Economics

An Expert is ready to work on your Paper Now!

Economics

Economics

Paper details:
please just answer the questions and do not rewrite the questions. for example 1: a; … b,,,,and please answer them as complete as possible.

Problems:
Answer the following questions. Show all of your calculations and label all parts of your graph.
1. Moe owns a restaurant that serves slabs of BBQ ribs. The size of his kitchen and the number of BBQ grills are fixed. Moe can vary the quantity of slabs by changing the number of workers he employs. Each worker earns $10/hr. and the fixed cost is $20. He observes the following relationship between the number of employees and the quantity of slabs produced:
Number of workers Quantity
(slabs per hour) Marginal Product Cost of Workers per hr. Total Cost
0 0
1 25
2 45
3 60
4 70
5 75

a. Fill in the rest of the table.
b. Graph the production function with Number of Workers on the horizontal axis and Quantity of Output on the vertical axis.
c. Does Moe’s production function exhibit diminishing marginal product of labor? Explain.

2. Lauren’s Nail Salon (a perfectly competitive firm) faces costs of production as follows:
Q clients per week Total Revenue Total Cost Variable Cost Average Variable Cost Average Total Cost Marginal Revenue Marginal Cost Profit
0 $0 $100 $0
10 120 150 50
20 240 230 130
30 360 330 230
40 480 450 350
50 600 600 500
60 720 800 700

a. What are Lauren’s fixed costs?
b. Fill in the rest of the table
c. What is the profit-maximizing level of output?
d. Graph MC, AVC, ATC, and MR. Shade in the area that is her profit.
e. At what price will Lauren close her salon and exit the market?

3. A pharmaceutical company owns the patent to produce a drug that cures Alzheimer’s disease. The following equations describe the monopolist’s demand, total revenue, marginal revenue, total cost and marginal cost:

Demand: P = 300 – 10Q
Total Revenue: TR = 300Q – 10Q^2
Marginal Revenue: MR = 300 – 20Q
Total Cost: TC = 30 + 60Q + 5Q^2
Marginal Cost: MC = 60 + 10Q
Where Q is the quantity of bottles sold (in millions) and P is the price in US dollars.
a. Find the price and quantity that maximize the company’s profit.
b. What is the pharmaceutical company’s profit?
c. Find the price and quantity that would maximize social welfare.

4. A tech company created a new tutoring app. It will cost them $1 each time the app is downloaded on iTunes. There are no fixed costs. The marketing department determines that the demand for the app is as follows:
Price Quantity TR MR Profit
$8 $0
7 10,000
6 15,000
5 20,000
4 25,000
3 30,000
2 35,000
1 40,000

a. Find total revenue and marginal revenue.
b. Graph Demand, MR, and MC. Shade in the deadweight loss.
c. What quantity of apps would maximize profits and what would the price be? What is the profit?
d. Suppose the tech company wanted to maximize economic welfare. What price would they charge and how much profit would they make at this price.

 

 

Can't find what you are looking for?

Please post your question here and get help from one of our expert tutors in topics ranging from mathematics to rocket science!

Post your question on More Essays and get help from one of our expert tutors in topics ranging from mathematics to rocket science!

It’s that time again! Fall is right around the corner, and you know what that means: it’s time to hit the books.

Whether you’re a student who needs help with an upcoming assignment or an educator who needs help with their students’ homework, Moreessays.com has the answers you seek. We have affordable prices and an army of professional editors who are always ready to help.

Our Benefits

  • On-Time delivery
  • High-Quality papers
  • Weekly Discounts
  • Free Revisions
  • 24/7 LiveChat support
  • User-Friendly Ordering System
  • Referral Bonuses
  • Lifetime discount Codes

More Assignments

Our Benefits

  • On-Time delivery
  • High-Quality papers
  • Weekly Discounts
  • Free Revisions
  • 24/7 LiveChat support
  • User-Friendly Ordering System
  • Referral Bonuses
  • Lifetime discount Codes

Answers to Your Questions

Where are your writers from?

Our writers are from across the globe. they are trained and evaluated to ensure that they provide the best for you. There are experts in different academic fields. 

How long does an assignment take?

The time taken per assignment depends on the questions, subject area and deadline. kindly talk to support to get a clear answer. 

What if my paper fails? 

In the unlikely event that your paper fails, we offer free revisions and refunds if the paper cannot be revised. 

Do you offer discounts?

Yes. On your dashboard, you get daily, weekly, monthly and even lifetime discounts as a client.  You can also negotiate the price of your order by talking to one of our agents on our live chat page. 

How do I pay for the assignment?

PayPal, Mastercard, Visa, Flutterwave etc.