Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the average variable cost per unit of production when the firm produces 90 lanterns? Part 2 A. $490 B. $5.45 C. $33.67
Q: the government sets the poverty line at an annual income of $8,000. The percentage of people with…
A: Income inequality is an economic concept which explains the unequal distribution of income among the…
Q: 3. A village has six residents, each of whom has accumulated savings of $100. Each villager can use…
A: A government bond is an instrument of credit for the government, the public purchases the government…
Q: A labor saving device system save $2,000 per year for five (5) years. It can be installed at a cost…
A: The rate of return (RoR) measures an investment's performance or profitability over a given time…
Q: A1. REFER TO FIGURE 1 Which of the following statements does NOT apply? a. The industry comprises a…
A: In economics, perfect competition is a hypothetical market structure characterized by the following…
Q: If the local government invests in a project which has a 20 years useful life and initial investment…
A: Benefit Cost Ratio (BCR)A benefit-cost ratio (BCR) is an indicator representing the connection…
Q: 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must…
A: The competitive market refers to the scenario where there are a number of firms operating in the…
Q: Draw a graph of "catch-up" that shows where you would expect to see a country with low saving rates…
A: Catch up effect also known as convergence, is the hypothesis in economics that suggests that…
Q: Refer to Figure 13-2. Ceteris paribus, an increase in the price level would be represented by a…
A: A model used in macroeconomics is the (AD/AS) model. It clarifies how an economy's price level and…
Q: 45. Consider the following two statements: (1) According to the Blinder-Oaxaca decomposition of the…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Why did the banana market industry collapse in St. Vincent and the Grenadines?
A: In the past, St. Vincent and the Grenadines' banana industry was an important part of the national…
Q: K Petra buys 6 smoothies and 2 album downloads a week when she has $36 to spend, the price of an…
A: Relative price:The ratio of the price of one good or service to the price of another. It indicates…
Q: A company produces commercials. A 2-minute commercial, for example, needs exactly 5 minutes of…
A: Production function is used to explain how inputs and outputs relate to one another during the…
Q: 0 MC ACO MC # 9 91 (soybeans) 091 AVCO MC₂ A. produce at 9₁ B. continue to produce at 92 C. produce…
A: The cost is the expenditure of a firm when it utilizes its resources for producing goods and…
Q: How do barriers to housing affect the economy?
A: Housing barriers are the obstacles that make housing difficult. Due to housing barriers, not only do…
Q: Engineer John places 10% of his salary each year into a high-technology stock fund for his…
A: Future worth or future value is the value of certain investment projects that an individual or firm…
Q: BNQ12.3 Case: Suppose you have Invested in a New Computer Company whose Profitability depends on 2…
A: The mutually exclusive states can be made on the basis of the events happening in the economy…
Q: Deadweight Loss and Demand Elasticity. Using the linked figure as a starting point, consider a…
A: Demand elasticity measures how sensitive a good's quantity desired is to variations in its price. It…
Q: Assume that policy makers in the home country are pursuing a fixed exchange rate regime and that…
A: The aggregate demand represents the total demand for all goods and services produced in an economy…
Q: Background question: Suppose there is a nonrenewable resource with inverse demand function p=…
A: Hotelling Rule: A principle stating that the optimal rate of extraction for a nonrenewable resource…
Q: The desired reserve ratio is 10 percent of deposits, and the currency drain ratio is 2 percent of…
A: To solve this problem, we need to understand how the central bank's open market purchase of…
Q: The figure shows the cost of college for high- and low-productivity workers. Based on the college…
A: Productivity has a positive relationship with the wages of the employees. Once an employees starts…
Q: Wage Rate ($) No 229 22 AP 20 16 13 10 30 45 60 80 100 120135150 90 Marginal Factor Cost Supply…
A: With respect to the question, profit maximising quantity is that amount of quantity where marginal…
Q: Which of the following is not correct? a. Frictional unemployment is inevitable in a dynamic…
A: a. Frictional unemployment is inevitable in a dynamic economy - This statement is true. Frictional…
Q: Consider the market for beef. Suppose that the government has established a price ceiling on beef at…
A: The price ceiling refers to the maximum price that can be charged for the good by the market. Price…
Q: All of these statements are true about using sex appeals in advertising except which? Multiple…
A: The statement that is not true about using sex appeals in advertising is:"Advertisers must be sure…
