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- What are diminishing marginal returns as they relate to costs?5) If Hilltop Turf Farm's total cost of producing acres of sod is TC = 0.20-120Q - 5,000, the marginal cost of producing the fiftieth 50h acre of sod is a) $110. b) $120. C) $130. d) $140. e) $150.(a) How would one estimate the full cost to an airline if one of its planes is held over for 24 hours in an airport for repair? (b) A company has spent $10 million to develop a product for market. During the product’s first two years, the company’s profit was $6 million. In recent years, the market was flooded by rival products and now the company is reassessing its product. If it abandons the product, it can recover $2 million of its original investment by selling its production facility. If it continues to produce the product, its estimated revenues for successive two-year periods will be $5 million and $3 million and its costs will be $4 million and $2.5 million. (After four years the plant will have zero resale value.) What would be the company’s best course of action? (c) Two decades ago, the global demand and supply curves for copper were: Qd = 15-10P and Qs = -3 + 14P, where Q is measured in millions of metric tons per year. Find the competitive price and quantity. Suppose that…
- based on the information in the table what is marla's profit margin? total revenue-$1,400total cost- $900average cost- $7fixed cost-$700quantity-200what is coasian transaction cost?Refer to the accompanying table below. The marginal cost of the 4tn unit of activity is: Units of Activity Total Cost Total Benefit $0 $0 1 $2 $12 2 $6 $22 $12 $20 3. $30 4 $36 $30 $40 6 $42 $42 7 $56 $43
- Phil's Car Wash Inc. has alternative production methods it can use. Some details of the costs of using these methods are described in the table below: Production Production Number of cars washed per hour 0 1 2 3 4 5 6 11 10 9 8 7 6 5 Method 1 Fixed cost ($) Marginal Cost ($) 0 1 2 3 NNNNNNN 4 5 6 2 2 2 2 2 2 2 1 2 3 4 5 6 Method 2 Fixed cost ($) Marginal Cost ($) 10 10 10 10 10 10 10 a) What is the ATC of washing from one to six cars per hour using production method 1 and production method 2? Draw a graph of the Long-run Average total cost of washing from one to six cars per hour. How many cars would Phil need to expect to wash per hour for it to be optimal for his business to use production method 2? 1 1 Phil's business operates in a monopolistically competitive market. Demand for car washes from his firm is: Price Quantity demanded 1 1 1 1 b) Suppose Phil is using production method 1. Assume that his business must set the same price for each car wash. What will be the…Stuey the VP for advertising at the Meg-low Mart is trying to sell Meg-Low Mart Body Spray for $1.99 per unit. His variable cost for each unit $0.75. Knowing their AED is .31 calculate the optimal amount that should be spent in advertising.What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200
- Leonard Presby, Inc., has an annual demand rate of 1,000units but can produce at an average production rate of 2,000 units. Setup cost is $10; carrying cost is $1. What is the optimalnumber of units to be produced each time?(a) What is the profit-maximizing level of output and how much daily profit will the producer below earn if the price of pizza is $ 2.50 per slice? MC S/slice ATC AVC 2.50 1.40 slices/day 570Here's the table showing quantity and total cost Q - 0, 1, 2, 3, 4, 5 TC - 8, 9, 10, 11, 13, 19 Calculate MC.