Answered: Cost Volume $15,000 3,000 $18,000 4,000…

Business

Economics

Cost Volume $15,000 3,000 $18,000 4,000 $20,000 7,000 The fixed cost element for the firm is a. $11,250 h $10 250

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

See similar textbooks

Related questions

Q: for product X. Eq. 1 Eq. 2 Qdx = 65,000 – 11.25P; + 15P, – 3.75/ +7.5A Qsx = 7,500 + 14.25PX – 15P,…

A: We are going to solve these questions using partic derivative techniques

Q: In the following table, select the amount of each good that each country exports and imports in the…

A: Countries trade based on comparative advantage. A nation might enjoy a flat out benefit, meaning…

Q: Given the target reserve ratios, amounts of reserves and deposits shown in the table below, complete…

A: In this case we have been given with the values of target reserve ratio, reserves and the deposits…

Q: A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost…

A: "A perfectly competitive firm is a firm which is price taker. In perfectly competitive market there…

Q: 1. Suppose a worker can survive by daily consumption of $40 value of commodities as determined by…

A: Karl Marx accepted Ricardo's labor theory of value, according to which the worth of a commodity is…

Q: 1. Assume you spend your entire incomc on two goods X & Y with prices given as Px & Py,…

A: Given function U=X2+Y2 Price of X=Px Price of Y=Py

Q: Monopolistic Competition -- Questions 16-20 refer to Figure 6-2 below. This figure depicts a…

A: Monopolistic competition is a market system in which numerous enterprises compete for the same…

Q: U.S. agriculture subsidies make food look artificially inexpensive to consumers. So, these…

A: Agriculture subsidies is one of the most important way, the government intervenes the market and…

Q: In which market structure does Johnson Electronics (Pty) Ltd operate? Provide a reason for your…

A: "Market structure depicts how firms are differentiated from each other based o the type of…

Q: The aggregate change of consumption, Ċ(t) and the aggregate change of the capital stock, K(t), are…

A: We are going to find steady state capital and consumption to answer this question.

Q: Autarky is a situation in which a country is economically O developed O dependent on a single firm O…

A: A country is said to be in a state of autarky if it does not engage in international trade, i.e., it…

Q: )The graph below shows the marginal revenue, marginal cost, and average total cost at different…

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

Q: Question 19 Refer to Figure 6-2 in Question 16. At the profit-maximizing level of output, what is…

A: "A monopolistically competitive firm will maximize profits at a point where marginal revenue MR…

Q: Consider a market given by the following supply and demand equation: MC=1+5Q WTP=97-3Q If the…

A: A price floor is a type of price control, imposed by the government. A price floor is a minimum…

Q: The market interest rate is 9 percent and is expected to stay at that level. Consumers can borrow…

A: 1) In case of Rebate: It is assumed that the consumer will borrow for purchasing the car. Cost of…

Q: (1) If the demand for product Y increases significantly, then A- the demand for the labor used to…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: 1. Muhammad enjoys going to the aquarium (x) and playing basketball (y). His preferences on x and y…

Q: Question 2 Using a diagram like Figure 9.8 below: hoprolit curves Wage Demand curve (given economy…

A: The wage curve shows the actual wage needed at each level of employment in the economy to motivate…

Q: The Canadian economy produces a vast array of goods and services, trom cars to cannabis Suppose that…

A: In an economy, GDP is the sum of the components of aggregate demand that are consumption, net…

Q: Having rejected a tariff on textiles (a tax on imports), the president of Isoland is now considering…

A: The charge that is being levied by the government on goods and services that serves as the main…

Q: Companies that extract crude oil are not the only entities responsible for the price of gas. What is…

A: Consumers are acutely aware of rising gasoline prices. Because of this, rising fuel prices (rather…

Q: Question 3 Which of the following is not an example of a barrier to entry? Group of answer choices…