Q: if people hold all money as demand deposits and banks maintain a reserve raitio of 12.5 percent…
A: Demand deposit : A demand deposit is money deposited into a bank account with funds that can be…
Q: Whenever real GDP exceeds planned aggregate spending: households decrease consumption, decreasing…
A: Gross domestic product is the summation of a country's final goods and services. An increase in GDP…
Q: What is the profit earned by Facebook? QUESTION 13 What is the deadweight loss, if Facebook acts as…
A: The monopoly market is described as a single market characterized by one buyer and seller. There is…
Q: A policy that increases saving a. will worsen economic growth, but improve health outcomes. b. will…
A: Economic growth basically refers to the expansion in the production of goods and services in an…
Q: ✓ Assume that both the demand curve and the supply curve for DVD players shift to the left but the…
A: Demand is the quantity of a good or service that consumers are willing and able to buy at a given…
Q: Discuss the economic performance of the USA before and after the COVID-19 pandemic using…
A: Economic performance refers to the overall health and well-being of an economy. It is typically…
Q: Consider two economies, A and B, with the same constant growth rate of nominal money supply and a…
A: When the nominal amount of money demanded is divided by the price, the result is a real demand for…
Q: Economic profit = accounting profit - the opportunity costs of resources already owned by the…
A: Economic Profit:Economic profit, also known as economic value added (EVA), is a measure of a firm's…
Q: A monopolist faces the following demand curve Quantity 31 P M 10 Select one: O a. 4 units O b. 6 Oc…
A: Monopoly is a form of imperfect competition. There is one firm. The number of consumers is high.…
Q: et for gyros in a popular neighborhood close to campus. Suppose this market is operating in long-run…
A: A competitive market produces at the intersection of market demand and market supply curve. A…
Q: Customer: "If I purchase this product for $79.99 and two accessories for $9.99 and $7.00, how much…
A: A purchaser purchases one item for $79.99 and two accessories for $9.99 and $7.0.. The total cost of…
Q: The data in the table below are for the economy of Merton, which has a natural rate of unemployment…
A: The GDP implies the value of all the commodities and services provided in the economy by the…
Q: Using the following table, calculate the missing exchange rates: Country Currency Price of one unit…
A: the exchange rate refers to the rate at which one currency can be exchanged for another. It is the…
Q: Suppose that the government establishes a price ceiling of $3.70 for wheat. What might prompt the…
A: Price ceiling refers to a type government policy that fix the maximum price that can be charged for…
Q: Refer to the board. At the equilibrium price, the consumer's surplus would be • a) $o b) $ 8 • c) $…
A: The given data is shown in the table below:PriceQuantity requested (demanded)Quantity offered…
Q: ) You have a bicycle rental business which has 500 adult bikes and 250 children's bikes. The bikes…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: 8. Price elasticity of supply in the short run and long run The following graph shows the long-run…
A: The price elasticity of supply is calculated as the percentage change in quantity supplied divided…
Q: 1. When country A can produce a good using fewer absolute inputs than any other country, then…
A: The global economy depends heavily on international commerce since it makes it easier for countries…
Q: $220 210 200 190 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 -MC -D - ATC MR 0 0…
A: Market structures are important in economics because they influence the dynamics governing resource…
Q: 1. Debbie, a popular wedding photographer, is able to photograph a wedding every Saturday of the…
A: Economic cost refers to the cost associated or expenditure done in the doing of an economic…
Q: Individual retirement accounts (IRAS) were established by the U.S. government to encourage saving.…
A: Future Value refers to the value that a certain investment scheme or alternative becomes at a…
Q: The distribution of income OA) is more even in developing countries than in the Russia B) is more…
A: This can be defined as a concept that shows the continuous progress in any nation it does not happen…
Q: Determine whether the following transaction will be included in GDP. The government provides a check…
A: Gross Domestic Product (GDP) is a key economic indicator that measures the total value of all goods…
Q: Consider the economy with capital and private debt but without money studied in class. Assume the…
A: Endowment is the first distribution of resources to persons or agents in an economic model, such as…
Q: BNQ12.1 Case: Consider a Lottery with 3 Possible Outcomes: ▪ $125 will be received with Probability…
A: Expected value refers to the value we get an average of possible outcomes of an event.It is also…
fast please10.
