The number of chairs that Cooper's Millworks can sell per day is given by the table below. Tables Sold Daily. Price Total Revenue Marginal Revenue Average Revenue 1 2 3 300 280 260 What is the missing value A? Answer: 300 560 A 300 260 B 110 280 C
Q: Question: • How would you explain the idea of comparative advantage to a family or friend who does…
A: Comparative advantage is a condition in which a country can produce a particular product or service…
Q: s paid a salary of $480 a week at her job. She worked 9 hr of overtime during the holidays, and her…
A: Labor economics is a department of economics that researches the functioning and dynamics of the…
Q: A computer company produces hardware and software using the same plant and labor. The total cost of…
A: Economies of scope occur when producing multiple products together reduces the total cost, as shared…
Q: Anthony and Michelle Constantino just got married and received $24,000 in cash gifts for their…
A: Amount recieved by Couple = $24,000i = 10%t = 25 years
Q: Assume that one week sneakers sold at $150.00 and sell 80 units., next week they price them at $140…
A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…
Q: (Case Study: Farm Subsidies) “Subsidizing the price of milk or other agricultural products is not…
A: A statement has been provided and the objective is to evaluate it.
Q: Suppose you have two types of beverages: a cola and a beer. Are these products in the same market?
A: ***Since the student has posted multiple questions, the expert is required to solve only the first…
Q: The Graph below illustrates the Demand and Supply curves for Higher Education by College students,…
A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…
Q: In 2020 the Fancy Footwork Shoe Company delivered $1,000 worth of fancy shoes to a retail outlet.…
A: An investment refers to an asset or item accrued with the goal of generating income or recognition.…
Q: Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose…
A: A state of balance in the market where the quantity (Q) of a good or service supplied by producers…
Q: Price D 1 D 2 S 1 S 2 $12 5 9 19 14 $10 8 12 17 12 $8 11 15 15 10 $6 13 18 13…
A: demand refers to the quantity that a consumer wishes to buy at a given price in given period of…
Q: Suppose there exist two imaginary countries, Glacier and Sequoia. Their labor forces are each…
A: There are two countries, Glacier and Sequoia. The table below shows the amount of almonds and shorts…
Q: Use the following to answer question 2 Units of resource Total product Total revence (5) MA 0 A) L…
A: In the realm of business economics, decision-making and resource allocation within intricate market…
Q: 4. Show that the two utility functions given below generate identical demand functions for goods X…
A: Utility refers to the economic concept where individuals or consumers aim to make choices that…
Q: Suppose that the market for e-cigarettes can be represented by the following equations: Demand: P =…
A: Demand: P = 60 - 2QDSupply: P = 21 + 4QSP is the price per device in dollarsQ represents quantity of…
Q: Suppose you were a benign government who wanted to improve Angela’s situation, but without…
A: Pareto Efficiency is the situation in which optimality cannot be attained in the allocation. Also,…
Q: A consumer has the following utility function: U(x, y) = y + x1/2. Let px and py bt the…
A: A utility function is a mathematical representation used in economics to quantify the satisfaction…
Q: The demand and supply equations listed below describe the market for high-quality, one-hour…
A: The state in which the quantity (Q) of a good or service demanded by consumers equals the Q supplied…
Q: Largest Firms in the Industry A B CDEF Market Share (%) 100 0 0 0 0 0
A: Four-Firm Concentration Ratio:The four-firm concentration ratio is a measure of market concentration…
Q: Inflation-indexed bonds Some bonds issued by the U.S. Treasury make payments indexed to inflation.…
A: Corporate debt issued by firms and securitized as tradable assets is known as bonds. Because bonds…
Q: 3 Question 10 Suppose X and Y are random variables. Furthermore, var(X)=4, var(Y)=16, and…
A: The objective of the question is to calculate the population variance of a linear function of two…
Q: Scarcity and choice
A: Scarcity is a fundamental financial idea that arises from the disparity between unlimited human…
Q: a. Assuming that the price of grapes is $5.00 per flat, calculate total revenue and marginal revenue…
A: Total revenue is the total receipt from selling the goods or services. Formula: Total revenue =…
Q: Alternative R has a first cost of $88,000, annual M&O costs of $62, 000, and a $20,000 salvage value…
A: Maintenance and Operations (M&O) Tax Rate: The M&O segment is the assessment rate that is…
Q: In the aftermath of a hurricane, an entrepreneur took a one-month leave of absence (without pay)…
A: Economic ProfitThe difference between the economic and accounting profit is called opportunity cost.…
Q: consumers want more avocados, prices of avocados will: O increase, signaling producers to grow more.…
A: The issue here is understanding the way the expansion in customer interest for avocados influences…
Q: In 2017, Kenya banned the use of disposable plastic shopping bags due to concern over plastics…
A: This can be defined as a concept that shows the total demand for the products and services in a…
Q: How much money would be accumulated 17.00 years from now from deposits of $19,000 per year for 5…
A: The objective of the question is to calculate the future value of a series of $19,000 deposits made…
Q: We modeled growth in an economy by a growing population. We could also achieve a growing economy by…
A: The number of people born in each period is 404. The constant stock of money is 199. The young…
Q: 1. Many individuals might be willing to contribute $25 to the local community charity drive if they…
A: The free-rider problem is an idea in economics that takes place when people or entities benefit from…
Q: Discuss the meaning and importance of the Leontief paradox.
A: ***Since the student has posted multiple questions, the expert is required to solve only the first…
Q: 4. Consider the following information about Canadians. There are 28 million Canadians, 2.5 million…
A: The objective of the question is to determine the probabilities of various scenarios based on the…
Q: Use supply and demand curves to show and explain how both the equilibrium price and quantity change…
A: The objective of the question is to understand the impact of changes in consumer behavior and…
Q: Spying on union representatives or employees who are attempting to unionize is a violation of…
A: The objective of the question is to determine whether spying on union representatives or employees…
Q: Hanna, who is a 5-year-old girl, eats nothing but pasta, yogurt, and lemonade. Each month her…
A: The objective of the question is to calculate the total monthly cost of Hanna's meals for each month…
Q: Suppose there are four people in the market, two people with u-x1x2 and two people with…
A: Demand Curve:A demand curve is a graphical representation of the relationship between the quantity…
Q: Calculate GDP (expenditure approach) and depreciation.
A: Gross domestic product is the final combination of goods and services in a country. GDP is an…
Q: Suppose demand is given by Q-32-P and supply by Q=P+2. A 50% sales tax is imposed. What is the…
A: Equilibrium refers to the point where the market demand is equals to the market supply. This point…
Q: What was the Treaty of Rome and which countries were signatories?
A: International economic organisations are establishments formed by several countries with the aim of…
Q: Figure 5-6 2299 20 18 16 14- 12 10 Price 8+ 6 24 A B C Demand H+++> 100 200 300 400 500 600 700 800…
A: Revenue basically refers to the total amount of money created by an organization from its business…
Q: What are spillover effects and how do they affect growth
A: Spillover effects, in economic terms, refer to the unintended and indirect impacts of an economic…
Q: 11) Which of the following increases the quantity of money? A) an individual's cash withdrawal…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Consider a satellite internet provider which is the only firm servicing potential customers in…
A: Second-degree price discrimination is a pricing strategy where a seller charges different prices…
Q: In 2020, wildfires and wildfire smoke destroyed thousands of acres of wine grape crops in northern…
A: Thousands of acres of destroyed vineyards were among the devastation left behind by one of the worst…
Q: Suppose that Poland had exports of $100 billion in 2014 and imports of $150 billion. What were its…
A: The total amount of money coming into and going out of a nation is represented by net capital flows.…
Q: Suppose you are currently (i.e. 2024) performing a cost-effectiveness analysis and you wish to…
