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- Are there fixed costs in the lung-run? Explain briefly.Tips ips The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. 100 PRICE (Dollars per instant pot) 8888 2 2 2 2 10 o ATC AVC MC ㅁㅁ 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of instant pots) Using the following table, for each price level, calculate the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it will choose to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) Price (Dollars per instant pot) Quantity (Instant pots) Total Revenue (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Profit (Dollars) 25.00 1,600,000 70.00 1,600,000 100.00 1,600,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In…Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150
- Homework 2.1 Suppose a business manager of the factory wants to assess in terms of elasticity of demand, whetherthe products that his business is producing are complement goods or substitute goods inconsumption. So please explain which are the factors need to consider the long-run average cost curve in terms of usage of input?Cost LRAC 40 30 20 10 100 200 400 800 Output b. What happened to the cost of one good as the firm increased its output from 100 units to 200 units and from 200 units to 400 units?A kid wants to open a lemonade stand in their neighborhood. They would have elastic supply because O Lemonade takes a long time to produce O They can only produce one product O The product has to be sold from their house They have flexible inputs
- Suppose that a firm has increasing marginal cost, and a positive fixed cost. What happens to minimum effcient scale if the xed cost increases100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)A manufacturer of hospital supplies has a uniform annual demand for 180,000 boxes of bandages. It costs $20 to store one box of bandages for one year and $500 to set up the plant for production. How many times a year should the company produce boxes of bandages in order to minimize the total storage and setup costs? The company should produce boxes of bandages time(s) a year. you ge.. Next R. RAZER
- 0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue ProfitA firm's long run cost is the cost of production when the firm Select one calculates its cost at least one year into the future Luses the economically ethicient quantities for its plant and its labor an vary the amount of output it produces adds together all of its short run costsATC Price MC AVC 8 4 10 11 12 13 Quantity The graph shows the cost curves of a firm in a competitive industry. Assume that all frms in the industry have identical cost curves. The price in this market in the long run is S K 11/21 > o SUBMIT ANSWER 8OF 21QUESTIONS COMPLETED MacBook Pro
