Average and marginal cost of production at output level

Assignment Help Business Economics
Reference no: EM13741696

The fixed cost of running a private practice is $36,000 per year. The variable cost of providing consultation services from this private practice increase by $30 per consultation for any level of production up to 3000 units. The average and marginal cost of production at output level 1,000 will be a) 66$ and $30 respectively b) 45$ and 36$ c) 36$ and 30$

Reference no: EM13741696

Questions Cloud

What is the correlation coefficient : Suppose regression of y on x with a sample of size 37 yields 2 R = 0.4. What is the correlation coefficient between y and x?
Are innovative product-service offerings ethically neutral : Are innovative product and service offerings ethically neutral? Consider Napster and the intellectual property issues associated with swapping music over the Internet as an example to begin the discussion.
How much profit will be realized from lobstering : Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. With no restrictions on the number of traps, and open access ..
Income elasticity of demand for dental care : RAND study found that the income elasticity of demand for dental care is 0.15. Over the last one decade, income of the population has increased by 21%. Therefore, the income effect alone should a)Increase the demand for dental care by about 3% b)Incr..
Average and marginal cost of production at output level : The fixed cost of running a private practice is $36,000 per year. The variable cost of providing consultation services from this private practice increase by $30 per consultation for any level of production up to 3000 units. The average and marginal ..
Workers use riding mowers and push mowers : Ann owns a lawn mowing company. She has 240 lawns she needs to cut each week. Her weekly revenue from these 240 lawns is $8,400. If given an 18-inch deck push mower, a laborer can cut each lawn in two hours. If given a 60-inch deck riding mower, a la..
Rise in incomes is the same proportion : If a rise in incomes is the same proportion for both low-income and high-income workers.
Another ditch-digging firm that has seven backhoes : Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Marginal product of sixth backhoe operator could be positive : Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..

Reviews

Write a Review

Business Economics Questions & Answers

  Elucidate the expected short-term impacts on firms

Analyze these indicators and prepare a 3-4 page report elucidate the expected short-term impacts on firms in any one of the following five industries in terms of product sales.

  Determine effects of this on paths of aggregate consumption

Use the endogenous growth model to determine the effects of this on the paths of aggregate consumption and aggregate output overtime.

  Pros-cons of putting price ceiling on prescription medicine

Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer. In the first..

  Incomes so much more unequal within poor nations

Why are incomes so much more unequal within poor nations that within rich nations generally

  Q fuji konica agfa and 3m from a technical viewpoint there

q. fuji konica agfa and 3m. from a technical viewpoint there was little difference in the quality of colour film

  Which market structure would you classify airline industy

Given this structure, why is it that there is little price competition between carriers on the same route Why is there not more price competition If they do not choose to compete on price in most cases, how do they compete with one another What..

  Well as the vertical and the horizontal intercept

Suppose that Ellen has $I to spend on goods x and y: The price of good x is px and the price of good y is p y: Write down Ellen's budget line and draw it. Indicate the slope, as well as the vertical and the horizontal intercept.

  What is the equilibrium price of honey

What is the equilibrium price of honey? How much profit does an individual producer make in a month?

  What is change in equilibrium price

If the perfectly competitive market demand for cholesterol-free cookies shifts from QD,93 = 1,150 - 5P to QD,94 = 1,640 - 5P, and the market supply is given by QS = -100 + 2P, then the change in equilibrium price will be?

  Develop a brief presentation assessing the economic

Develop a brief presentation assessing the economic, legal, and political environments of your country, Briefly describe the country's history and its relevance to its current political, economic, and legal environment

  What you would recommend based on this data

write down ten results from the polls that indicate something interesting about the relative strength of the parties. Write a letter to a presidential candidate explaining what you would recommend based on this data.

  Many professional sports athletes have incentive clauses

Many professional sports athletes have incentive clauses in their contracts. These indicate tha: a) the team owner has asymmetric information b) the athlete might engage in moral hazard, which the team owner wishes to avoid. c)the athlete might engag..

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!

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