Bobs lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost
Question:
Bob’s lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob’s short-run decision regarding shutdown and his long-run decision regarding exit?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
Because Bobs average total cost is 28010 28 Which ...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
What can you say about the typical relationship between the yield on short-term and long-term municipal bonds?
-
What can you say about the stereochemistry of the products in the following reactions? CH-CH2 + H2O CHCH a. - b. CH,CHCH=CH, + H,O CH CH CHCH , (R-enantiomer) OH OH
-
What can you say about the solutions to the consistent nonhomogeneous linear system Ax = b if the rank of A is less than the number of unknowns?
-
Consider a long cylindrical solenoid with diameter R, number of current loops N and length L through which a current I runs. Now (a) Use Ampre's law to calculate the magnetic field inside the...
-
The necessary condition that is proved abovea voting paradox can happen only if all three preference lists remaining after cancellation have the same spinis not also sufficient. (a) Continuing the...
-
Briefly describe the theory of the financial accelerator.
-
Oil for lubricating the thrust bearing shown in Fig. P5.24 flows into the space between the bearing surfaces through a circular inlet pipe with velocity \[ u=U_{0}\left[1-\left(\frac{r}{R} ight)^{2}...
-
Carleigh, Inc., is a pork processor. Its plants, located in the Midwest, produce several products from a common process: sirloin roasts, chops, spare ribs, and the residual. The roasts, chops, and...
-
In this assignment, you have a 1-day classroom experience in which you need to help a group of engineers and software programmers learn to become project managers. After training, they will have to...
-
Foster Company uses the allowance method to account for uncollectible accounts receivable. At year-end, December 31, the unadjusted balance in the Allowance for Doubtful Accounts was $450 credit....
-
Many small boats are made of fiberglass, which is derived from crude oil. Suppose that the price of oil rises. a. Using diagrams show what happens to the cost curves of an individual boat-making firm...
-
Consider total cost and total revenue given in the following table: a. Calculate profit for each quantity. How much should the firm produce to maximize profit? b. Calculate marginal revenue and...
-
The number of days each licensed driver in Marion County uses a commuter rail line annually is normally distributed with mean 66 and standard deviation 21. Explain why these licensed drivers would...
-
For a voltage-controlled bus \(k\), __________ are input data, while the power flow program computes __________.
-
For the iterative solution to linear algebraic equations \(\mathbf{A x}-\mathbf{y}\), the \(\mathbf{D}\) matrix in the Jacobi method is the Gauss-Siedel is the __________ portion of \(\mathbf{A}\)....
-
According to the theory of the kinked demand curve, if a firm were to lower its price, its competitors would ______. a) lower theirs b) raise theirs c) keep theirs the same
-
In a balanced Y-connected system, what is the zero-sequence component of the line currents?
-
Starting from a single-line diagram of a power system, the input data for a power flow problem consists of __________, __________, and __________.
-
The job of a mediator is to convince the contending parties to adjust or settle their dispute. True/False
-
Refer to the data for problem 13-36 regarding Long Beach Pharmaceutical Company. Required: Compute each division's residual income for the year under each of the following assumptions about the...
-
Which can implement a functional interface? A. An anonymous class B. A top-level class C. A lambda expression D. An anonymous class or a top-level class E. A top-level class or a lambda expression F....
-
Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies?
-
What does the level of a nations GDP measure? What does the growth rate of GDP measure? Would you rather live in a nation with a high level of GDP and a low growth rate or in a nation with a low...
-
List and describe four determinants of productivity.
-
Marea's Cakes sells its cakes for $30 each. Ingredients cost Marea on average $10 per cake and she pays her baker $10 per cake. For the upcoming year, Marea's fixed costs will be $50,000 and she...
-
The statement of cash flow consists of three main activities, as follows: Operating Investing Financing Each section provides the reader with details on where the cash came from and where the cash...
-
How would i calculate the desired ROI per unit based on this information: $65Per Unit Direct Materials $48.00Per Unit Direct Labour $16.00Per Unit Variable Manufacturing Overhead $12.00Per Unit...
Study smarter with the SolutionInn App