managerial economics 1-3

Using the figure above, what is the optimal quantity of goods for the firm to produce?  Using the figure above, what is the optimal price for the quantity of goods for the firm to produce?  Using the figure above, what is the total revenue and the total cost for the firm?  Using the figure above, what is profit/loss for the firm?  ***Please answer question number 3

Let’s consider an economy where all firms are favouring remote work to favour physical distancing and avoid the spread of a virus. To achieve these goals all firms receive a subsidy to equip their workers with a laptop. Consider that the market for laptops is in perfect competition and initially at the equilibrium. Explain the impact of the pandemic on the supply, demand, equilibrium on market of computers. Give a graphical representation

homework Question 1: During the pandemic, many workers started to work from home using digital technologies. Children also started homeschooling using digital technologies. At the same time, technological progress has accelerated in the IT industry. Assume that the market for computer is in perfect competition and that the initial price of a computer is 1000 dollars. Given this context, explain the impact of the pandemic on: The supply curve of computers (answer in 70-130 words) The demand curve of computer (answer in 70-130 words) The equilibrium in the market for computers (answer in 70-130 words).

MicroEconomics Practice: Ethanol is a motor fuel manufactured from corn. Ethanol and Gasoline are both used independently to power the engines of automobiles. Suppose bad weather negatively affects Corn production. Explain the effect of the bad weather on demand and supply of Corn. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Corn on demand and supply of Ethanol. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Ethanol on demand and supply of Gasoline. What is the effect on equilibrium price and Quantity.

Suppose you observe that a particular business has earned positive profits over time and maintained a large share of the market. Which of the following is likely to be true?  Group of answer choices Demand for the product is probably elastic The business must be engaging in price discrimination There is probably a barrier to entry preventing new firms from competing Supply must be inelastic Government intervention in this market is probably limited

Improved robot technology was recently incorporated into the process of producing automobiles. What will happen in the market for automobiles in the short-run?Answer questions E and F based on the situation: _____  E) Which of the following changes will occur: a) Demand will increase b) Demand will decrease c) Supply will increase d) Supply will decrease _____ F) Which of the following changes will occur: a) Equilibrium price will increase and the equilibrium quantity will increase b) Equilibrium price will decrease and the equilibrium quantity will decrease c) Equilibrium price will decrease and the equilibrium quantity will increase d) Equilibrium price will increase and the equilibrium quantity will decrease

Question 10 A supply curve slopes upward because Group of answer choices an increase in input prices increases supply the quantity supplied of most goods and services increases over time. as more is produced, total cost of production falls. an increase in price gives producers an incentive to supply a larger quantity.

Suppose goods X and Y are complimentary products.  Which of the following are correct with respect to the competitive market model of supply and demand? (check all that apply) an increase in the price of good Y will cause an increase in demand for good X and reduce the quantity demanded for good Y an increase in the price of good Y will cause a decrease in demand for good X and reduce the quantity demanded for good Y a decrease in the price of good X will increase the quantity demanded for good X and cause a decrease in demand for good Y a decrease in the price of good X will increase the quantity demanded for good X and cause an increase in demand for good Y

If a new technology doubles the production of workers as well as the level of production output, then this will do what? It will shift all cost curves to the left. Shift the supply curve to the left. None of the above. Shift the supply curve to the right.

Economics Initial situation: The market demand for "internet boosters" in Clemson is defined by the function Qd = 30 - 2P, while the market supply is defined by Qs = 5 + 4P. However, due to the "work and learn from home" situation, the demand for "internet boosters" changed to Qd2 = 60 - 4P. Approximately how much is the new total cost? Around $90.00 - $100.00 Around $80.00 - $90.00 O Around $100.00 - $110.0O Around $110.00 - $120.00 Around $120.00 - $130.00 O none of the options

Question 3 of 20 Total revenue is best described as the change in revenue when one additional worker is hired. variable cost per unit times the number of units sold. price per unit times the number of units sold. what economists assume firms seek to maximize. Suppose that the price of a coffee table is $85/table. Jim-Bob will sell 100 coffee tables at the flea market this month. It costs Jim-Bob $50 in materials and supplies to make each coffee table and $150/month to rent space at the flea market. These are all of Jim-Bob's costs. How much will Jim-Bob make in total revenue this month? Do not round your answer. $ How much profit will Jim-Bob make at the flea market this month? Do not round your answer. $

Production and costs are the primary building components on the supply side of the market. From the previous week, we know that consumer behavior forms the basis for the demand curves. This week, we will look at how production behavior by firms is behind the supply curve. A critical part of production decisions is profit. Many people think of profit in the terms of accounting profit, i.e., the difference between revenues from sales and the cost of production. However, when managers make production decisions they also look at economic profit that, unlike accounting profit, takes into consideration the costs of foregoing an investment in another activity (referred to as opportunity costs). Provide an example (preferably from an actual business operation) that demonstrates the differences in economic profit and accounting profit. You should include opportunity costs (explicit and implicit) in the comparison. Using your actual profit calculations explain why there is a difference in the…

In the long run, in a competitive economy, companies use resources until the extra or marginal production costs are: 1. Less than the price of the product 2. Greater than the price of the product 3. Equal to the price of the product 4. Equal to your earnings

Maximizing Profit and Production Answer the following: What is the profit equation? What are the values of X₁ and x₂ that maximize profit? What is the maximum profit? What are the values of X₁ and x₂ that maximize production? What is the maximum production? Q = 10 + 2x₁.5x² + 8x₂ - 2x² C = 2x₁ + 4x2 P = 40, FC = 150

PROBLEM 11:   Demand and supply for a good are given as Qd = 100 - 2P and Qs = -8 + P, respectively (Q is in 1000 units). Suppose the market above is a perfectly competitive market.  Find the market price that producers will sell their product.   Find the total quantity sold in this market.

