### Determine the marginal cost and cpi

Assignment Help Microeconomics
##### Reference no: EM1393199

In your own words, describe the meaning of average cost. You normally buy a crate of wine for \$75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs \$82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now.

In your own words, describe the meaning of marginal cost. You normally buy a crate of wine for \$75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs \$82. However, there are 7 bottles in a crate. To the nearest cent, determine the marginal cost for one additional bottle of wine now.

In your own words, describe the meaning of unit travel. When traveling on a Greyhound bus, without intervention or obstruction, it is important to determine the unit travel time. If you leave Cleveland in a bus full of 24 passengers and arrive Cincinnati in 3 hours, what will be the average unit travel time in person minutes?

What is CPI? Given that the CPI trends for travel time for 2010 and this year are 183.42 and 191.35 respectively, calculate the current value of travel time if it was \$24.50 per hour in 2010.

After 17 vehicular accidents two years ago in a given intersection, the mayor of Boulder proposed to reduce the number of crashes by making improvements at the intersection. Assuming the appropriate CRF is 0.53, what will be the reduction in number of crashes at that intersection achieved by the mayor?

#### Questions Cloud

 Question on measure of central tendency : What information does each measure of central tendency provide? Why are measures of variability essential statistical tools for describing behavior? Genetic mapping of alkaptonuria : The OMIM description on Genetic Mapping of Alkaptonuria can be interpreted to say: The alkaptonuria gene was genetically mapped to 3q2 at sixteen cM away from the sucrase-isomaltast deficiency gene Information about excel functions : Could you please explain in words how you figure out deciles, quartiles, kurtosis, skewness in Excel? How do you find the sum count, largest, and smallest in Excel? Confidence interval for the population mean service charge : Construct a 95% confidence interval for the population mean service charge if a customer's account falls below the \$1,500 minimum. Determine the marginal cost and cpi : Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor? How to enhance communication with subordinates : How can you enhance communication with subordinates. Write down steps you have utilized enhance communication with subordinates. Develop an aggregate plan using a spreadsheet : Helter Industires, a company that produces a line of women's bathing suits, hires temporaries to help produce its summer product demand. Policies restricting the use of cell phones : According to the National Restaurant Association, 20% of fine-dining restaurants have instituted policies restricting the use of cell phones. From a sample of 100 fine-dining restaurants, Evaluating hearing impairment : Describe the international standard used for evaluating hearing impairment and how it is used for calculations

### Write a Review

#### Determining marginal revenue and profits

A firm with market power produces widgets at marginal cost of \$10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?

#### Supply and demand curves - excise tax

The government levies an excise tax of five cents per unit sold on sellers in a competitive industry. Supply and demand curves have some elasticity with respect to value.

#### Preventing the impact of systemic risk

Mankiw discusses that if federal authorities suppose responsibility, entire financial system might well become a group of government sponsored enterprises.

#### Indifference curve-budget line analysis

Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.

#### Decreasing costs with the help of technology

Among the types of expenses faced by a company short-run costs, fixed and variable, as well as long-run costs, how can technology help companies to decrease their costs?

#### Discuss the company activities outside of the us

Choose a United States based firm with global operations and discuss the following questions, Discuss the company's activities outside of the U.S.

#### Computing price-income and advertising elasticity

A firm has estimated the following demand function for its product:

Describe the issues, challenges, or disadvantages to forming the strategic alliance (focus on supply chain). Provide an example that is not included in attached reference.

#### Determine average fixed cost

If the total cost of producing 20 units of output is \$1000 and the average variable cost is \$35, what is the firm's average fixed cost at that level of output?

#### Impact on the equilibrium price and quantity

Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,

#### Objective questions based on microeconomics

According to scientific nutritional studies in most nations, income of \$1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.

#### Citizen gas company case study

Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.