A: Barriers to entry are defined as factors that can prevent new firms to enter the industry to limit…

Q: Trueeee Or falseee True or false? Basic economic concepts can be used to understand the…

A: The basic concepts of economics are very important to understand because it helps an individual or…

Q: Given the following marginal cost values for a given asset, determine the equivalent uniform…

A: The marginal costs are $3,500 in year 1, $3,150 in year 2, and $3,400 in year 3 for an existing…

Q: Describe the characteristics of monopolistic competition and oligopolies and how cartels emerge in…

A: Monopolies and oligopolies emerge when there is a lack of competition. A monopoly exists when only…

Q: Suppose that you impose a specific tax of £20 per unit of output. What will be the monopolist’s…

A: Imposing specific tax means per unit tax is imposed. This implies that the marginal cost of the…

Q: Question 5 In a monopolistically competitive industry, a firm’s demand curve also represents its...…

A: Monopolistically competitive industry has many firms. Their products are almost similar (close…

Q: Process X is estimated to have a fixed cost of $35,000 per year and a variable cost of $60 per unit…

A: From the question, we get the following date Estimated fixed cost of Process X = $35,000 per year…

Q: A company manufactures products in batches of 200 on one machine. If the company works 8 hours per…

A: Batches of Machine = 200 company work. 8 hrs, 5 days per week

Q: In the Simple Keynesian Macroeconomic Model, which of the following will determine the level of…

A: "The level of autonomous spending by households is dictated by the level of autonomous consumption…

Q: such as this? (b) Propose one possible way to mitigate the problem of excessive waste/litter…

A: protection in order to keep the resources for next generation as well is called sustainable…

Q: Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly…

A: Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly…

Q: Figure 6-1: The diagram below depicts the market situation for a monopoly bread shop called Dough!.…

A: We have to highlight the deadweight loss area due to monopoly.

Q: Sue is a customer account representative for ABC Company. She recently acquired several new accounts…

A: In the condition, where the address of the ongoing customer is same, the company could have a…

Q: Question 8 Which of the following statements about oligopolies is NOT correct? Group of answer…

A: An oligopoly refers to a market arrangement in which two or more companies control the market.They…

Q: Assume that people receiving intervention A live 5 years at quality of life of 0.8 and people…

A: Cost-effectiveness Cost-effectiveness is the method in economics that is to calculate the relation…

Q: You find that both the US and ECB treasury yield curves are backwardated. This is suggestive that:…

A: In some aspects, the current predicament mimics Greenspan's bond crisis.This time around,…

Q: what is A to make two cash flow diagrams equivalent, at i = 10%? A $100 0 1 2 4 5 6 7 8 0 1 2 3 5 6…

A: Cash flow is the motion of cash inside and out of a company. Cash obtained indicates inflows, and…

Q: Maldonia has a comparative advantage in the production of while Sylvania has a comparative advantage…

A: The curve that depicts various quantities of goods and services that could be produced with the…

Q: You want to buy a $50,000 car. You can finance the car for 0.9% interest for 5 years. You decide…

A: Solved using Financial Calculator Assuming Interest rate is 0.9% per annum compounded monthly

Q: [Extended dynamic analysis] The market for wheat is affected by the recent unrest in Ukraine…

A: Market refers to the place where the buyers and sellers buy and sell goods and services in the…

Q: Question 23 Refer to Table 6-1 in Question 21. Increasing the size of its store and parking lot is a…

A: "A dominant strategy is the optimal strategy for a player among all the competitive strategies no…

Q: 4. Suppose that Okun's law can be described by the following equation: Y-Y* %3D = -3(u – u') Y*…

Q: What about 2& 3?

A: In an economy, an individual will make his consumption decision based on his preferences and that…

Q: Annual demand is 42,626 units/year. Ordering Cost is $52/order. Holding cost is $5/unit/year. What…

A: The annual demand is 42,626 units/year The ordering cost is $52/order Holding cost is $5/unit/year

Q: Ms. Jones wants to make 10% nominal interest compounded quarterly on a bond investment. She has an…

A: Here "r" is the annual interest rate. The quarterly interest rate will be r/4 (i.e. 4 quarters per…

Q: In perfect competition, the price of the product is determined where the industry Select one: a.…

A: A market with perfect competition is one with a large number of sellers and purchasers.Because all…

Q: 19. Odette has a base monthly salary of S1.500 and eams a 5% commission on all sales she makes at…

A: One of the most important incentives given by the firms to their employees are incentives on Sales…

Q: 1. A profit maximizing monopolist has the following demand and cost functions: P =80–20 TC = Q²…

A: Given information P=80-2Q TC=Q2+8Q+20 Firm is monopolist and profit maximizing firm.

Q: Bob's lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $25 each. His…

A: Profit Maximization is a objective of firm with given resources . Firm focuses either to minimise…

Question

Use the following information:
Cost
Volume
$15,000 3,000
$18,000 4,000
$20,000 7,000
The fixed cost element for the firm is
a. $11,250
b. $10,250
c. $12,250
d. $11,350

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
If explicit cost equals to $40000 and implicit cost $ 95,000 and the accounting profit is $23,000 what is the revenue and the economic profit
180.00 Short Run Cost Curves Numerical Data Labels Are Adjacent ToTheir Associated Markers (Markers Are The Squares, Dots, or Triangles On The Curves) MC AVC ATC 162.60 160.00 140.00 130.20 120.00 101 40 100.00 92,56 90.60 80.00 85.80 84.92 80.91 80.60 77.74 76,20 16.20 77,68 60.00 61.80 54.60 54.60 48.60 40.00 43.80 40.20 40.20 37,80 36.60 36.60 37.80 2.20 20.00 1.40 0.00 13 15 16 17 18 19 20 21 10 11 12 14 Quantity The figure shows a competitive firm in the paper clip industry. The price of a paper clip is $130.20. The firm's profit is O• $548.20 O • $751.05 O• $892,80 O • $1,096.24 180.00 Short Run Cost Curves Numerical Data Labels Are Adjacent ToTheir Associated Markers (Markers Are The Squares, Dots, or Triangles On The Curves) 160.00 162.60 MC AVC -ATC 140.00 130.20 120.00 100.00 101.40 92.56 80.00 RS 80 90.60 s0.91 84.92 16,20 80.60 774 76.20 77.68 60.00 54.60 61.80 54.60 40.00 48.60 40.20 43.80 37.80 40.20 36.60 20 36.60 20.00 140 0.00 10 11 12 13 14 15 16 17 18 19 20 21…
Refer to the following: Output 0 50 100 150 200 Total Cost $ 300 800 1050 1650 2400 Average Variable Cost when 150 units of output are produced is $ 9 The additional cost of producing the 117th unit of output is $ Explain
If explicit cost are $4400 and the accounting profit is $6000 Calculate the value of total revenue
ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
TC 400+150Q-3Q2 +0.02Q3 400 Based on this equation, find total fixed cost calculate total fix cost -
If accounting profits are $6000 and explicit cost are $2200 Calculate total revenue
Assume you were hired as a Production Engineer in a global Bearing Manufacturer company and given the following inputs: Equipment Maintenance Cost per Month Utilities Cost per Month Material Cost per Unit Labor Cost per Unit Selling Price per Unit S60,000.00 $12.000.00 $12.00 $3.00 $24.00 Calculate Total Fixed Cost per Month Calculate Total Variable Cost per Unit = Calculate number of Units to be sold to reach Break-Even Point = Calculate number of Units that must be sold to eam profit of $90,000.00
What is the fixed cost? what is the AVC quantity of 10 quantity. Total cost 0. 1000 10. 2000 20. 4000
If output is 34 unit and total cost is $1300 Find average Cost
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?