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The following table represents the short-run total cost schedule of an energy drink manufacturer. Study the following table, and then answer the question. When output increases from 30 to 80 bottles of mineral water, the marginal cost of producing one of those 50 bottles of mineral water is a) R5 b) R6 c) R12,50 d) R20

Answer: Marginal Cost of Producing Energy Drink The marginal cost of producing one of the 50 bottles of mineral water when output increases from 30 to 80 bottles is R6. The marginal cost of producing a single unit of output

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9. Imagine a small bakery that produces two types of bread: Whole Wheat Bread (Good A) and White Bread (Good B). Both of these bread types require similar production processes and are considered substitutes in production. The bakery has been operating in a stable market until recently. The demand for Good A (Whole Wheat Bread) increases due to a health trend that promotes whole wheat products. As a result, the increase in demand for Good A shift the a) demand curve for good B rightward. b) demand curve for good B leftward. c) supply curve of good B rightward. d) supply curve of good B leftward.

Answer: The Demand Curve for Good B Shifts Leftward When the demand for Good A (Whole Wheat Bread) increases due to a health trend that promotes whole wheat products, the demand curve for Good B (White Bread) shifts leftward. This

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Assume that the price increases from R3 500 to R4 000. The difference between the price elasticity for business travellers and the price elasticity for holiday travellers is because business travellers travelling between Durban and Cape Town, airline tickets are more of a necessity than for holiday travellers. Therefore, price elasticity for business travellers is ————————— compared to the price elasticity for holiday travellers. a) Inelastic b) Elastic c) Unitary elastic d) Perfectly elastic

Answer The answer is A: Inelastic. This is because business travellers travelling between Durban and Cape Town, airline tickets are more of a necessity than for holiday travellers. Necessities like airline tickets are considered inelastic because people need them regardless

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The following table shows the demand curve facing Jack’s Enterprise a monopolist who produces at a constant marginal cost of R5. Complete the table below and answer the question that follows Price Quantity TR MR 30 0 25 6 20 12 15 18 10 24 5 30 0 36 Calculate the firm’s economic profit. a) R270 b) R180 c) R210 d) R240

Answer: The correct answer is c) R210. This is calculated by subtracting the total cost from the total revenue. The total cost is the constant marginal cost multiplied by the quantity, which is 5 x 30 = 150. The total

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8. Use the diagram below to answer the question. The diagram depicts a decrease in the demand for pies on a campus. If at the same time there was a rent increase for food outlets on campus, then in comparison with the original equilibrium E0, there would be: a) an increase in equilibrium price and quantity. b) an increase in equilibrium quantity but a decrease in price. c) a decrease in equilibrium quantity but an increase in price. d) a decrease in equilibrium quantity but an indeterminate effect on price.

Answer: Demand Decreasing for Pies on Campus The diagram below depicts a decrease in the demand for pies on a campus. If at the same time there was a rent increase for food outlets on campus, then in comparison with

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Suppose you are a manager at a local coffee shop, and you have recently raised the price of café lattes from R15 to R20 per cup. When the price of café lattes rises from R15 to R20, the quantity demanded decreases from 2000 to 1200 café lattes per day. Use this information to answer the question. How would you classify the demand for café lattes, as calculated above? a) Price inelastic b) Unitarily price elastic c) Price elastic d) Perfectly price elastic

Answer: Price Inelastic The demand for café lattes as calculated above can be classified as price inelastic. Price inelasticity occurs when a small increase in price leads to a large decrease in quantity demanded. This can be seen in the

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The below figure shows a linear (straight-line) demand curve for Burger King Corporation. Starting at point A and then moving to point B and then point C, the price elasticity of demand a) Increases. b) Increases and then decreases. c) Decreases and then increases. d) Decreases.

Answer: Price Elasticity of Demand for Burger King Corporation The figure shows a linear demand curve for Burger King Corporation, which reflects the change in quantity demanded in response to a change in price. Starting at point A and then

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Study the following demand and supply schedules and answer the questions that follow. Price Quantity demanded Quantity supplied Point a R10 65 30 Point b R20 50 50 Point c R30 35 70 Point d R40 20 90 Point e R50 5 110 What is the equilibrium price (EP) and equilibrium quantity (EQ)? a) EP (30); EQ (70) b) EP (20); EQ (50) c) EP(50); EQ(50) d) EP(40); EQ(70)

Answer The equilibrium price (EP) and equilibrium quantity (EQ) is EP (40); EQ (70). This is where the demand and supply curves intersect, and where the quantity demanded is equal to the quantity supplied. Demand and Supply Schedule The demand

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.“Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as “geopolitically unstable.”” Which panel of Figure 10.1 would represent a situation where the above lobby action is successful given the current increasing usage of chips? Figure 10.1 a) A b) B c) C d) D

Answer The panel of Figure 10.1 that would represent a situation where Intel CEO Pat Gelsinger’s lobby action is successful given the current increasing usage of chips is panel C. This panel shows an increase in the market share of

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8. Sarah runs a small business selling handmade crafts. She recently increased the price of her most popular item, a unique hand-painted vase, from $20 to $25. As a result, the quantity demanded dropped from 100 vases per month to 80 vases per month. Given this scenario, what is the price elasticity of demand (PED) for Sarah’s hand-painted vases? a) 0.8 b) 1.2 c) 1.5 d) 2.0

Answer: Price Elasticity of Demand for Sarah’s Hand-Painted Vases The price elasticity of demand (PED) for Sarah’s hand-painted vases is 1.2. This means that for every 1% increase in the price of the vases, the quantity demanded drops by 1.2%.

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. Imagine a small bakery that produces two types of bread: Whole Wheat Bread (Good A) and White Bread (Good B). Both of these bread types require similar production processes and are considered substitutes in production. The bakery has been operating in a stable market until recently. The demand for Good A (Whole Wheat Bread) increases due to a health trend that promotes whole wheat products. As a result, the increase in demand for Good A shift the a) demand curve for good B rightward. b) demand curve for good B leftward. c) supply curve of good B rightward. d) supply curve of good B leftward.

Answer: Demand Curve for Good B Shifts Leftward A small bakery that produces two types of bread – Whole Wheat Bread (Good A) and White Bread (Good B) – recently experienced an increase in demand for Good A (Whole Wheat

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. Sarah runs a small business selling handmade crafts. She recently increased the price of her most popular item, a unique hand-painted vase, from $20 to $25. As a result, the quantity demanded dropped from 100 vases per month to 80 vases per month. Given this scenario, what is the price elasticity of demand (PED) for Sarah’s hand-painted vases? a) 0.8 b) 1.2 c) 1.5 d) 2.0

Answer: Price Elasticity of Demand for Hand-painted Vases The price elasticity of demand (PED) measures the responsiveness of the demand of a certain good or service to a change in its price. In this scenario, Sarah increased the price of

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7. Bob is a local farmer who produces a unique type of heirloom tomatoes known for their exceptional flavour and texture. Due to their rarity and popularity among gourmet chefs, Bob is able to charge a premium price for his tomatoes. Recently, he decided to increase the price of his tomatoes by 30%, but he noticed that the quantity demanded remained the same. Despite the price hike, his customers continued to purchase the same amount of tomatoes without any hesitation. Based on the scenario, what type of demand elasticity does Bob’s heirloom tomatoes exhibit? a) Perfectly Elastic b) Perfectly Inelastic c) Relatively Elastic d) Relatively Inelastic

Answer: Relatively Inelastic The demand for Bob’s heirloom tomatoes is considered to be relatively inelastic because when he increased the price by 30%, the quantity demanded remained the same. This indicates that the demand for his tomatoes is not very