A new technology will most likely ?     shift the demand curve to the right shift the demand curve to the left shift the supply curve to the right shift the supply curve to the left

Company ABC sells 2 products : X and Y. The cost of product is for X is 400 pesos and Y is 300 pesos. The profit for X is 40 and Y is 30. The total demand for both products is 1,000 units. Production cost is 100,000 pesos. How many units that the company produce so that to earn maximum profit? Answer in mathematical expression, tabular form, constraint, and profit.

Which of the following statements regarding the long-term equilibrium is TRUE?   Question 18 options:   Firms leave a market if they are making zero economic profit.   Entry and exit stop when firms make zero economic profit.   Entry and exit stop when firms are making an economic profit.   As new firms enter a market, each existing firm increases the quantity it produces.

Consider that unusually good weather in Washington led to a bumper crop of blueberries in the state. What will happen in the market for blueberries in Washington? Answer questions A and B based on the situation: _____ A) Which of the following changes will occur in the short-run: a) Demand will increase b) Demand will decrease c) Supply will increase d) Supply will decrease _____ B) Which of the following changes will occur: a) Equilibrium price will increase and the equilibrium quantity will increase b) Equilibrium price will decrease and the equilibrium quantity will decrease c) Equilibrium price will decrease and the equilibrium quantity will increase d) Equilibrium price will increase and the equilibrium quantity will decrease Based on new scientific evidence, it was determined that consuming red wine will extend your life, on average, by 5 years. What will happen in the market for red wine in the short run? Answer questions C and D based on the situation: _____ C) Which of the…

Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer preferences and technological advancements have influenced the demand for this product or service. How have companies responded to this increase in demand? Have there been any shifts in the supply curve due to changes in production capacity or costs? How have these changes affected pricing and competition in the industry? Can you predict how supply and demand for this product or service might evolve in the future?

Assume that, in the market for iron, all of the supply comes from iron mining firms, which own mines that contain limited quantities of iron. Most of the demand comes from steel manufacturers. Suppose that a new economic report predicts that world economic growth will greatly exceed previous projections, causing the price of iron to double in a year. What effect does this have upon the current market for iron? Select 2 correct answer(s) Question options: Supply shifts left. Supply shifts right. Demand shifts left. Demand shifts right. SELECT 2 ANSWERS PLEASE!

Which of the following would reduce the supply of baseball hats? An increase in the demand for baseball hats. An increase in the price of cloth used to make baseball hats. A reduction in the cost of labor used to make baseball hats. All of the above.

Companies in the steel and alumina industry may react to an increase in the price of crude oil by increasing their prices to reflect the increased cost of production. This, in turn, may lead to higher prices for consumers. Alternatively, companies may seek to reduce their production costs by implementing cost-saving measures, such as switching to alternative sources of energy or reducing their energy consumption. In some cases, companies may seek government intervention, such as relaxing import controls or offering subsidies, to help them cope with the increased cost of production. Ultimately, the reaction of companies in the steel and alumina industry will depend on a range of factors, including the specific circumstances of each company, the availability of alternative sources of energy, and the actions of their competitors. An increase in the price of crude oil will increase the cost of production for the steel and alumina industry, which will increase the price of their products…

= = 41. Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as P 60Qd; the supply curve can be expressed as P 0.5Qs. Quantity is expressed in millions of boxes per month. What are the amount traded and the price for this market? a) Q = 40; P = 20 b) Q = 20; P = 40 c) Q = 30; P = 30 d) Q = 30; P = 15

The latest data from streaming video companies reveals that streaming video subscriptions and average stream video subscription prices have declined.  How could this have possibly happened? Group of answer choices There was a decrease in demand and an increase in supply. There was a decrease in demand and no change in supply. There was no change in demand and an increase in supply. There was an increase in demand and no change in supply. There was no change in demand and a decrease in supply.

Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true? Check all that apply. Price (P) = marginal cost (MC) minimum average total cost (ATC). New firms have an incentive to enter the market. The market is resource allocatively efficient. The firms in this market are earning positive profit.

Autoworkers negotiate a wage increase.  How does this change affect the supply curve of cars? Group of answer choices The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all. It does not shift the supply curve or create a movement along it. It shifts the supply curve leftward. It shift the supply curve rightward. It creates a movement downward along the supply curve.

Marcy owns a photography business in Mobile, Alabama. The market for photography is very competitive. At Marcy's current production level, her marginal cost is $20 and her marginal revenue is $28. In order to maximize profits, Marcy should decrease the price. decrease production. keep production the same. increase the price. increase production.