Econ no need
Marginal
8.6 curve 1 is outdoor equipments ____ cost curve.
Average variable
8.6 curve 2 is outdoor equipments ____ cost curve.
Average total
8.6 curve 3 is
When curve 1 and 3 intersect
8.6 outdoor average total costs are minimized at the output level
Average fixed
8.6 the vertical distance AB is outdoor ____ cost
1000
8.8 a soybean farmers profit maximizing level of output is ____ units of output.
$0
8.8 if farmer produces profit would be
700 bushels of soybeans
8.8 if the market price of soybeans falls to $8 then to maximize profits farmers should produce
3000
8.8 if this farmer is producing the profit maximizing level of output her profit is
10
The marginal products on the first, second, and thurs workers are 50,34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is _____.
Move to point E
9.6 industry demand is initially D1 and industry supply is initially s1 in this increasing cost industry. If demand increases to d2 then in the long run the industry will
Points B to E
9.6 this increasing cost industry's long run supply curve would be found by drawing a line from
$370
8.2 5 pairs costs are
$50
8.2 One pair variables cost??
$40
8.2 if sherry produces two pairs of earrings, her marginal cost is
$100
8.2 if sherry produces zero earrings, her total fixed cost are
Four
8.2 market price is $60 to maximize profits should produce
5,600
8.8 if this farmer produces the profit maximin cgi level of soybeans when the market price is $8 per bushed total revenue would be
9000
8.8 what is the total cost of producing the profit maximizing level of output??
Operate but not expand
9.1 $17 and in the short run
Go out if business
9.1 $17 then in the long run
Operate and expand
9.1 if market price is $42 then in long run the firm will
Zero
9.1 if the market price is $10 then this firm will maximize profits by producing ____ units of output.
Six; $70
9.1 if the market price is $42 then this firm will maximize profits by producing _____ units of output and it's profits will be ____.
$15
9.1 shit down point price for this firm is
40000
7.1 Your accounting profit last year was
10000
7.1 Your economic profit last year was
90000
7.1 during the year your economic costs were Revenue $90000 Supplies $50000 Invested you pay $40000
4
7.2
5
7.2 the marginal cost of the second worker is ____ lawns mowed
Third
7.4 diminishing marginal returns begin when the ____ worker is hired.