Fixed costs faced by farmers typically include the following, except: A. Fertilizer B. Property insurance C. Property taxes D. Interest and rent payments
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7. Fixed costs faced by farmers typically include the following, except:
A. Fertilizer
B. Property insurance
C. Property taxes
D. Interest and rent payments
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- Total revenue is $4400 and output is 220 Find the value of average revenueYou just received your midterm exam results andyour professor wrote the following note: “Youreceived a 70 on this exam, the average score. Ifyou want to improve your grade, you should studymore.” Evaluate your professor’s noteShane teaches guitar lessons. The graph below shows the comparison of his expenses and revenue for one month. r ($) L -1000 000 -600 200 Number of Lessons Expenses Revenue How many lessons must he teach to break even?
- If the seller manufacturing the books with costing $10 per book. the seller sells 500 books at a price of 100 per book. What is the total revenue of seller.If the seller manufacturing the books with costing $10 per book. the seller sells 500 books at a price of 100 per book. What is the total revenue of seller and its profits.Price ($ per gallon) $2.20 $2.00 $1.80 $1.60- $1.40- $1.20- $1.00- D i. 300 400 500 600 700 800 Quantity of Gasoline (millions of gallons) ii. iii. iv. V. vi. vii. viii. ix. ($2.20 per gallon, 420 million gallons) ($2.00 per gallon, 460 million gallons) ($1.80 per gallon, 500 million gallons) ($1.60 per gallon, 550 million gallons) ($1.40 per gallon, 600 million gallons) ($1.20 per gallon, 700 million gallons) X. ($1.00 per gallon, 800 million gallons) 900 Price ($ per gallon) $2.20 $2.00 $1.80 $1.60- $1.40- $1.20- $1.00- ($2.20 per gallon, 720 million gallons) ($2.00 per gallon, 700 million gallons) ($1.80 per gallon, 680 million gallons) ($1.60 per gallon, 640 million gallons) ($1.40 per gallon, 600 million gallons) ($1.20 per gallon, 550 million gallons) ($1.00 per gallon, 500 million gallons) 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) Graph both the demand and supply curve together and identify the equilibrium price and quantity. Define what an…
- 06. The minimum that suppliers will accept for the 8th unit of this product is a) $2 b) $8 c) $12 d) $161. The cost function for a commodity is given by C(x) - 200+12x+0.1x² (S) and the demand funct is p-300-0.02x ($/unit) where x- quantity (demanded and produced). (a) What is the profit function for this commodity? (b) Find the marginal profit function. (c) What is the marginal profit when x-10?! (d) What does this marginal profit tell you? (e) Find the level of demand at which profit is a maximum. Show how you do this using calculus. (1) What is the maximum profit, and what is the selling price that realizes this profit? Ans: R(x)-300x-0.02x², P(x)=-0.12x² +288x-200, P'(10) - 285.6 (S), approximate increase in profit from selling one more unit when sales are at 10 units, solving P'(x)-0 gives max at unit. x-1200 units, max profit - $172,600, price = 300-0.02(1200)-$276 per12 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0
- a firms long run costs is the costs of production when the firm (a) can vary the amount of output it produces (b) adds together all of its short run costs (c) uses the economically efficient quantities for its plant and its labourQuestion 3 Consider a corn farmer with one acre of land. In addition to land, other factors include quantity of seeds, fertilizer, water, and labor. Assume the farmer has already decided how much seed, water, and labor he will be using this season. He is still deciding on how much fertilizer to use. Units of Fertilizer Total Ears of Corn Marginal ears of Corn 1 100 2 250 3 425 4 550 5 600 6 525 (a) Determine the marginal ears of corn and complete the table. (b) At what point does diminishing returns set in for the farmer? Justify your response.Instruction Please answer all the questions by filling in the blanks or showing working calculation. Question 1 A firm's costs are given in the following table. TC TFC TVC AVC ATC MC O RM50 1 70 80 3 90 4 110 5 140 6 175 7 220 8 280 9 360 10 450 1.1) Complete the table. (4M) 1.2) Draw a graph for each AVC, ATC and MC on one graph. (2M) 1.3) Suppose market price is RM20. How much will the firm produce in the short run? How much are total profits? (2M) 1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits? (2M) (10 Marks) Working calculation and answer: