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- Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?Profit Suppose that the total weekly cost for theproduction and sale of x bicycles is C(x) = 23x +3420 dollars and that the total revenue is givenby R(x) = 89x dollars, where x is the number ofbicycles.a. Write the equation of the function that models theweekly profit from the production and sale of xbicycles.b. What is the profit on the production and sale of150 bicycles?c. Write the function that gives the average profit perbicycle.d. What is the average profit per bicycle if 150 areproduced and sold?Refer to the to graph on the night Which level of output in the graph below represents the minimum efficent scale? OA 1,000 books B. 20.000 books C. 40,000 books $22.00 20.00 18.00 D. 80,000 boks Which sire bookstore is more likely to expenence diseconomies of scale? Long -nun Average cost OA Abookstore seling 1,000 books per month B. Abookstore seling 20,000 books per month OC. Abookstore selling 40,000 books per month 1,.000 20.000 Quantity of books sold per month OD. A bookstore selling 80.000 books per month 40,00,000
- 2500 2000 1500 Returns te scale: 0.33 1000 Price 2 10 15 20 25 30 Size dength in feet) 35 40 Rental price 100 The interactive above is from the loarning object, it will automatically find the profit maximizing length of the truck Adam should rent at given prices, rental rates, productivities, and returns to scale. It only the productivity of the truck Adam chooses to rent decreases, which of the following would be true at the new profit maximizing level of output and length of truck? Select the two that apply O A decrease in marginal cost O A decrease in total costs O A decrease in total revenuo O An incroase in the amount of labor Adam hires RevenueIAN GE Student Resources - Faculty Resources - Academic Resources - Ime grupiI Delow IIUIUUES two piunt Sizes us musuuteu uy ACr UnU ACZ. AC1 AC2 AC1 AC2 LRAC Q1 02 Output per time period Refer to the graph above to answer this question. Which of the following statements is correct if a firm is operating at point a on AC1? Select one: O a. The firm is achieving MES. O b. Building a larger plant would result in lower long-run average cost. O c. Building a larger plant would not result in lower long-run average cost. od. The firm has achieved capacity output. O e. An increase in the output would not lower costs. Clear my choice Staut o gaoSuppose the production function for high quality brandy is given by : Q = √KL Where q is the output of brandy per week and L is labor hours per week ., in the short run K is fixed at 100, so the short run production function is Q = 10√L a. Ifthecapitalrentsfor10$andthewageare5$perhour.,writetheshortruntotalcost function. b. How much will the firm produce at a price of 20$ per bottles of brandy ? c. Howmanylaborhourswillbehiredperweek?
- The munager af a T-airt stand found that the cost to prodice 30 Tahirts is $112 59, while the cont to produce 40 T-shirts is S401.58. Assume the cont C a linear function of a, the number of Tshrts produced. Calculate the marginal cost of a T-shirt, that s the change in cost of producing one additional T-shirt. (Round to 2 decimal placesStarbucks is hoping to make use of its excess restaranunt capacity in the evenings by experimenting with selling beer and wine . It speculates that eh only additional costs are hiring more of the same sort of workers to cover the additional hours and costs of the new line of beverages, What hisdden costs might emerge?Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?
- . Marginal Cost Suppose the monthly total costfor the manufacture of 19-inch television sets isC(x)= 2546 + 98x, where x is the number of TVsproduced each month.a. What is the slope of the graph of the total costfunction?b. What is the marginal cost for the product?c. Interpret the marginal cost for this productSuppose that a fim's production tuncson is 2000 1800 in the short run, where there are foed conts of s2.000, und xis the variabie irput whow cont $120 per unt 160 140 1400- What the total coet of producing a leel at cusput q? in oher words, idertify the totsl cost function Cigi S 1200 The total coet of produsing a ve of ouput q 1000- OA CI2,000 OB. Ci-2,000- 00 Cig-2,000 OD. 200- 1250 25 10 12 14 16 Quanity OE 1250g Ci-2,000. 25 Wite down the equstion for the upply ourve The supply curve is 200 OA paso. OB P-2,000 - 00e OC. P-2004. OD. P-504. OR P-100 ece If price is S00, how many units wil the fm produce? The fim wil produce unts of ouput (Enter your reeponse rounded to two decimal places) What is the level of prot Proft equals . (Enter your response roundud to hwo decinal places.) Ilustrate your anewer on a cost aurve graphn. 200 12 14 Quantity 1) Using the ine drawing tool, draw the maginal cost curve. Label it MC. 2) Luing the point druning oal, indicate the profi masimizing…Save The production function for a product in given by q-100KL mergnal product functione MP100K end MP100 he poe of cp,cs00 per day wnd the priefer, w, in S400 per day, what the minimum cost of producing 10,000 units of oupun The minimum cost of producing t10,000 units of output is Round al intemediate retb deciml placand erter your pone unded te deia ps
