# 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: