# Economics -Q56

## Economics -Q56 Online Services

1. Bubba’s budget for beer and lunch \$24. The price of beer is \$4 and the price of lunch is \$8.
a) What combinations of beer & lunch can Jane afford?

# Beer # Lunch # Beer # Lunch
______ _______ ______ _______
______ _______ ______ _______
______ _______ ______ _______

b) What is the relative price of a beer? _________________________________

2. The table below shows Larry’s total utility from wings & beer. The price of an order of wings is \$10, the price of beer is \$5, and his weekly budget is \$25. Use this information to answer the questions.

Quantity per week
Wings utility
Beer utility
0
0
0
1
15
25
2
25
45
3
31
60
4
36
70

a) What is the marginal utility from wings when he buys 1 per week: _____?
b) What is the marginal utility per dollar from wings when he buys 1 per week: _________?
c) What is the marginal utility from beer when he buys 2 per week: ______?
d) What is the marginal utility per dollar from beer when he buys 2 per week: __________?

3. During 2016 Donald maximizes his utility when he plays golf 25 times @ \$50 per time and skis 10 times @ \$100 per time.

a) If the marginal utility of golf is 1.0, what is the marginal utility from skiing? _________
TEST 2: CH. 13-18

4. After managing a local hamburger stand for 5 years, Tom decided to buy the business January 1, 2016. As manager Tom made \$45,000/yr. At the end of 2016 Tom gave the following data for analysis

 Purchased building & equipment for \$50,000
 Paid \$75,000 in wages
 Used \$20,000 from mutual fund that averaged 5% annual return
 Borrowed \$30,000 from bank at 10%
 Sales revenues = \$250,000
 Normal profit = \$40,000
 Operating expenses \$25,000
 Market value of building increased \$5,000 during 2016

a) What is the economic profit? ______________
b) What is the accounting profit? ______________
5. Julio has a small organic soap manufacturing business. He hires workers to make & package the soap. The table below shows the productivity schedule per 4-hour shift (the only shift).

Labor
Total Product
0
0
1
100
2
225
3
375
4
550
5
700
6
750

a) What is the marginal product of the 4th employee? _____________________
b) What is the average product of the 4th employee? ________________
c) Over what range of labor does marginal product increase? ______________
d) At what level of labor does average product become greater than marginal product? _______

You can read more about our case study assignment help services here.

## How it Works

#### How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

## Case Approach

#### Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

## Related Services

TEST 2: CH. 13-18

6. A manufacturer has the following information

 Building lease is \$20 per day
 Each employee makes \$60 per day
 Equipment is leased at \$10 per day

Using the above information and the following output table, answer the questions.
Labor
Total Product
0
0
1
100
2
225
3
375
4
550
5
700
6
750

a) What is the total cost of 550 units? _____________
b) What is the average cost of 550 units? ___________
c) What is marginal cost of going from 2-3 employees? _____________
d) At what level of output is average total cost the lowest? _____________

7. Mushroom growing is a perfectly competitive industry and all growers have the same costs.

 Market price = \$20/lb.
 Average total cost = \$17
 Average variable cost = \$10
 Minimum average total cost = \$15
 Profit is maximized by each grower at 1,000 lbs. per week

a) What is each growers’ economic profit/loss in short-run? \$ ____________
b) In the long-run, what is the price & grower’s economic profit? Price = \$________ Economic profit = \$ __________

8. Jimbob’s Moonshine is a single price monopoly. Table below shows the demand and total cost schedules. Use this information to answer the questions.

Price
Quantity
Total cost
\$15
0
2
14
1
5
13
2
10
12
3
20
11
4
35
10
5
55

a) What is the profit maximizing level of output? _________
b) What is the profit maximizing price? \$ ________
c) What is the economic profit? \$ __________

9. 2 Bears is a local Native American bracelet distributor in a monopolistic competitive market.
 Office/warehouse rent = \$200/month
 Cost per bracelet = \$10
Use the above information and the following demand schedule to answer the questions.

Price
Quantity
\$50
0
40
10
30
20
20
30
10
40
0
50

a) What is the profit maximizing output? ___________
b) What is the profit maximizing price? \$ __________
c) What is the economic profit? \$ __________

TEST 2: CH. 13-18

10. Humboldt County has 2 wind turbines run by 2 separate companies. Each turbine has a valve that controls the flow of electricity. Marginal cost of producing power is \$0. Use this information and the following demand schedule to answer the questions. (hint: oligopoly)

Price
Quantity Demanded
\$100
0
90
10
80
20
70
30
60
40
50
50
40
60
30
70
20
80
10
90
0
100

a) If the 2 companies form a cartel and maximize their joint profit, what will be the price and quantity produced?
Price = \$________ Quantity = ______
b) b) If forced to sell at the perfectly competitive price, what will be the price & quantity purchased?
Price = \$___________ Quantity = ________

Product Code-Economics -Q56