (e.g. people who work as clowns,…
A: Producer surplus is described as the benefit received by a producer through selling a quantity of…
Q: An owner can lease her building for $150,000 per year for three years. The explicit cost of…
A: Explicit costs are those that the company must spend money on. Rent, salaries, and the price of…
Q: Use the grey line (star point) to answer the following question. (Note: You will not be graded on…
A: A measurement that demonstrates the impact of changing one independent variable on the average…
Q: Analyze and discuss the relationship between the BOP and GDP as represented by the formula GDP =C…
A: Standard national income projections are often used to analyze the factors influencing economic…
Q: A. Explain the Keynesian transmission mechanism, and use graphs to illustrate B. Suppose that…
A: The Keynesian transmission mechanism is a model of what monetary policy means for the economy. In…
Q: Mountain Mack and Big Lake Bob spend their time carving fishing lures and duck decoys. The table…
A: DISCLAIMER “Since you have asked multiple questions, we will solve the first three questions for…
Q: A company is considering an investment (at time= 0) in a machine that produces large plastic boxes.…
A: Net Present Value (NPV) is a financial concept used in capital budgeting and investment analysis to…
Q: Refer to Example 2.10, which analyzes the effects of price controls on natural gas. Recall that the…
A: For computing the linear supply curve, we will need the following information:
Q: a. What is the equilibrium wage rate in the market? b. What is the employment level in the market?…
A: Labor demand is derived from the demand for the commodities that labor helps to produce. Labor…
Q: According to Filippov and Settles (2013), 4 different innovation-related internationalisation…
A: It can be defined as a process in the process a company or organization expands its services,…
Q: M O On the above PPFs, imagine that the poor nation is operating at (5,18) and t wealthy nation is…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: 1-Sided Search Model Using the one-sided labor market search model from class, explain graphically…
A: The effects of the following changes in the economic environment on the reservation wage and on the…
Q: Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production…
A: "Since it was not mentioned the question to be answered, we are providing with the solution to the…
Q: 2.11 Known demand for a product (in hundreds) for the last eight periods is listed here. Period…
A: (a) To forecast the demand for period 9 using the three-month moving average, we take the average of…
Q: 7 eBook (1) 50 60 80 90 100 (2) ed Multiple Choice 40 50 60 70 80 $8 and 60 units. $6 and 100 units.…
A: Qd (1)Qd (2)Price ($) (3)QS (4)QS (5)50401070806050960708060850609070740501008063040quantity…
Q: the valu that is greyed out in the table. units b) To output a unit of sector 2, how many of sector…
A: (a) The value 0.6 that is greyed out in the table represents the proportion of goods or services…
Q: The real exchange rate is:
A: The real exchange rate is the rate at which a person can trade the goods and services of one country…
Q: Use the diagram below which illustrates the imposition of a minimum wage W...in a perfectly…
A: Labor market is a place where employers demand labor and workers supply labor. The intersection of…
Q: We want to estimate the coefficient k in the Permanent Income Hypothesis C₁ = kY,0 <k<1 where C'; is…
A: The reason is that the OLS estimate of k is biased upward if the error term, e, is correlated with…
Q: most people demand goods and services much less than they want. True or false? Explain your answe
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Turkish growth performance in 1980’s Explain why in the period of 2014-2018 the TFP contribution to…
A: The 1980s stand out as a period of significant change in the dynamic of Country T's economic…
Q: Consider the table below containing data for two hypothetical nations, Alpha and Beta, for the years…
A: Labour productivity: Productivity is defined as the goods and services are produced by the…
Q: When a person receives extra income above their regular income, they have an option to save or spend…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Countries use a variety of ways to protect their trade. One way is to enact tariffs, which tax…
A: The 1930 Smoot-Hawley Tariff Act constituted an important event in the history of the United States…
Q: David is an expected-utility maximizer that likes to drive fast (and reckless at times), so his…
A: David, an individual who prioritizes maximizing expected utility, has a penchant for driving fast,…
Q: In the accompanying graph, is the slope of curve AA' positive or negative? Does the slope increase…
A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…
Q: Elijah and Aneesha are farmers. Each one owns an 18-acre plot of land. The following table shows the…
A: Absolute advantage describes a situation where a country, individual, or entity can produce a…
Q: Abstract: Under Economic Growth mean constantly increasing volume of production in a country, or an…
A: Economic growth hypotheses seek to explain why and how nations expand through time. Endogenous…
Q: QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities:…
A: Absolute advantage refers to a situation in which one individual, country, or entity can produce a…
Q: From the 1930’s until the early 1990’s if an individual was receiving Social Security (retirement…
A: (a) Policy Change 1 (Early 1990's):Under this policy, retirees could work and keep their full $900…
Q: The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1…
A: A PPF is a line that represents the maximum output of two items or services that an economy can…
Q: 6 In the simple circular flow of economic activity, goods and services flow via A. factor markets to…
A: The circular flow model shows how money, goods, and services flow between firms and households. In a…
Q: Assume the U.S. currently grows 2.7 million tons of fresh winter fruit and that the resources…
A: Opportunity cost is the cost of next best alternative forgone given available resources.
Q: Suppose wage (Y) is determined by years of schooling (yrsc) and sociability (soc) the following…
A: Multicollinearity is a statistical phenomenon that occurs when two or more independent variables in…
Q: 6. The following game is called Side-by-Side Nim. How to play: Place 8 counters as shown. Players…
A: The given problem represents the side-by-side Nim. In this case, the second player is going to win…
Q: Consider the circular flow model: suppose that businesses buy a total of $220 billion of the four…
A: Total payment to various factors = wages for labor services+ rent for land + interest on capital +…
Q: Part 1 Before trade, how many bicycles were being produced collectively between the two countries?…
A: Given,Output levelOpportunity…
Q: (c) Suppose that the dishonest customers can now pirate the songs and are thus no longer willing to…
A: *Since it is mentioned to answer only the subparts under C, only the four subparts under C are…
Q: The following graph represents the income elasticity of demand for gold balls. The x- axis…
A: Consumer purchasing behaviour is the culmination of a consumer's attitudes, preferences, intentions,…
Q: Question 1 The diagrams show movements from position X to Y on production possibility frontiers. In…
A: The production possibility frontier (PPF), also known as the production possibility curve (PPC) or…
Q: A firm produces a product which it sells in a perfectly competitive market. The price of the product…
A: Profit, difference of TR over TC, is highest at the unit of output where marginal cost matches the…
Q: for step 2, wouldn't ep be (p/500-p) instead of 50? Also for step 3 how did you get 25<p?
A: Ed=−1Elasticity of demand measures the responsiveness of quantity demanded when the price of a good…
Q: 3. A firm has a cost function of the form: C(2₁. 22. q) = w25 25 25 25 ² where Z₁...2 are factor…
A: ***Since the student has posted multiple subparts, so the expert has solved the first three…
Q: Consider an economy with a private good and public good. The economy consists of two consumers…
A: A Lindahl equilibrium is a concept in economics and public finance theory that addresses the problem…
Q: Data on before-tax income, taxes paid and consumption spending (on domestic goods and services) for…
A: Autonomous consumption is individuals' or households' baseline level of spending on essential goods…
Q: The importance of Jollibee Food Corporation in economic globalization.
A: Economic globalization implies the increasing interconnectedness and integration of economies across…
Q: Which of the following events must cause the equilibrium price to fall? Demand increases and supply…
A: When analyzing changes in equilibrium priceit's crucial to consider the interplay between demand and…
Q: bandwid tech plans to issue some $60 per preferred stock with a 6% dividend a similar stock is…
A: Given,
Q: rate is R=20%. Using the two-period consumption-savings model, how will this year's consumption…
A: The consumption function shows the total income and consumption goods and services relationship in…
Q: 3 Question 3 A firm with production function F(K, L) = K√L currently has 2 units of capital and…
A: To determine the range of wage rates ( w ) for which the firm would have negative short-run profits,…
Step by step
Solved in 3 steps with 1 images
- swered Costs per Unit (dollars) 1000 900 800 700 600 500 400 300 200 100 0 4 Average total cost B Marginal cost Output (units per day) Average variable cost Average fixed cost 22 24 How many units of output should be produced per day if the price of the product is $600/unit? (provide an approximate answer in whole numbers)Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per week, and $62.50 when production is 160 units per week. What are the total fixed costs per week?A small business can produce a maximum of 43 of its product per month and sell them for $7 each. The variable costs are $2 per unit and fixed costs are $125 per month. a) Find the revenue function. R(x) = b) Find the cost function. C(x) = c) Calculate the number of items needed to be sold per month to break-even. d) Calculate the revenue at the break-even (round off to the nearest cent). $
- Use the equations for the total cost C and total revenue R to find the number x of units a company must sell to break even. (Round to the nearest whole unit.) C = 8950x + 220,000, R = 9857xBillco had a total cost of $10,000 when it sold 200 units. It had a total cost of $14,000 when it sold 250 units. What was Billco's average total cost when it sold 250 units?Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.002x2 dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- v than the average cost from (b). This means that the average cost is ---Select--- v at a production level of 10,000 smartphones. Need Help? Watch It
- Suppose that the cost function for a commodity is C(x) = 40 + x2 dollars. (a) Find the marginal cost at x = 4 units. MC(4) = Tell what this predicts about the cost of producing 1 additional unit. The cost to produce the 5th unit is predicted to be $ (b) Calculate C(5) – C(4) to find the actual cost of producing 1 additional unit. Need Help? Read It Watch ItA small business produces and sells balls. The fixed costs are $20 and each ball costs $2.92 to produce. Each ball sells for $7.92. Write the equations for the total cost, C, and the revenue, R, then use the graphing method to determine how many balls must be sold to break even.Identify a fixed cost
- Assume that it costs a company approximately C(x) = 400,000 + 140x + 0.003x? dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. 400,000 – 0.000009 Use it to estimate how fast the cost is increasing when x = 10,000. 2$ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. -Select--- at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- than the average cost from (b). This means that the average cost isAssume that it costs a company approximately C(x) = 400,000 + 180x + 0.001x² dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) C(10,000) $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is ---Select--- O than the average cost from (b). This means that the average cost is ---Select--- O at a production level of 10,000 smartphones.Cost, revenue, and profit are in dollars and x is the number of units. If the daily marginal cost for a product is MC = 8x + 150, with fixed costs amounting to $600, find the total cost function for each day. C(x) =