A: The objective of the question is to determine the cost per visit of a hospital admission for an…
Q: What is the SPNA of the below game? 9, 1,3 9,1,3 3,5,7 4,2,4 2,9,1 D 4,2,4 E 3 3,5,7 2,9,1
A: Subgame Perfect Nash Equilibrium is a form of Nash Equilibrium that provides further accurate…
Q: Summarize the Capital Markets Forecast for 2024. What is the outlook of Wilmington Trust in terms of…
A: The 2024 Capital Markets Forecast from Wilmington Trust provides information on how the world's…
Q: From the following list, select all the statements that apply to output combinations inside the…
A: The problem at hand involves assessing statements related to output combinations within the…
Q: Consider the following information describing an economy with demand-determined output. There is no…
A: Given: The equilibrium condition for national income is Y=C+I.The marginal propensity to save, or…
Step by step
Solved in 3 steps
- Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices. Use the graph inout tool to help you answer the folowing questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white fidld, the graph and any corresponding amounts in cach grey field will change accordingly. Graph Input Tool Market for Goods 200 nguantity Semanded 20 100 Demand Price (Dolars per unt) 140 100.00 120 100 Demand 40 20 12 16 20 24 21 2 M 40 QUANTITY Iunita) On the graph inpue tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of 0, 8, 26, 20, 24, 32, and 40 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plot the resuuts. 2000 Tata Revenue 200 00 400 200 16 20 QUANTITY (Number of uni) 12 24 20 40 Calculate the total revenue if the firm produces…Sandra owns a copying business. She rents copy machines from a local supplier and has the following demand. Price 100 75 50 Sandra's Demand for Copy Machines 25 1 2 3 Quantity of Copiers Multiple Choice $50 4 $75 What is the marginal revenue product from using the third copier? $25 5 D 6
- dr -0.2q+1. where Qis the number of product units sokd and ris the revenue in dtars t he mfacte se 50 un per weet, Now much more wi the da A manutacturer's marginal revenue function is revenue be when increasing the seig to 100 ts per week $1000 $0.4 $800 $50 $51Only typed answer When the local electricity company charges a price of $20 per kilowatt they sell 1,000 units. If they raise the price by $1 they sell 800 units. What is the marginal revenue between $20 and $21? a) $21 b) $3,200 c) $200 d) $1The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?
- Pls don't use AI solution Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.onsider total cost and total revenue, given in the following table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 5 0 1 6 6 2 8 12 3 11 18 4 15 24 5 20 30 6 26 36 7 35 42 can you plaes help me with thisEfficiency is when ved of The benefits of the resources are distributed fairly among economic agents O b. Society gets the most from its scarce resources. OC Prosperity is distributed uniformly among society's members o d The wealth of the economy is redistributed Clear my choice VO
- Activity Frame A 2191 A 1878 1565 n 1252 939 626 0 A + + 0 5 10 TOTAL REVENUE (Dollars) 3130 2817 2504 MARGINAL REVENUE (Dollars) 313 Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the marginal revenue of the 10th unit produced. The marginal revenue of the 10th unit produced is $ Calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal revenue of the 20th unit produced. The marginal revenue of the 20th unit produced is $ 250 Based on your answers from the previous question, and assuming that the marginal revenue curve is a straight line, use the black line (plus symbol) to plot the firm's marginal revenue curve on the following graph. 225 200 175 150 125 100 75 50 25 0 15 20 25 30 35 40 QUANTITY (Number of units) -25 -50 0 A 45 50 5 10 15 Total Revenue 20 25 30 35 QUANTITY (Units) 40 45 50 Marginal Revenue (?) Comparing your total revenue graph to your marginal revenue graph, you can see that total revenue is…The diagram shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. What is the total revenue of the profit maximising firm in the short run? a) R720 b) R800 c) R960 d) R2 000 20 2 Cost, price (Rand) MC I 100 60 80 Output per day AC AVC Price1- iro % What quantity of output will this profit-maximizing firm choose to sell? units) (Round your response to the nearest whole number) Dellars per Unit 1927 176- 160- 120 112 00 BO 04 10 32 Output MR MC ATC 80 od