a. What is the Profit Maximizing/Loss Minimizing output for…

a. What is the Profit Maximizing/Loss Minimizing output for the Perfectly Competitive firm in the graph above? b.What is the Profit Maximizing/Loss Minimizing price for the Perfectly Competitive firm in the graph above? c. Is this firm earning a profit or suffering a loss? d. In the short-run, will this firm continue production or shut down?

25. When the renal threshold for a substance exceeds its tub…

25. When the renal threshold for a substance exceeds its tubular maximum   a. more of the substance will be filtered   b. more of the substance will be reabsorbed   c. more of the substance will be secreted   d. the amount of substance that exceeds the tubular maximum will be found in the urine   e. both a and d

a. What is the Profit Maximizing/Loss Minimizing output for…

a. What is the Profit Maximizing/Loss Minimizing output for the Perfectly Competitive firm in the graph above? b.What is the Profit Maximizing/Loss Minimizing price for the Perfectly Competitive firm in the graph above? c. Is this firm earning a profit or suffering a loss? d. In the short-run, will this firm continue production or shut down?

FILL IN THE BLANKS FOR MARGINAL PRODUCT OF LABOR AND AVERAGE…

FILL IN THE BLANKS FOR MARGINAL PRODUCT OF LABOR AND AVERAGE PRODUCT OF LABOR IN THE TABLE BELOW. Quantity of Workers Total Product of Labor Marginal Product of Labor Average Product of Labor 0 0 0 0 1 450 2 1,000 3 1,650 4 2,100 5 2,450 6 2,700 7 2,550  A. At which unit of labor will the diminishing returns set in?

Jessie Swanson owns a pizza restaurant. She leases two pizza…

Jessie Swanson owns a pizza restaurant. She leases two pizza oven for which she pays $50 each per day. She cannot increase the number of ovens she leases without giving the lease holding company six month’s notice. She can hire as many workers as she wants, at a cost of $100 per day per worker. These are the only two inputs she uses to produce pizzas. Fill in the remaining columns in the following table. With which unit of output does Jessie’s diminishing returns set in? Quantity of Workers Quantity of Pizzas Fixed Cost Variable Cost Total Cost Average Total Cost Marginal Cost 0 0 1 800 2 1,350 3 1,750 4 2,050 5 2,250 6 2,350