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Given the following production and cost information, construct (make) the referenced cost graphs and answer the discussions questions.
Lisa has a lawn-mowing business. Lisa hires students at $40 a day to mow lawns. Lisa leases 5 lawn mowers for $200 a day. The production and cost schedule for Lisa’s business is outlined below.
Labor (Students per Day) Output (Lawns Cut per Day)
0 0
1 20
2 44
3 70
4 94
5 114
6 118
a) Construct (graph) the average fixed cost, average variable cost, and average total cost.
b) Construct (graph) the corresponding marginal cost schedule.
c) How many lawns should be cut during each day by Lisa’ business to minimize its average total cost or operate most efficiently?
d) Explain why marginal cost schedule tends to increase as more lawns are cut each day.
e) Explain why average fixed cost tends to decrease as more lawns are cut each day.
Tom Brown, the controller for MicroTech Software Company, is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy..
In the short run the typical company increases its output but its total cost also rises. Hence, the effect on the company 's profit cannot be determined without more information.
You are given the following information: (a) Your firm’s demand equation is defined as follows: Q_d=100-4P_A+2P_s+.1I, where Q_d is the quantity demanded for your product, P_A is the price that you charge for your product, P_s is the price that a com..
q1. study plan problems and applications rain spoils the strawberry crop the price raises from 4 to 6 a box and the
A monopoly firm is free to charge any price it wishes. What constrains its choice of a price?
Suppose that you invested $10,000 dollars using the dollar-cost-averaging approach. Assume that on Feb-1-10, and on Feb-1-11, you purchased $5,000 worth of stock (each year). You then held the shares until they were sold on Feb-1-2014 (assume you rec..
A fractional reserve bank creates money. Are there any limits to how much it can create? Does a large bank face the same limits as a small bank? What would be the limits for a large bank that was the only bank in the country?
The table below represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells represent the number of customers that can be served with various combinations of labor and capital.
Evaluating Downsizing Effectiveness
Entrepreneurship is a A. Distruptive B. Stabalizing force in an economy. True or False: Economic models cannot fully capture the dynamic process of competition, in particular, the discovery of new products and methods.
How much money will accumulate in five years if monthly deposits of $1,000 are made every month (except for month 15, where no deposit is made) if interest =3% per month? Show all your work
Make the assumption that an economy has no external effects and all actors are perfectly informed. In addition, one good is produced by a firm who is a non-discriminating monopolist (known as Frontier Firm).
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