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Case A Case B Case C Beginning inventory, raw material $128,000selected answer correct $76,000 $11,500 Ending inventory, raw material 188,000 38,000selected answer correct 23,000 Purchases of raw material 240,000 263,000 67,000selected answer correct Direct material 180,000 301,000 55,500selected answer correct Direct labor 352,000selected answer incorrect 340,000 66,500 Manufacturing overhead 540,000 434,000selected answer correct 88,000 Total manufacturing costs 1,080,000 1,075,000 210,000 Beginning inventory, work in process 78,000 68,000 8,300selected answer correct Ending inventory, work in process 92,000selected answer correct 113,000 3,300 Cost of goods manufactured 1,066,000 1,030,000selected answer correct 215,000 Beginning inventory, finished goods 140,000 128,000 18,000selected answer correct Cost of goods available for sale 1,206,000selected answer correct 1,158,000selected answer correct 233,000 Ending inventory, finished goods 76,000selected answer correct 136,000selected answer correct 16,500 Cost of goods sold 1,130,000 1,022,000 216,500selected answer correct Sales 1,648,000selected answer correct 1,540,000selected answer correct 320,000 Gross margin 518,000 518,000 103,500selected answer correct Selling and administrative expenses 178,000selected answer correct 241,000 50,500selected answer correct Income before taxes 340,000 277,000selected answer correct 53,000 Income tax expense 88,000 149,000 19,000selected answer incorrect Net income 252,000selected answer correct 128,000selected answer correct 31,500

Answer: What is the Net Income for Case C? The Net Income for Case C is $31,500. Beginning Inventory, Raw Material The Beginning Inventory, Raw Material for Case A is $128,000, for Case B is $76,000, and for Case C

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Case A Case B Case C Beginning inventory, raw material $128,000selected answer correct $76,000 $11,500 Ending inventory, raw material 188,000 38,000selected answer correct 23,000 Purchases of raw material 240,000 263,000 67,000selected answer correct Direct material 180,000 301,000 55,500selected answer correct Direct labor 352,000selected answer incorrect 340,000 66,500 Manufacturing overhead 540,000 434,000selected answer correct 88,000 Total manufacturing costs 1,080,000 1,075,000 210,000 Beginning inventory, work in process 78,000 68,000 8,300selected answer correct Ending inventory, work in process 92,000selected answer correct 113,000 3,300 Cost of goods manufactured 1,066,000 1,030,000selected answer correct 215,000 Beginning inventory, finished goods 140,000 128,000 18,000selected answer correct Cost of goods available for sale 1,206,000selected answer correct 1,158,000selected answer correct 233,000 Ending inventory, finished goods 76,000selected answer correct 136,000selected answer correct 16,500 Cost of goods sold 1,130,000 1,022,000 216,500selected answer correct Sales 1,648,000selected answer correct 1,540,000selected answer correct 320,000 Gross margin 518,000 518,000 103,500selected answer correct Selling and administrative expenses 178,000selected answer correct 241,000 50,500selected answer correct Income before taxes 340,000 277,000selected answer correct 53,000 Income tax expense 88,000 149,000 19,000selected answer incorrect Net income 252,000selected answer correct 128,000selected answer correct 31,500

Answer: Calculating Manufacturing Costs Manufacturing cost is the total cost associated with producing a product. It includes direct material, direct labor, and manufacturing overhead costs. To calculate manufacturing cost, you must first calculate the costs of each of these components.

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Q2. Assume there are two period t = 1, 2, resource stock S = 20. We are trying to decide how much of the resource to extract in each period in order to maximize the present value of profits. The revenue of mining in each period is R left parenthesis Q subscript t right parenthesis equals 8 Q subscript t minus 0.2 Q subscript t squared. Cost of mining in each period is C left parenthesis Q subscript t right parenthesis equals 2 Q subscript t. The discount rate is r equals 10 percent sign. Assume we use all the resources in the two periods. a) What is the optimal production in period t=1? b) What is the optimal production in period t = 2?

Answer: Optimizing Profits Through Resource Extraction Given two periods, t = 1 and t = 2, and a resource stock of S = 20, our goal is to maximize the present value of profits by deciding how much of the

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Q2. Assume there are two period t = 1, 2, resource stock S = 20. We are trying to decide how much of the resource to extract in each period in order to maximize the present value of profits. The revenue of mining in each period is R left parenthesis Q subscript t right parenthesis equals 8 Q subscript t minus 0.2 Q subscript t squared. Cost of mining in each period is C left parenthesis Q subscript t right parenthesis equals 2 Q subscript t. The discount rate is r equals 10 percent sign. Assume we use all the resources in the two periods. a) What is the optimal production in period t=1?

