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

  Find the market equilibrium price and quantity given that

demand in a perfectly competitive market is q 100 - p . supply in that market is q p - 10.1 what is the market

  What is the output of pages per worker

A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers and output increased.

  What is the short-run equilibrium price

Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4..

  Explain the operations of the firms within the industry

Choose a perfectly competitive supplier or industry. Briefly explain the operations of this firm or the firms within the industry.

  How gasoline prices influence the market for refinery labour

Detroit Oil Refinery Expansion Approved Marathon Oil Saturday started work on a $1.9 billion expansion of its gasoline refinery in Detroit.

  Monetary policy is impotent in achieving macroeconomic goals

Describe why a monetary policy is impotent in achieving macroeconomic goals under the fixed exchange rate system. Begin your discussion with the assumption that the economy is at equilibrium in the balance of payments (external balance), however at l..

  Determining fixed-marginal and average costs

Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.

  Two firms compete in emerging market for energy drinkscold

two firms compete in the emerging market for energy drinkscold medicine hybrids that feature caffine alcohol and cough

  What steps you would take under the assumptions

Suppose you are CEO of a manufacturing company, and oil prices suddenly double, which boosts the inflation rate by 5%.

  Why the tax cuts increase demand and supply

A) spending on infrastructure would not increase production in the economy. B)there is a conflict between where spending on infrastructure would benefit employment and where infrastructure is most needed.

  Discuss the consumer price index

The Consumer Price Index (CPI) measures changes in the cost of living by comparing the cost of buying a certain bundle of goods and services over time.

  Graph a market with tax where firms pay the majority of tax

Graph a market with a tax where firms pay the majority of the tax. Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition. Compare the results.

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