Question: Q.2 (20 points)Consider the following table. Quantity Total Cost 0 $46 2 $47 4 $ 48 6 $49 8 $51 10 $57 12 $ 65

Q.2(20 points)Consider the following table.

Quantity

Total Cost

0 $46

2 $47

4 $ 48

6 $49

8 $51

10 $57

12 $ 65

14 $ 75

16 $ 87

(1)Suppose that the price of the product is $3.How many units will the firm produce in the short run?

(2)In the long run, will the price rise or fall from the current level at $3?Explain the reason.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Webster includes in the definition of management "judicious use of means to accomplish an end"; planning is described as "the establishment of goals, policies, and procedures for a social or economic...

Q:

Consider the following table. Quantity Total Cost 0 $ 46 2 $ 47 4 $ 48 6 $ 49 8 $ 51 10 $ 57 12 $ 65 14 $ 75 16 $ 87 Suppose that the price of the product is $5. How many units will the firm produce...

Q:

Consider the following table. Quantity Total Cost 0 $46 2 $47 4 $48 6 $49 8 $51 10 $57 12 $65 14 $75 16 $87 (1)Suppose that the price of the product is $5.How many units will the firm produce in the...

Q:

Q.2 (20 points)Consider the following table. Quantity Total Cost 0 $46 2 $47 4 $48 6 $49 8 $51 10 $57 12 $65 14 $75 16 $87 (1)Suppose that the price of the product is $5.How many units will the firm...

Q:

Robinson Co. is interested in purchasing a new delivery vehicle so it can become a subcontractor with Amazon Logistics. The vehicle would cost $75,000 and generate delivery revenue of $30,000 for...

Q:

PART TWO The following transactions require adjustments in the trial balance. Prepare the adjusted trial balance. 1. Depreciation on equipment for the year was 500 SR. 2. Half of the insurance is...

Q:

May i please have assistance with solving the following questions in Excel? A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 B...

Q:

hello i do not know how to do question number 5 can you help? A 1 C D E F G Name______________________________________ Final Examination FINC 5880 Session 9 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18...

Q:

Excel File Edit View Insert Format Tools Data Window Help Mon Nov 8 6:52 PM ... AutoSave OFF A9FvG... CC6582 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Insert C...

Q:

Use the extended DuPont equation to provide a summary and overview of your firm?s financial condition. Be sure to do all calculations for 3 years, using Excel. Use real numbers from the financials,...

Q:

Consider the sequential game shown below, where Blue White Airline is deciding whether to charge a high price or a low price for their new flight to Hawaii. Lion Getaways will observe this action and...

Q:

In large steam power plants, the feedwater is frequently heated in a closed feedwater heater by using steam extracted from the turbine at some stage. Steam enters the feedwater heater at 1 MPa and...

Q:

Chic-ken Rulez is a food vendor at the state fair that only sells complete box meals which includes a sandwich (chicken or turkey), fries, and drink. Customers walk up to the counter at Chic-ken...

Q:

If an authorization number needs to be entered on the claim, where on the claim should it be entered? a . Block 1 9 b . Block 2 3 c . Block 9 a

Q:

A small 0.2 kg sphere B is given a downward velocity 0 v and swings freely in the vertical plane, first about O and then about the peg A after the cord comes in contact with the peg. Determine the...

Q:

Bangura Company provides this information for the month ended October 31, 2012: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $19,000....

Q:

Joint costs and byproducts. (W. Crum) Royston, Inc. is a large food processing company. It processes 120,000 pounds of peanuts in the Peanuts Department at a cost of $1 60,000 to yield 10,000 pounds...

Q:

The student in Problem 5-27 finds a car she likes and the dealer offers to arrange financing. His terms are 12% interest for 60 months and no down payment. The car's sticker price is $12,000. Can she...

Q:

A +8.75-C point charge is glued down on a horizontal frictionless table. It is tied to a -6.50-C point charge by a light, non conducting 2.50-cm wire. A uniform electric field of magnitude 1.85 X 108...

Q:

What is industrial POLICY? What kind of industrial policies are being implemented in your country?

Q:

3. (Constructing a metaphor about something can be done by comparing it to something else by using the word is. For instance, Communication is a bridge between people.

Q:

1. The first party (the sender) may dispute the validity of the interpretation, or 2. He/she can accept the interpretation.

Q:

2. In this chapter, the reader should reflect on the following concepts: Message, communication error, data, code, information, metaphor.