ECO 365T Wk 4 - Apply: The Microeconomics of Product Markets Homework

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ECO 365T Wk 4 - Apply: The Microeconomics of Product Markets Homework

Review the Week 4 The Microeconomics of Product Markets Quiz in preparation for this assignment. 

Complete the Week 4 The Microeconomics of Product Markets Homework in McGraw-Hill Connect®. These are randomized questions. 

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

Materials

The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner.

 Cheeseburger Production Costs

Quantity(burgers per hour)    Average Variable Cost (dollars)     Average Total Cost (dollars)  Marginal Cost (dollars)

0     —    —    —

10    $1.00      $6.60      $1.00

20    0.703.500.40

30    0.702.570.70

40    0.782.181.00

50    0.882.001.30

60    1.072.002.00

70    1.342.143.00

80    1.742.444.50

90    2.232.866.20

100  2.813.378.00

1. and the marginal cost of cheeseburger production is rising  .

1. and the average total cost of cheeseburger production is at a minimum  .

A business owner makes 50 items by hand in 40 hours. She could have earned $20 an hour working for someone else. Her total explicit costs are $200. If each item she makes sells for $15, her economic profit equals:

Instructions: Enter your answer as a whole number. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

A young Thomas Edison produces and sells 20 light bulbs a week in his dorm room. The parts for each light bulb cost $2.00. He sells each light bulb for $5.00. General Electric offers Thomas an executive job that pays $50.00 a week. Thomas’s weekly economic profit from making light bulbs is equal to:

Instructions: Enter your answer as a whole number.