# Transcribed Image Text from this QuestionLet’s play around with the concepts of total cost…

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Transcribed Image Text from this QuestionLet’s play around with the concepts of total cost versus marginal cost. Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes. Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We’re going to analyze whether the store should hire 0, 1, 2, 3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to workers. That would be the cost of going from negative 1 workers to workers, let’s leave it blank. You’ll see that marginal columns tend to start across from the first unit. Let’s use the remaining columns to think about the benefit of hiring these workers. I also introduce some new terms now. The benefit to a company of hiring more workers is that they can bring in more revenue. Total Revenue (TR) is the total amount of money coming in Marginal Revenue (MR) is how much the additional worker increases Total Revenue. Title the 4th column Total Revenue (TR) and the last column Marginal Revenue (MR). Suppose that the grocery store estimates that the first worker will be kept busy filling order all week and the store can collect an additional $1,200 a week if they hire the first worker. The second worker could also be kept busy and will also increase Total Revenue by $1,200. The third worker won’t always be busy, so would only increase Total Revenue by $800 per week. Hiring a 4th worker wouldn’t contribute much to revenue, since they would only be filling orders during peak times. The 4th worker would increase revenue by $300 per week. Fill out the table. How many workers should the store hire in order to maximize profits? Profit – Total Revenue (TR) – Total Cost (TC) Use marginal analysis to find the best answer, instead of bothering to calculate profit 5 times. This is the same process used to find the allocatively efficient quantity of chiles to produce. O workers 1 worker 2 workers 3 workers 4 workers

Let’s Play Around With The Concepts Of Total Cost Versus Marginal Cost. Suppose A

Transcribed Image Text from this QuestionLet’s play around with the concepts of total cost versus marginal cost. Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes. Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We’re going to analyze whether the store should hire 0, 1,2,3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to workers. That would be the cost of going from negative 1 workers to workers, let’s leave it blank. You’ll see that marginal columns tend to start across from the first unit. We’ll use the remaining columns later. What is the Marginal Cost (weekly) of hiring the second worker? O $500 $1,000 $1,500 $2,000

Question The Adult Working-age Population Is 230.3 Million, 103.2 Million Of Which Are Not

Transcribed Image Text from this QuestionQuestion The adult working-age population is 230.3 million, 103.2 million of which are not in the labor force. If there are 6.6 million unemployed individuals, what is the unemployment rate? Round your answer to the nearest tenth. Provide your answer below: unemployment rate FEEDBACK MORE INSTRUCTION SUBMIT

See Page 157 04 Question (1 Point) 1st Attempt Tonia And Alexia Are Willing

Transcribed Image Text from this QuestionSee page 157 04 Question (1 point) 1st attempt Tonia and Alexia are willing to pay $10.25 and $7.75, respectively, for a can opener. What is the total consumer surplus for both Tonia and Alexia if the market price of a can opener is $5.50? Choose one: O A $4.75 O B. $7.00 OC. $10.25 OD. $18.00 OE $7.75 OF. $2.25

Exercise 2 Fill In The Blanks In The Following Table, Where Q Is Units

Economics Assignment Writing ServiceTranscribed Image Text from this QuestionExercise 2 Fill in the blanks in the following table, where Q is units of output, FC is fixed cost, VC is variable cost, TC is total cost, MC is marginal cost, AFC is average fixed cost, AVC is average variable cost, and ATC is average total cost TC Q 0 1 2 First, fill in FC in the table below. (Until otherwise noted, enter your responses as integers) FC VC MC AFC AVC ATC 150 190 210 3 220 224 5 234 6 254 7 294 374 494 654 4 8 9 10 Enter your answer in the edit fields and then click Check Answer 6 parts remaining Clear All Pearson Copyright 2020 Pearson Education Inc. All rights reserved. Terms of arch

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Price Of A Candy Bar $2 (constant) Wage Of A Candy Maker = $40

Transcribed Image Text from this QuestionPrice of a candy bar $2 (constant) Wage of a candy maker = $40 (constant) Note: this table is in marginal terms so you’re looking at the change in price or wage etc from one unit to the next. TP=Q MPL P (MR) MRPL W $40 L 0 1 2 3 4 5 6 0 10 34 66 100 130 150 154 136 8 a. Fill out the table. b. Find the equilibrium number of workers hired:

Mc Graw Hill Intro- Economics Of A Pandem Really? Economics Can Help Us Understand

Transcribed Image Text from this QuestionMc Graw Hill Intro- Economics of a Pandem Really? Economics can help us understand what is happening in the mask market? Derrick Oh, most definitely! Let’s talk this through. Hannah So before the outbreak of the virus, the equilibrium market price of one N95 mask was $10. After the outbreak, the equilibrium market price shot up to $200 for the same mask! Derrick What happened in the market for N95 masks??!! 0 The demand for masks increased sharply. The supply of masks increased sharply. The supply of masks decreased sharply. The demand for masks decreased sharply. Continue

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