Fishermen in the Atlantic ocean in Nova Scotia are catching fewer fish and are having to fish many more hours to catch them. However, the total number of fish caught in the ocean continues to increase. The ocean is experiencing increasing average returns. diminishing total returns. increasing marginal returns. constant marginal returns. diminishing marginal returns
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- Number of Consumers Who Try the Product Number of Repeat Customers 10 million 10 million Product Energy bar A Energy bar B In the table above, the profit from repeat customers will equal the cost of the advertisement if there are Profit per Repeat Customer 5 million 1 million $6 6 Profit from Repeat Customers $30 million 6 million Cost of Advertisement $10 million 10 million million repeat customers. (Enter your response rounded to two decimal places.)in the month of Janaury a car dealership bought its vehicles for $100.000 and sold them for $145,000 It pays its employees $20,000 for the month. What is the gross profit for January? Ⓒ$45.000 Ⓒ$25.000 $100.000 $145.000A farmer has 8 hectares of agricultural land. The farmer will plant the land with rice and corn. 3 tons of rice can be harvested from 1 hectare of rice field, while 4 tons of corn can be harvested from 1 hectare of corn field. This farmer wants to get a yield of no less than 30 tonnes. If the cost of planting 1 hectare of rice field is 500 thousand and the cost of planting 1 hectare of corn field is 600 thousand. Then what is the minimum cost that must be incurred by the farmer?
- 1.Joe quits his computer programming job, where he was earning a salary of $50,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $24,000 per year. In his first year of business he has the following expenses: salary paid to himself, $40,000; rent, $0; other expenses, $25,000. Find the accounting cost and the economic cost associated with Joe’s computer software business.2. Economies of scale are achieved when ... a) Supply consistently exceeds demand b) High energy efficiency levels are reached and maintained c) Waste is kept to a minimum d) Production quotas are raisedAvailable: Oct 24, 2021 6:00pm until Oct 26, 2021 7:30am v Details Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 $18 $24 4. $32 $42 6. $54 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the fırm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). Include correctly labeled diagrams, if useful or required, in explaining your answers. A…
- 2. You are the manager of production at a firm that sells high performance road bikes. Your firm has the following average-total-cost schedule: Quantity 548 Bikes 549 Bikes Average Cost $245 $246 Your current level of production is 548 bikes, all of which have been sold. Someone calls desperate to buy a bike for a local race. The caller offers $800 for the bike. Should you accept the offer? Why or why not? Show your calculations for full credit.2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?(10) The law of diminishing returns states that: (a) as a firm uses more of a variable resource, given the quantity of fixed resources, the average product of the firm will increase. (b) as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease. (c) in the short run, the average total costs of the firm will eventually diminish. (d) in the long run, the average total costs of the firm will eventually diminish.
- A dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the table below. The price of butter per pound is $0.5 and the price of cheese per pound is $2. If the dairy business wishes to maximize its profit, it will produce of cheese. Cheese gained (in pounds) Profit gained from increased Butter forgone (in pounds) Profit lost from decreased production of cheese production of butter (C) 1 1 1 1 a. 1 pound Ob. 3 pounds 4 pounds * c. Od. 2 pounds (A) (B) 2 3 4 5 6 (D) (E)Course dashboard Soru 15 SCENARIO 1 You are the owner and only employee of a company that writes computer Henüz software that is used by gamblers to collect sports data. Last year you earned a total revenue cevaplanmadı of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business 4 üzerinden you invested an amount of your own capital that could pay you a return of $40,000 a year. ışaretlenmiş Refer to Scenario 1. During the year your economic costs were P Soruyu işaretle Lütfen birini seçin: O A $30000 OB$130000 O C.S 60000 ODS 40000 O ES 100000 SONRAKİ SAYFA ÖNCEKİ SAYFA 日 O Aramak için buraya yazınMultiple choice questions - Microeconomics 35) What is the firm’s efficient scale? A. the quantity of output that minimizes average total cost B. the quantity of output that minimizes average variable cost C. the quantity of output that minimizes marginal cost D. the quantity of output that minimizes average fixed cost 34) Marginal cost increases as the quantity of output increases. What property does this reflect? A. diminishing total cost B. increasing marginal product C. increasing total cost D. diminishing marginal product