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- 2. Consider the production functions given below: a. Suppose that the production function faced by a bread producer is given by Q = 4KL, where MPK = 4L and MP, = 4K. i. Do both labor and capital display diminishing marginal products in the short run? Explain. ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS MPL MPK iii. Does this production function display a diminishing marginal rate of technical substitution? iv. Graph isoquants for Q = 20, and Q = 40. Put capital (K) on the y-axis and labor (L) on the x- axis. Label the isoquants with their quantities. v. What are the returns to scale for this firm? Explain. 20 19 18 17 16 15 14 13 12 11 10 9 0 1 2 3 4 5 6 00 9 10 11 12 13 14 15You are an industry analyst that specializes in an industry where the market inverse demand is P = 100 - 2Q. The external marginal cost of producing the product is MCExternal = 8Q, and the internal cost is MCInternal = 18Q.Instructions: Enter your responses rounded to the nearest two decimal places.a. What is the socially efficient level of output? unitsb. Given these costs and market demand, how much output would a competitive industry produce? unitsc. Given these costs and market demand, how much output would a monopolist produce? unitsd. Which of the following are actions the government could take to induce firms in this industry to produce the socially efficient level of output.Instructions: For correct answers place a check mark. check all that apply Nonrival consumptionunanswered Pollution taxesunanswered Pollution permitsunansweredConsider two different cost structures for the same firm. The first has higher variable costs per unit (V=56) but lower fixed cost (F=2,107). If the firm invests in a labor saving machine the cost structure will tip towards fixed costs with variable cost per unit V34 and fixed costs Fa3,582. The selling price is the same for both scenarios P=100) and the current level of production is 80. Calculate the profit under each soenario and how that changes as unit sales increase to 100; also, as they decrease to 60. What is the percent change in profits from 80 units to 100 units under the scenario with higher variable costs?
- Suppose a ceiling fan manufacturer has the total cost function C(x) = 35x + 1200 and the total revenue function R(x) = 65x. (a) What is the equation of the profit function P(x) for this commodity? P(x) = (b) What is the profit on 20 units? P(20) = Interpret your result. The total costs are less than the revenue. The total costs are more than the revenue. The total costs are exactly the same as the revenue. (c) How many fans must be sold to avoid losing money? fansSuppose you are analyzing a firm that is successfully executing a strategy that differentiates its products from those of its competitors. Because of this strategy, you project that next year the firm will generate 6.0% revenue growth from price increases and 3.0% revenue growth from sales volume increases. Assume that the firms production cost structure involves strictly variable costs. (That is, the cost to produce each unit of product remains the same.) Should you project that the firms gross profit will increase next year? If you project that the gross profit will increase, is the increase a result of volume growth, price growth, or both? Should you project that the firms gross profit margin (gross profit divided by sales) will increase next year? If you project that the gross profit margin will increase, is the increase a result of volume growth, price growth, or both?XYZ Company wishes to gain more market share. In order to do that, the company is planning to double the current production and sales quantity. At the same time, the company plans to decrease the selling price per unit by half. Assuming that the total fixed cost and the variable cost per unit remain unchanged, what would be the effect on profit? O a. Profit would increase Ob. Profit would remain unchanged Oc. None of the given answers O d. Cannot be determined using the information in the question. O e. Profit would decrease on Which of the following statements about margin of safety is false? O a. If only the fixed costs decrease but the number of units sold and unit selling price and unit Fin n.squ.edu.om/mod/quiz/attempt.php?attempt=1893260&cmid=891193&page=3#question-2134787-30 + F1 F2 F3 F4 F6 F7 FB 23 & of 1 4 6 7 Q W E T Y G Y J K C 24 Alt R
- a. Given the following graphs, calculate the total fixed costs, variable costs per unit, andsales price for Firm A. Firm B’s fixed costs are $120,000, its variable costs per unit are$4, and its sales price is $8 per unit.b. Which firm has the higher operating leverage at any given level of sales? Explain.c. At what sales level, in units, do both firms earn the same operating profit?You are managing a firm with market power, and you think the price elasticity of demand for your product is between 1.3 and 1.5. You estimate that your marginal cost is between $55 and $70. The price that you should set would range between $ ☐ and $ ☐. (Round your answers to two decimal places.) If you refine your estimate of the marginal cost to $80, the price you should set would now range between $ and $ (Round your answers to two decimal places.)A firm presently has total sales of P100,000. If its sales rise, its A. net income based on variable costing will go up more than its net income based on absorption costing. B. net income based on absorption costing will go up more than its net income based on variable costing. C. fixed costs will also rise. D. per unit variable costs will rise
- Company XYZ expects the profit for next year to be higher than this year's profit. Assume that the selling price per unit, variable cost per unit, and total fixed costs will not change. Which one of the following is false? Select one: O a. degree of operating leverage next year will be lower than this year O b. total fixed cost next year will be the same as this year O c.contribution margin ratio next year will be the same as this year O d. breakeven point next year will be the same as this year O e.margin of safety next year will be lower than this yearFor a certain product, the linear demand curve is described by the equation, Quantity = 15,449 - 405 * Price. Variable cost to manufacture this product is $8 per unit. Calculate optimal price for this product. Rounding: penny.XYZ Company wishes to gain more market share. In order to do that, the company is planning to double the current production and sales quantity. At the same time, the company plans to decrease the selling price per unit by half. Assuming that the total fixed cost and the variable cost per unit remain unchanged, what would be the effect on ?profit .Cannot be determined using the information in the question a O Profit would remain unchanged b O Profit would decrease .c O None of the given answers .d O Profit would increase e O