User Account

All Pages

Calculate total variable cost

Assignment Help Microeconomics
Reference no: EM132140900

Question: Barney has a snow removal business. The price he charges for snow removal is $10 for each driveway. He clears 20 driveways during the week. His average cost is $12.50, his average variable cost is $6.25, and his average fixed cost is $6.25. Answer the following questions below:

a. Calculate total revenue

b. Calculate total cost

c. Calculate total variable cost

d. Calculate total fixed cost

e. Calculate profit

f. Based on your calculations, a through e, should Barney shut down or continue to run his snow plow business? Why?

Reference no: EM132140900

Questions Cloud

What would happen to the money supply : If banks borrow from the Fed's discount window, what would happen to the money supply (assume no offsetting Fed actions)? Explain.
What level of excess reserves does the bank now have : The bank sells $20,000 in securities to the Federal Reserve Bank in its district, receiving a $20,000 increase in reserves in return.
Briefly explain how eleanor and fenton will report : Briefly explain how Eleanor and Fenton will report this exchange for federal tax purposes. List the authorities on which you rely
Why a small investor would benefit from investing in a fund : Justify why a small investor would benefit from investing in a mutual fund, as compared to the many other investments that exist.
Calculate total variable cost : Barney has a snow removal business. The price he charges for snow removal is $10 for each driveway. He clears 20 driveways during the week.
What is the size of the bank actual reserves : Suppose that Serendipity Bank has excess reserves of $12,000 and check able deposits of $150,000.
How does a franchise system such as the one used : How would you use business analytics to identify exporting opportunities for Two Men and a Truck?
What are the main things to remember about elasticity : What are the main things to remember about elasticity, supply and demand, tax incidence, government controls on the market, and economic theories?
What happens to market demand : Then let's use those tax revenues to raise Manny's income by 120 dollars. What happens to market demand?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd