Subject: MicroeconomicsTopic: The theory of firm production and cost Q1. Josh, an entrepreneur, has disposed the following products:a. 2 boxes of canned goods @ 3,890/boxb.3 boxes of juices @2,480/boxHowever, she incurred the total value as inputs 4,875.. Compute for the TR:_. Compute for the TC:_. How much did Josh earn as PROFIT? Q2 Michelle is in shoe industry. She has 10 regular employees and 3seasonal/hourly employees, working three days a week. Each regularemployee is paid 12k/mo., while seasonal/hourly employee is @50/hr. four hours per day.She is paying a rent for the place at 25k; insurance at 100k, andtaxes at 150k.a) Compute for the total Fixed costs and the total variable cost.b) How much all in all is the Total Costs?

Since you have provided multiple questions, we will answer the first question. If you want any…

21. Josh, an entrepreneur, has disposed the following products: a. 2 boxes of canned goods @ 3,890/box b.3 boxes of juices @2,480/box However, she incurred the total value as inputs 4,875. . Compute for the TR:_ Compute for the TC: How much did Josh earn as PROFIT?

21. Josh, an entrepreneur, has disposed the following products: a. 2 boxes of canned goods @ 3,890/box b.3 boxes of juices @2,480/box However, she incurred the total value as inputs 4,875. . Compute for the TR:_ Compute for the TC: How much did Josh earn as PROFIT?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 25RQ: In choosing a production technology, how will firms react if one input becomes relatively more...

See similar textbooks

Related questions

Q: Product Burritos Flashlights Golf balls Quantity 10 15 8 Base Year Price (2001) $1.00 5.00 2.00…

A: CPI is the consumer price index. It is calculated by dividing the base year cost of market basket…

Q: The Fed has conducted expansionary monetary policy to combat a recession but is running up against…

A: An expansionary monetary policy basically refers to a type of macroeconomic monetary strategy that…

Q: Simple majority rule can generate inefficient outcomes because It does not register the…

A: Voting is a process that can be used by a group, such as an electorate or gathering, to arrive at a…

Q: Assume that a noncompetitive firm's short run production function relates the level of output to…

A: Part a Calculating the firm’s profit maximizing price and output as well as employment:…

Q: Which of the following are characteristics the monopolistically competitive firm and the perfectly…

A: In perfect competition , The profit maximization is where P = MC But in monopolistically…

Q: Topic A Problem: A friend of yours says, “in a capitalist economy, if people are willing to pay a…

A: The concept of capitalism is typically presented as an economic system in which the private actors…

Q: Define the following Terms - Isoquant - Marginal rate of technical substitution - Production…

A: Since it makes an effort to employ scientific methods and applies them to the study of specific…

Q: If the Fed lowers interest rates, that is an example of

A: Monetary policy refers to the central bank's macroeconomic policy. It is the government's…

Q: 7. Determinants of aggregate supply The following graph shows a decrease in short-run aggregate…

A: Aggregate supply : Aggregate supply, commonly referred to as total output, is the whole quantity of…

Q: Jenny's income is 220. Her utility function is given by U = x+9.1y. Assuming the price of good X is…

A: The change in demand of a good due to a change in price is SE(Substitution effect). When the price…

Q: According to this graph and starting at the vertical red line, what will happen to net social…

A: Social cost: Social cost of a given output refers to the sum total that is just enough to be paid in…

Q: The production function Q=20L+601²-2L³ satisfies the law of diminishing returns for O a. L>10 O b.…

A: To satisfy law of diminishing returns we have to satisfy condition∂2Q∂L2<0

Q: psychologist wants to estimate the variance of employee test scores. A random sample of 18 scores…

A: consider a random sample of n - observation from a normal population with variance σ2 and sample…

Q: I am in possession of two coins. One is fair so that it lands heads (H) and tails (T) with equal…

A: As the coin is fair the probability of the head and tail coming is half each. However, the weighted…

Q: Thompson Lumber Company wants to decide if they want to expand their current product line by…

A: Under the Minmax regret rule, the alternative that needs to be chosen minimizes the maximum regret…

Q: in relation to measuring the performance of organizational units, please explain the 5 center types…

A: When compared to the expected outputs, an organization's actual output or outcomes are considered to…

Q: Eads Industrial Systems Company (EISC) is trying to decide between two different conveyor belt…

A: The net present value or net present worth applies to a series of cash flows occurring at different…

Q: You and your research partner want to use Instrumental Variable analysis to write an econometrics…

A: Randomized control trials are frequently regarded as the standard for determining causal…

Q: Refer to Figure 2. In equilibrium, profits are equal to $0 a. b. C. d. $1300 $1200 $5000

A: A profit-maximizing firm produces at the intersection of MR and MC curves to maximize profit. i.e.,…

