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You and your family own a Christmas tree farm where you produce and sell Christmas trees. You want to consider the amount of water it takes to produce your trees. So, the following table displays different quantities of variable input in units of water resulting in total output of Christmas trees. Assume that the cost for water which is the variable input is $350/unit. All other costs of production are held constant as your total fixed costs of $4500. You are interested in knowing some production and cost information for your business. Using the formulas provided in your text and in Explorations in Content, complete the following Production and Cost table (which is already partially completed for you) by filling in the highlighted blanks for Marginal Physical Product (MPP), Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC). (Note: Find Marginal Physical Product and Marginal Cost as changes from the previous level to the current level.)
In the short run a firms cost of producing the hundreth unit of output is $10,000. If it makes just one more its $10,150. What is the marginal cost and average total for 101 units. Also average cost for 100 units?
A game store sells the latest Dungeoncrawl game at the suggested retail value. Initially, the game sells well, until a combination of bad reviews and word of mouth reduce demand drastically. What should the store do to sell the remaining Dungeoncr..
what happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved?
What is the statutory length of time in your state that the squatter needs to "possess" your land in order to take ownership of it? Is this amount of time long enough, too short, etc? Why?
What will be his optimal consumption choices of beer and cheese given the original prices of Pb=$2 and Pc=$5 and income =$500? How much income is spent on beer? How much on cheese?
Inequality within many developed countries is increasing. Evaluate the impact of policies designed to reduce inequality in a developed country of your choice
"Economic models display a simplistic version of reality that is easily understood. Only the most important aspects of the prediction or the assumption at hand are included in the model (McEachern, 2017) allowing for the complication due to too mu..
Elucidate the price should you charge for a midsized automobile if you expect to maintain your record sales.
Elucidate economic school of thought does Obama base his economic prescriptions? Detractors accuse him of some leaning towards socialism. However, Obamanomics is simply "Keynesian Economics".
Suppose you are an advisor to President Obama. Illustrate what fiscal policies would you put in place.
Identify the location of firms and households. List and explain the three major problems in using the CPI as a measure of the cost of living
Assume that the consumption schedule for a private open economy is such that consumption C = 20 + 0.80Y. Calculate the equilibrium level of income or real GDP for this economy
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