What is the marginal profit

Assignment Help Microeconomics
Reference no: EM13686168

Penny is making pipe cleaner flowers to sell on Etsy for $1 apiece. Penny and her friends become more efficient as they gain practice in flower production. The first 100 flowers cost $1.50 apiece. The next 100 cost $1.25 apiece. The next 100 cost $1.00 apiece. The next 100 cost $0.75 apiece. All the rest cost $0.50 apiece. What is the marginal cost of the 350th flower? What is the marginal profit? If Penny sells 1000 flowers, how much profit does she earn in total?

Reference no: EM13686168

Questions Cloud

Which investment would you make : How much must you pay each year on a $300,000 mortgage that has a 20 year maturity and a 5% interest rate?
What is the ex-rights price : What is the ex-rights price
What is the cost of preferred stock for a company : What is the cost of preferred stock for a company
Compare the common sized data for pwbi : Compare the common sized data for PWBI to the common sized data for the comparison sample of companies in Case Exhibit
What is the marginal profit : Penny is making pipe cleaner flowers to sell on Etsy for $1 apiece. Penny and her friends become more efficient as they gain practice in flower production. The first 100 flowers cost $1.50 apiece. The next 100 cost $1.25 apiece. The next 100 cost $1...
What is their profit and what is their variable cost : The Shelby Center Lemonade Stand has a fixed cost of $125 and a marginal cost of $0.25. If they sell 800 cups of lemonade at a price of $0.50 per cup, what is their profit? What is their variable cost? What is their marginal profit?
What is the relationship between income and exports : What is the relationship between income and exports?
What is the federal funds rate in the banking system : Reserve requirement for banks is set at 5 percent. Your firm deposits its profits of $28,000 into the Third National Bank. How much excess reserve does your deposit generate for the bank? What is the Federal Funds Rate in the banking system? Describe..
Discover nash cournot equilibrium before and after virus : Suppose that the industry is not perfectly competitive. Rather, competition is characterized by Cournot competition with n symmetric producers. Suppose that the demand function for pigs is p=100-Q, where Q is total production.

Reviews

Write a Review

Microeconomics Questions & Answers

  Discuss the pros and cons of alternative choice mechanisms

Within the framework of production possibilities curve, discuss the pros and cons of alternative choice mechanisms with respect to the determination of price and output levels in an economy

  Describe this pricing behaviour

Although there is relatively little dissimilarity in the cost of producing hardcover and paperback books, these books sell for very different prices. Describe this pricing behaviour.

  What assumption do you need to make about leisure

The labour- force participation rate of married woman has more than doubled over the last 50 years. One economic influence on this rate was the increase in women's wages over the period. Another economic influence was the increase in men's wages

  Calculate optimal batch size for second cup coffee shop

How much should the retailer set the camera price at in order to maximize his own profit and what is the most logical explanation to what may have happened assuming that both companies kept doing business afterwards as usual?

  Identify the exogenous and endogenous variable

Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variable.

  Find magazine article highlights a perfectly competitive sit

When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..

  Which would cause inputs to a firms production process

It is argued that the prices of inputs to firms' production processes are fixed in the short run. One example of why this might be true is that some large firms enter into futures contracts forlarge deliveries of raw materials like wheat or lumber..

  Explain the following statement changes in disposable

explain the following statement changes in disposable income lead to movements along the consumption function while

  Strategies to raise tax revenues or make workers better off

A staff member proposes raising the payroll tax paid by firms and using part of the extra revenues to reduce the payroll tax paid by workers.

  Market supply of labor

Use a graphical illustration to describe briefly what the influence an increase in immigration on the market supply of labor

  Why nominal gdp increased faster than real gdp in united

why has nominal gdp increased faster than real gdp in the united states over time? what would it mean if an economy had

  Suppose that kiribati can produce 1000 tons of

suppose that kiribati can produce 1000 tons of breadfruit or 500 tons of fish and that tuvalu can produce 750

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