Suppose Melody owns a business giving piano lessons. Assume that the market for piano lessons is perfectly competitive and that theequilibrium price of a piano lesson is $20. Melody's total costs vary depending on the number of piano lessons she offers each day, asshown in the table below.Number of lessons Total cost per dayper day($)0301502683784965115613816820878a. When Melody gives 3 lessons per day, what is her average variable cost?b. What is the profit-maximizing number of lessons for Melody to give each day?lessons per dayc. What is Melody's daily economic profit at her profit-maximizing number of lessons?Instructions: If you are entering a negative number, be sure to include a negative sign (-).+A d. Should Melody shut down?No. Melody should not shut down.Yes. Melody should shut down.e. If Melody's fixed cost rises, then what will happen to her profit-maximizing number oflessons?O There would be a decrease in the number of lessons.There would be no change.O There would be an increase in the number of lessons.

(a) AVC = 16(b) Q = 5(c) Profit = - 15 (Please put the negative sign, do not forget) (d) Option (a)…

Answered: Suppose Melody owns a business giving…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22: Supply: The Costs Of Doing Business

Section: Chapter Questions

Problem 14E

See similar textbooks

Similar questions

Could you show the profit and loss on the graph. Furthermore, the figures for cost you posted were incorrect as they are not dropdown options.
X 1 ences If the price of oats is $3.0 per kilo, calculate the total revenue and the total profit (or loss) at the quantities shown in below table. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Leave no cells blank - be certain to enter "0" wherever required. Mc Graw Hill Quantity (kilos) Total revenue Total cost Total profit $ 600 1800 $1,900 700 2100 $2,000 $ 800 2400 $2,400
Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150
How do we calculate the total amount of pagecant costs, price profit, profit make up and selling costs
I’m not understanding how to finish these graphs
How does the best price change as the unit variable cost changes?
. A book that sounds just perfect for me, Kate Raworth’s Doughnut Economics is available on Amazon for $40.35 for the hardback and $15.99 for paperback. From the publisher’s perspective, the difference in the cost between each version of the book seems negligible; it may cost a little bit more to produce the hard cover, but certainly not more than 2.5 times as much. Hardback versions usually also get published a few months before paperback versions are published. How do you explain the different prices for essentially the same product, given that the cost to the publisher of providing each type of book is basically the same? Amazon also offers the Kindle digital e-book version for $11.87. The cost to Amazon to produce a new “copy” for the next consumer is virtually nothing; just the sending of some data to the customer’s device. Why is Amazon able to charge $11.87 when its cost is basically zero and the market for books is likely very competitive? Note:- Do not provide handwritten…
The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If the company's fixed costs are $30, what is the average total cost in B? Variable Fixed Total Average Cost $30 $30 $30 $30 $30 $30 $30 Quantity Cost Average Total Marginal Cost Cost Variable Cost Cost $10 $25 $45 $70 $100 $135 1 2 A 345O
QUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) 0 30 60 90 120 150 Total Fixed Cost TFC (vatu) 5600 5600 5600 5600 5600 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.
A firm has three different production facilities, all of which produce the same product. Whilereviewing the firm’s cost data, Ron, a manager, discovered that one of the plants has a higher averagecost than the other plans and suggests closing this plant. Another manager, Jack, notes that the high-cost plant has high fixed costs but that the marginal cost in this plant is lower than in the other plants.He says that the high-cost plant should not be shut down but should expand its operations. Who isright?
Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 60 1 155 220 255 300 350 450 10:15
The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)

SEE MORE QUESTIONS

Recommended textbooks for you

Economics:

Economics

ISBN:

9781285859460

Author:

BOYES, William

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: Applications, Strategies an…

Economics

ISBN:

9781305506381

Author:

James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:

Cengage Learning

Economics:

Economics

ISBN:

9781285859460

Author:

BOYES, William

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: Applications, Strategies an…

Economics

ISBN:

9781305506381

Author:

James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS