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- QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)Labor (workers) 0 1 2 3 4 O $1.05 O $.95 O $.42 TP (output) 0 O $1.37 15 38 56 68 TC $16 $38 What is the average variable cost associated with 38 units of output? $52 $74 $90The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
- Please refer to the figure below. The equation for p = 105-0.005D 25,000+65D Y D (units sold) How much is the fixed cost? O A. BD65 О В. BD22,500 O C. BD12,500 O D. BD25,000 Cost/Revenue$10 ,ATC MC 9. 8 AVC 4 3 1 1 4 6. 7 8. 9 10 Quantity (in 1,000s) What is: (1) AVC at 6000 units of output? (2) ATC at 6000 units of output? (3) AFC at 6000 units of output? (4) TVC at 6000 units of output? (5) TFC at all levels of output? (6) TC at 10,000 units of output? (7) does diminishing returns set in? Suppose this firm operates in a perfectly competitive market. (8) If the market price (the price the firm must take) is $3, what quantity maximizes profits? What is profit? (9) If the market price (the price the firm must take) is $5.50, what quantity maximizes profits? What is profit? (10) If the market price (the price the firm must take) is $9, what quantity maximizes profits? What is profit? Cost per unitGiven the data provided in the table below, what will the fixed costs be when producing 4 units of output? QP TC TRMRMCProfit O $5$9 1 $5$10 2 $5$12 3 $5$15 4 $5$19 5 $5$24 6 $5$30 7 $5$45
- Output Total Cost 105 ts 125 140 3 180 4 240 320 The average fixed cost at a quantity of 2 is given by ester O 52.5 O 105 O 140 O 35A Share Zoom TVC TC AVC MC 0. 15 23 30 Answer the following questions:Jerry Maguire is making two products Abra and Cadabra in its plant location in Smallville. The cost data for the products are listed below Selling Price Variable Cost O $128,000 O $230,000 O $142,500 Abra $60 $30 FIXED Cost / Quarter $30,000 The company made 4,500 units of Abra and 1,500 units of Cadabra respectively last quarter, what is the profit made? O $132,000 Cadabra $30 $25
- A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays \$20,000 a year, and move into a storage building that he owns and currently rents to his brother for $6,000 a year. His estimated expenses at the sushi bar would be $50,000 for food and \$2,000 for and electricityThe chef's implicit costs are equalThe fixed cost of a firm is 32000, the variable cost is 5 per unit, and the labour Cost is 10x², of then the actual cost of producing the 10th unit is cion Select one: O a. 185 О ь. 195 O c 215 O d. 205 e. 225 geYou are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…