Part 2
Step by step
Solved in 3 steps
- Engineering Economics 0006 Please show step by step solutionComplete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980Calculate the value of total revenue if total cost is $6500 and profits are $800
- The change in fotal costjof proaucCuọn as the output or total product of the business is expanded is: LATHE Marginal cost (b) The Total variable cost (c) Average variable cost (d) Average fixed costOutput (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?define economic of scale
- pols Add-ons Help Last edit was seconds ago xt I UA Calibri 11 + 三 2 | 3 II | I 4 II| II6 4. Thanks to years of consistent contracts and an outstanding administration, Crestwood High School has formed one of the best teaching staffs in the State of Michigan. This staff has learned how to work seamlessly with each other and students. They are now able to effectively teach more students in every class than before. *Name the determinant: Automakers have introduced new heating lamps to their paint shops that allow them to dry layers of paint faster than ever before. These newly invented heaters use less energy and have greatly increased output. 5. *Name the determinant: 27°C Rain II 近PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…Firm Measures: Productivity, Costs, Revenues, and Profits Labor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC) $800,000 $ 0 $800,000 $ 800,000 $800,000 $800,000 d. e. f. g. 0 1 2 4 5 6 1. 0 8000 30000 45000 56000 60000 63000 $800,000 $800,000 $800,000 $1,500,000 $2,250,000 $3,130,000 $4,200,000 $5,040,000 a. Solve for marginal product (MP) in each row, except for where labor = 0. b. After which worker does the region of diminishing marginal returns begin? c. Specialization and division of labor are observed in which one of the three Price $80 $80 $80 $80 $80 $80 $80 regions? Solve for total cost (TC) in each row. Solve for average variable cost (AVC) in each row, except for where labor = 0. Solve for marginal cost (MC) in each row, except for where labor = 0. Why are the MC and MP inversely related to one another? While it is because as one increases, the other decreases, please explain the meaning behind the inverse relationship that exists between worker productivity and…
- Economics A company sells apples. Annual demand is 20,000, the order cost is $150.00 and the holding cost is 20% of the cost of each item. Cost of each item is $80.00. Calculate: a. The economic order quantity EOQ) b(i) the annual order cost ii) the annual holding cost iii ) total annual cost including cost of items.Bags/Participants Fixed Cost Variable Cost Total Cost $1,700 $- $1,700 100 $1,700 $500 $2,200 200 $1,700 इ1,200 $2,900 $1,700 $2,700 $4,400 300 $1,700 $5,200 $6,900 400 $1,700 $9,000 $10,700 500 $16,700 $1,700 $15,000 600 $1,700 $23,800 $25,500 700 $36,800 $38,500 $1,700 800 $55,800 $57,500 $1,700 900 $84,700 $83,000 $1,700 1,000 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? Please select any/all correct answers: Using Qb = F/(MR - AVC) where Qb is the break even quantity, the event would break even at 283 bags. %3D O Using the profit-maximizing rule, MR 2 MC, the quantity of bags that will maximize profits is 200 bags. O Using the profit-maximizing rule, MR > MC, the quantity of bags that will maximize profits is 300 bags. O The break even quantity cannot be determined in this case. «< Question 2 of 9 A Moving to another question will save this…show calc