Answer: Optimal Production in Period t=1 In order to maximize the present value of profits, one needs to optimize the production in each period. When considering the problem of allocating a total of 20 units of resources between two periods,

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give me example like this exercice Q2. Assume there are two period t = 1, 2, resource stock S = 20. We are trying to decide how much of the resource to extract in each period in order to maximize the present value of profits. The revenue of mining in each period is R left parenthesis Q subscript t right parenthesis equals 8 Q subscript t minus 0.2 Q subscript t squared. Cost of mining in each period is C left parenthesis Q subscript t right parenthesis equals 2 Q subscript t. The discount rate is r equals 10 percent sign. Assume we use all the resources in the two periods.

Answer: Dynamic Optimization Dynamic optimization is a method of problem solving that helps to identify the best decisions to be made at different points in time in order to achieve the optimal outcome. This type of optimization problem considers the

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9) One of the largest North American bat populations lives under a series of bridges spanning the Guadalupe River in Austin Texas. The population is currently estimated to be 252 million individuals and has an instantaneous intrinsic growth rate (r) of 0.042mont * h ^ – 1 A series of fires causes the number of flying insects, the primary diet of bats, to be drastically reduced in the Austin area. This disaster reduces the effective carrying capacity of bats in the area to 212 million individuals. Calculate what the population of bats would be after the first and second months assuming there is no recovery by the insect population. For this problem, you have to assume that the instantaneous intrinsic growth rate () does not change month to month. However, based on what you know about density dependent population growth, would your calculated population change during the second month be a high or low estimate?

Answer: Bat Population in Austin, Texas The bat population under the bridges spanning the Guadalupe River in Austin, Texas is estimated to be 252 million individuals and has an instantaneous intrinsic growth rate (r) of 0.042mont * h ^ –

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A growing metropolis has authorized the expansion of commuter trains to a broader region around the city. The city government conducted a competitive bidding process and has awarded the contract for the new train lines to Acme train company. Acme’s profits for this venture are represented by ΠT=96x−x2 , where x represents the number of new train lines established. The new train lines will run adjacent to land owned by a developer, who plans to build new housing on the land. Consumers generally do not want to live adjacent to noisy train tracks, so the developer’s profits are impacted by the train lines. The profits for the developer are ΠD=84y−y2−xy , where y is the number of houses shThe city government had multiple options for routes for the new train lines, and the developer thus considers the opportunity to lobby the city government to select a different route that will not run adjacent to her property. If such lobbying is sure to be successful, what is the maximum amount the developer will spend lobbying the city government?e builds.

Answer: Understanding the Developer’s Profits The developer’s profits are represented by the equation ΠD=84y−y2−xy, where y is the number of houses the developer builds. This equation shows that the developer’s profits increase with the number of houses built, but are

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find the value of x if A=(x-35)

Answer To solve for the value of x, we must first understand the equation A=(x-35). This equation states that A is equal to the value of x minus 35. Therefore, if we add 35 to both sides of the equation,

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A reading club is located next to a bookstore. The club invites A authors per month to discuss their books and earns profits of 60A−A2 . The bookstore sells B books and earns profits of 24B−B2+AB Assume business owners care strictly about maximizing profits. Compare the case where the book club and the bookstore are owned by two separate owners versus the case where they are owned by the same owner. In the case of a single owner, we would expect that___more books are sold than under separate ownership.

Answer: Comparing the Profits of a Bookstore and Book Club Owned by One vs. Separate Owners In the case of a single owner, the profits of both the bookstore and book club can be better maximized than if they were

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sketch two lines that are not perpendicular

Answer: Sketching Two Non-Perpendicular Lines Sketching two non-perpendicular lines requires an understanding of basic Euclidian geometry. To sketch two non-perpendicular lines, first draw a line of any length. Then draw a second line that intersects the first line at any

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