If American Art Supplies Company increases the production of crayons, it may need to reduce the production of color pencils. This is called a _____. profit debt surplus trade-off
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- On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________. Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.Imagine you are the CEO of Future Industries, a company located in Republic City. The head of the accountancy department insists that you should stop the production of Satomobiles (Cars) and focus on producing Mecha Tanks only, because those lead to a higher total revenue. Using the information in the table, compute the Economic profits from producing Mecha Tanks (D) Satomobiles (Cars) Total Revenue Explicit Cost Implicit Cost Profit Accounting Profit Total Revenue Explicit Cost Implicit Cost Profit 155,000,000 6,000,000 A Mechatanks (Tanks) 235,000,000 10,000,000 Economic Profit Accounting Economic Profit Profit B C DReduce the profit from alfalfa in Table 8-2 to $36 per acre, calculate the new output profit ratio, and find the new profit - maximizing combination. Do you produce more or less of the enterprise with the now lower profit? Why? What would be the effect of doubling both profits per acre? Halving both profits per acre? TABLE 8-2 Profit from Various Combinations of Alfalfa and Grain Sorghum Acres of alfalfa 0 100 Acres of grain sorghum 1,000 975 925 845 745 200 300 400 500 600 700 800 "Profit is $50 per acre for alfalfa and $30 per acre for grain sorghum 620 470 270 0 Profit from alfalfa (5) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Profit from grain sorghum ($) 30,000 29,250 27,750 25,350 22,350 18,600 14,100 8,100 0 Total profit ($) 30,000 34,250 37,750 40,350 42,350 43,600 44,100 43,100 40,000
- The city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Marginal cost will remain unchanged. Average total cost will increase. O Average fixed cost will decrease. O Average variable cost will increase. Which of the following statements is true as a result of the per-burger tax? Check all that apply. Average total cost will remain unchanged. Marginal cost will increase. O Average variable cost will increase. Average fixed cost will decrease.Saved The following table shows the production function for a bicycle manufacturer: Number of Workers Number of Bicycles Marginal Product Marginal Revenue 1 3 2 7 3 10 $ 4 12 2 13 $ 1 a) Suppose that the weekly wage is $700. What is the marginal labor cost of the second worker per week? $ b) Suppose that the price of a bicycle is $460. What is the marginal revenue for each level of output? Instructions: Fill in the values for the marginal revenue in the table above. c) How many workers does the bicycle manufacturer employ if the price per bicycle is $460 and the weekly wage is $700? workers d) If the price per bicycle drops to $300, what happens to the number of employed workers? The number of employed workers will (Click to select) Next> 5 of 8 < Prev T e e to search ASLS f12 pause break f10 f8 f6 f7 f5 f3 f4 2 & $ 4 ## 3 8 7 5 P U Y T R E A 2Fresno County, California is the largest agricultural producing county in the country and almonds are an important crop with more than 99,000 acres harvested. Each acre produces about a ton of almonds and sold at a price of $4300 a ton. The Sagardia Brothers grew 600 acres of almonds. What would happen if the Sagardia Brothers priced their almonds at $4000 a ton? They will not sell any almonds. Profits will be higher than when they sell them at the higher price. The quantity sold will be higher. They will sell the same amount of almonds, but profits will be lower.
- Suppose that a small family farm sold its output for $110,000 in a given year. The family spent $20,000 on fuel, $30,000 on seed, fertilizer, and pesticides, and $25,000 on equipment, including maintenance. The family members could have earned $30,000 working at other occupations, the accounting profit for the family farm is the economic profit for the family farm is , (please put your answer for both accounting and economic profit in numerical values without any dollar sign, comma or decimal places.) Should the family open the family farm? (please put your answer as either yes or no, lower cases only). If the family members opportunity cost of their time increases and now, they could earn $35,000 working elsewhere, the accounting profit for the family farm is the economic profit for the family farm is (please put your answer for both accounting and economic profit in numerical values without any dollar sign, comma or decimal places.) Suppose instead the family members could now earn…A firm has fixed costs of $166. The firm is acting to maximize total profits. This table represents the firm's marginal revenue and marginal cost at various quantities of output: quantity 1 2 3 4 5 6 7 marginal revenue (in $) 915 887 794 623 584 498 338 Question: Calculate the firm's total profit. Note: Do not use a "$" when you type your answer into Canvas. (Canvas does not like dollar signs.) marginal cost (in $) 9 43 270 373 461 694 783Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 20 18 16 14 12 10 8 4 2 0 0 10 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at $ per toy car, and produce the total of 30,000 toy cars at $ per toy car. per car, produce 10,000 toy cars at
- What is the marginal revenue for the following: qty: 100, 200 Price:39750, 39500 Revenue:3975000, 7900000 Total Cost: 2000000,4000000 Profits: 1975000,3900000 Marginal Revenue ___?, ___? Suppose that managers at Honda are deciding how to price the new Honda Accord. The managers estimate that their total costs increase by $20,000 for each car they produce. They also estimate the demand curve they face; it is described by the equation: Q = -0.4 P + 16,000, where Q represents the quantity of Honda Accords they will sell and P represents the price they charge in US dollars. We can re-write that demand curve as: P = 40,000 - 2.5 Q. Take every possibly quantity that the managers might choose between 0 and 7,000 in units of 100. For each possible quantity, calculate the associated price the managers would need to charge, the revenue they would earn, and the total costs. You can then calculate profits for each level of quantity. Highlight the cell that contains the highest value of profit.…1. The Bergen Company and the Gutenberg Company are the only two firms that produce and sell a particular kind of machinery. The demand curve for their product is P = 580 – 3Q where P is the price (in dollars) of the product, and Q is the total amount demanded. The total cost function of the Bergen Company is TC,=410QB В where TC, is its total cost (in dollars) and QR is its output. The total cost function of the Gutenberg Company is TC, = 460QG where TC, is its total cost (in dollars) and Q, is its output. • If these two firms collude and they want to maximize their combined profit, how much will the Bergen Company produce? b. How much will the Gutenberg Company produce? c. Will the Gutenberg Company agree to such an arrangement? Why or why not?Consider the business whose Total Cost and Total Revenue for various quantities of a particular product are shown in the table below. Quantity Total Cost Total Revenue 0 100 0 1 250 500 2 350 950 3 500 1350 4 725 1700 5 1000 2000 6 1400 2250 Use the Profit-Maximizing Rule to explain the quantity that this business should produce to maximize its profits. Answer must both state the number to produce and an explanation of how you used the profit-maximizing rule to arrive at that number.