Accessible description: The figure indicates on the y-axis p…

Accessible description: The figure indicates on the y-axis price and costs (dollars per unit) and on the x-axis the quantity (per day). Depicted in the figure is a marginal revenue curve, which is equal to $40 per unit for any quantity produced. Also depicted are a marginal cost curve and average total cost curve, which are both u-shaped. Marginal costs decrease through points (20,30) and then increases through the point (30,40).  Average total cost decreases through the point (20,30) and then increases. f1q53g1.jpg The figure above shows a perfectly competitive firm. To maximize its profit, the firm will

Accessible description: The figure indicates price and cost…

Accessible description: The figure indicates price and cost on the y-axis (dollars per ton of steel) and quantity on the x-axis (tons of steel per week). The demand curve slopes downward, and four points lie along the demand curve (0, 200) (2, 150), (4, 100) and (8, 0). The Marginal Social Cost curve slopes upward, and two points lie along the MSC curve (0, 100) and (2, 150). The Marginal Cost curve is upward sloping, and three points lie along the MC curve (0, 0), (2, 50) and (4, 100).  The MSC and the MC intersect the demand curve at (2, 150) and (4, 100) respectfully. The demand curve is also labeled the marginal social benefit curve, and the supply curve is also labeled the marginal cost curve.   f1q74g1.jpg The above figure shows the marginal benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton.

       Milkshakes quantityMilkshakes totalutilitySodas quant…

       Milkshakes quantityMilkshakes totalutilitySodas quantitySodas totalutility   0000   16001240   210002360   313003460   415404520   515905570   616366590   716767602   817088610   917289616   10173810620   The table above shows Tom’s total utility from milkshakes and sodas. Tom’s total budget for milkshakes and sodas is $10.00 per week. Milkshakes cost $2.00 each and sodas cost $1.00 each. What quantity of sodas does Tom purchase at his consumer equilibrium?

 Decent Donuts Production    Labor (workers)Total product (d…

 Decent Donuts Production    Labor (workers)Total product (dozens of donuts per day)   0 0   1 12   2 26   3 44   4 64   5 86   6 110   7 122   8 125   9 127   10 128   Use the data in the table above and suppose that labor is the only variable resource. When 122 dozen donuts are produced at Decent Donuts, the AVC curve