Q: 4. Suppose that a firm's profit function is = 110q₁-3q7-29192-2q2 + 140q2 and it must be that q1 =…

A: Profit function refers to a mathematical representation of profit of a firm that is generate by…

Q: Draw an upward-sloping supply curve and a downward sloping demand curve. The market is initially…

A: Consumer surplus is the area below demand curve and above price. Producer surplus is the area below…

Q: TABLE 1 PRICE ELASTICITY OF DEMAND FOR GOODS AND SERVICES Basket of goods and services Price…

A: Price Ceiling: Price ceiling refers to a situation when government imposes some price restrictions…

Q: A risk-averse manager is considering a project that will cost £100. There is a 10 percent chance the…

A: Introduction: The expected value is described as the difference between expected profits and…

Q: Question Q1 In moving from 1.0 mg/l to 0.8 mg/l of abatement on the graph below, show and clearly…

A: Abatement Costs are a decreasing function of total emission as the marginal cost is declining .…

Q: In relation to individual performance measurement and reward, please explain the purposes thereof.…

A: The method of performance measurement is used to evaluate the efficacy and efficiency of…

Q: 2. In Public Finance, there are two ideological perspectives on society and government Organic View…

A: The discipline of public finance describes and analyses government services, subsidies, and welfare…

Q: The diagram below presents the supply and demand for loanable funds in the country of Portlandia.…

A: Reserve requirement refers to the percentage or proportion of total deposits which the commercial…

Q: The following graph shows an economy in long-run equilibrium at point A (grey star symbol). The…

A: The Phillips curve shows that unemployment and inflation have a consistent negative relationship.…

Q: How can economic development organization reduce the cost, risks, and timelines for a business…

A: Economic development: It refers to the process under which the economy seeks growth with increasing…

Q: 5. Suppose a firm's cost function is given as C = 6q+10q2-4142+30 and it must be that 91 +92 = 34.…

A: Cost is minimized where MC = AC MC is the marginal cost and is the cost of producing an additional…

Q: What is Diversification and why is it important? Write answer in four or more paragraphs

A: Investments are spread among a variety of financial instruments, sectors, and other categories as…

Q: Suppose the monopolistically competitive firm is charging a price equal to average total cost. The…

A: In a monopolistically competitive firm , Firm produces where MR = MC. MR is the marginal revenue…

Q: What is the opportunity cost of a pair of shoes in Mexico? What is the opportunity cost of a pair of…

A: "Since you have posted a question with multiple subparts, we will solve first three subparts for…

Q: A risk-averse manager is considering a project that will cost £100. There is a 10 percent chance the…

A: The expected value is described as the difference between expected profits and expected costs.…

Q: An aerodynamic three-wheeled automobile (the Dart) runs on compressed natural gas stored in two…

A: The annual worth (AW) or value for an alternative is comprised of two parts: capital recovery for…

Q: According to Mankiw, the two characteristics perfect competition, monopolistic competition, and…

A: A perfectly competitive market structure has a large number of buyers and sellers. Each firm under…

Q: Valtro Electronic Systems, Inc. set aside a lump sum of money 4 years ago in order to finance a…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Consider the IV regression model Yi = β0 + β1Xi + β2Wi + ui, where Xi is correlated with ui and Zi…

A: A response, dependent, or the target variable may be described using a function that is provided by…

Q: 2. Consider the following game: 1 u 6,0 0,6 d 3,2 6,0 Are there any Nash equilibria in pure…

A: The best strategy in a non-cooperative game is determined by a firm with the help of NE(Nash…

Q: Draw and label both graphs and show the economy with an inflationary gap. Use the money market graph…

A: An inflationary Gap occurs in an economy when the aggregate demand for goods and services is more…

Q: 2. Find the extremum of x2 + x3 subject to x₁ + 4x₂ = 2.

Q: Two equal sized newspaper have an overlap in circulation of 10% (10% of the subscribers subscribe to…

A: Merger A merger happens between two organizations that tend to act as one organization after…

Q: Project 1 involves an outlay of $2.5m and gets an annual net income of $1m for 5 years. Project 2…

A: Payback period shows the time taken to cover the initial investment on any project. The payback…

Q: Lea's utility function is U=In(x) + 0.8 y where x denotes her consumption of good X and y denotes…

A: Given, Utility Function: U=ln(x)+0.8y Per Unit Tax on Good X = $2 Price of Good X = $7 Price of…

Q: RKE & Associates is considering the purchase of a building it currently leases for $30,000 per year.…

A: An investment is something that is purchased with the goal of earning money or gaining fame. In an…

Q: Changing the slope of the Phillips curve: Suppose the slope of the Phillips curve the parameter…

A: According to the philips curve, inflation and unemployment have a connection that is opposite to one…

Q: c. Suppose that the demand for Molly's product increased by three units at every price level.…

A: A profit-maximizing firm uses its input efficiently to produce optimal output. The optimal output is…

Q: 1. Find the extremum of z= xy subject to x+y = 6.

A: Given information: z = xy -------> Objective function x+y = 6 --------> constraint.…

Q: Lan's utility function is U = xa y1-a where x denotes her consumption of good X, y denotes her…

A: Utility function provides the different bundle of goods that are demanded in a given period. The…

Q: Which statement is true? The US dollar, the XCD and the British pound are the most popular reserve…

A: The network of organisations and agreements that facilitates the exchange of money is known as the…

Question

Subject: Microeconomics Topic: The theory of firm production and cost

Q1. Josh, an entrepreneur, has disposed the following products:
a. 2 boxes of canned goods @ 3,890/box
b.3 boxes of juices @2,480/box
However, she incurred the total value as inputs 4,875.
. Compute for the TR:_
. Compute for the TC:_
. How much did Josh earn as PROFIT?

Q2 Michelle is in shoe industry. She has 10 regular employees and 3
seasonal/hourly employees, working three days a week. Each regular
employee is paid 12k/mo., while seasonal/hourly employee is @
50/hr. four hours per day.
She is paying a rent for the place at 25k; insurance at 100k, and
taxes at 150k.
a) Compute for the total Fixed costs and the total variable cost.
b) How much all in all is the Total Costs?

Study of decisions made by households and business firms at an individual level. It includes several laws and theorems related to demand, supply, production, allocation of resources, and prices.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In choosing a production technology, how will firms react if one input becomes relatively more expensive?
MNLOGS harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $4,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $70 each Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Cost of purchased inputs Value added Revenues Company $ MNLOGS $ MNLumber $ $ $ MNFurniture b. Suppose that all of these transactions took place in 2014. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2014 and sold them to MNLumber in December 2014. MNLumber then sold the finished lumber to MNFurniture in April 2015 and MNFurniture sold all 100 tables during the rest of 2015. By how much did GDP increase in 2014 and 2015 due to these transactions? GDP…
Please complete the below table. Output TotalFixed Cost TotalVariable TotalCost AverageFixed AverageVariable AverageTotal cost MarginalCost 0 20 1 10 2 6 3 24 4 13.5 5 66 6 14 7 76 8 114
6. Why does Marginal Cost rise?
Sweaters sell for $19 at the crafts fair. Allie knits sweaters and her marginal costs are given in the table below. Allie's marginal costs increase with each additional sweater. If Allie is behaving rationally, how many sweaters will she sel? Marginal Cost ($) Sweater 2nd Sweater 11 ard Sweater 15 th Sweater 21 sth Sweater 28 eth sweater 35 Allie will sell sweater(s).
S Costs 35 3:0 25 20 15 10 0 2 3 Quantity (Vats of juice) E Marginal Cost O Search Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve lies below the average-variable-cost curve. C (((.
i just need a short answer like an examples please . .. Use an appropriate example from your experience to distinguish b etween accounting profit, economic profit, and normal profit. Based on your analysis, does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Please explain based on your example.
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 places
The manager of a T-shirt stand found that the cost to produce 1O T-shirts is $112.59, white the cost to produce 40 T-shirts is $401.58. Assune the cost Csa linear function of x, the namber ef T-shirts produced. Calculate the marginal cost ot a T-shirt. that s, the change in cost of producing one additional Tshirt, (Rournd to 2 decimai places
QUESTION 15 Use the following table and use your previous calculations at what quantity of output does marginal cost = average variable cost and marginal cost = average total cost Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 20/40 of output MC = AVC between 10/30 of output b. MC = ATC at 40 of output MC = AVC at 20 of output c. MC = ATC at 30 of output MC = AVC at 10 of output d. MC = ATC between 10/20 of output MC = AVC between 30/40 of output e. MC = ATC between 30/40 of output MC = AVC between 10/20 of output
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?
homework micro.docx - Word (Error de activación de productos) ARCHIVO INICIO INSERTAR DISEÑO DISEÑO DE PÁGINA CORRESPONDENCIA Diana Arenas - REFERENCIAS REVISAR VISTA X Cortar A Buscar - -|11 - A Calibri (Cuerpo) A Aa- A AaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcD ab Copiar Sac Reemplazar 1 Normal 1 Sin espa. Título 1 Título 2 Puesto Subtítulo Pegar N K abe X, x² A - aby - A Copiar formato Seleccionar - Portapapeles Fuente Párrafo Estilos Edición 1. Inefficient allocation of resources occurs when A. society is operating at a point low on the production possibilities frontier B. society is operating at a point high on the production possibilities frontier C. no one can be made better off without having someone else give up something D. it is possible to make some people better off without making others worse off. 2. The marginal revenue curve for a monopolist is always below the demand curve. True or false 3. Under a systems of laissez-faire, output selection is determined by…