Homework Answers
Answer 6
(a)
The Market in which firm rent robots is the perfect competitive market.
Because He can rent quantity of robot at a fixed price of $100 and hence Price is constant and is independent with the quantity. This implies firm who are giving the robots on rent are price takers.
In general any other market structure like Monopoly, monopolistic competition, etc demand is downward sloping or price depends on demand.
Hence, The Market in which firm rent robots is the perfect competitive market.
(b) In order to maximize profit a firm hires that amount of input(here robots) at which MPR = w/p
Marginal Productivity of Robot , w = cost of renting robot = 100 , p = Price of the good(here milk) = 4
Hence we have to find amount of robots for which MPR = w/P = 100/4 = 25
MPR(n) = TPR(n) - TPR(n - 1)
where TPR(n) means total product when n units of robots are hired
We can see from above table that TPR(4) - TPR(4 - 1) = TPR(4) - TPR(3)
= 140 - 115 = 25
Hence, MPR = w/P = 100/4 = 25 when 4 unit of Robot are hired.
Hence,Firm should rent 4 Robots.
Add Answer to:
6. Smiling Cow Dairy can sell all the milk it wants for $4 a gallon, and...
2. Problems and Applications Q4 Smiling Cow Dairy can sell all the milk it wants for...
2. Problems and Applications Q4 Smiling Cow Dairy can sell all the milk it wants for $5 a gallon, and it can rent all the robots it wants to milk the cows at a capital rental price of $200 a day. It faces the following production schedule: Total Product (Gallons) Number of Robots 55 100 140 165 180 190 In what kind of market structure does the firm sell its output? O Monopolistically competitive O Monopolistic O Perfectly competitive O...
A farmer estimates that his dairy cow produces 6,973 L of milk in a year. How...
A farmer estimates that his dairy cow produces 6,973 L of milk in a year. How many gallons is this? Round your answer to the nearest hundredth of a gallon. Do not include units with your answer. Question 11 4 pts You are ordering linoleum for a kitchen with dimensions 13 feet by 16 feet. When you get to the store, you find the linoleum is only sold in square yards. How many square yards should you order? Round your...
A dairy company gets milk from two dairies and then blends the milk to get the desired l costs S0.80 per gallon. Al most $144 is available for purchasing milk. Dairy I can supply at most 50 80 ga...
A dairy company gets milk from two dairies and then blends the milk to get the desired l costs S0.80 per gallon. Al most $144 is available for purchasing milk. Dairy I can supply at most 50 80 gallons averaging 29% butterfat Answer parts a-d of butterfat Milk from dairy 1 costs $2.40 per gallon, and milk rod with All supporting written work showing how you derived your final answers for this portion of the problem should be shown on...
McBride ts Dairy has 200 gallons of cream and 600 gallons of skimmed milk and has...
McBride ts Dairy has 200 gallons of cream and 600 gallons of skimmed milk and has incurred $1,000 of joint costs at the split-off point. It also incorporates a processing time weight factor of 1 for the cream and 3 for the skimmed milk. The amount of this cost that will be allocated to cream using the weighted average method is $250 $1,000 $900 $100 15. MC.19.125 McBride's Dairy has 200 gallons of heavy cream and 600 gallons of skimmed...
1. (37 points) Lolita is the intelligent and charming Holstein cow, who has been instructed in...
1. (37 points) Lolita is the intelligent and charming Holstein cow, who has been instructed in the mysteries of microeconomics. It turns out that she now considers herself more as a profit-maximizing firm than as a simple consumer: she uses (eats) cow feed and hay to produce milk. If m represents her production of milk, x her consumption of cow feed, and y her con- sumption of hay, Lolita’s technology can be summarized by the following production function: m =...
QUESTION 22 A firm can produce 450 gallons of milk per day with 4 workers and...
QUESTION 22 A firm can produce 450 gallons of milk per day with 4 workers and 500 gallons per day with 5 workers. The marginal product of the fifth worker expressed in gallons per worker per day, is: 35. 50. 70. 350. 2.5 points QUESTION 23 Exhibit 7-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 7-1 shows the change in the production of pizzas as more workers...
T Distribution Table The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A...
T Distribution Table
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 25 people reveals the mean yearly consumption to be 82 gallons with a standard deviation of 24 gallons. Assume that the population distribution is normal. (Use Distribution Table.) a-1. What is the value of the population mean? 82 24 Unknown a-2. What is the best estimate of this value? Estimate population mean c. For a 90% confidence interval, what is the value...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power an...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
11. Correcting for negative externalities - Regulation versus tradablepermits Suppose the government wants to reduce the...
11. Correcting for negative externalities - Regulation versus tradablepermits Suppose the government wants to reduce the total pollution emitted by three local firms. Currently, each firm is creating 4 units of pollution in the area, for a total of 12 pollution units. If the government wants to reduce total pollution in the area to 6 units, it can choose between the following two methods: Available Methods to Reduce Pollution 1. The government sets pollution standards using regulation. 2. The government...
5. Correcting for negative externalities - Regulation versus tradable permits Suppose the government wants to reduce the...
5. Correcting for negative externalities - Regulation versus
tradable permits Suppose the government wants to reduce the total
pollution emitted by three local firms. Currently, each firm is
creating 4 units of pollution in the area, for a total of 12
pollution units. If the government wants to reduce total pollution
in the area to 6 units, it can choose between the following two
methods: Available Methods to Reduce Pollution 1. The government
sets pollution standards using regulation. 2. The...
2. Problems and Applications Q4 Smiling Cow Dairy can sell all the milk it wants for $5 a gallon, and it can rent all the robots it wants to milk the cows at a capital rental price of $200 a day. It faces the following production schedule: Total Product (Gallons) Number of Robots 55 100 140 165 180 190 In what kind of market structure does the firm sell its output? O Monopolistically competitive O Monopolistic O Perfectly competitive O...
A farmer estimates that his dairy cow produces 6,973 L of milk in a year. How many gallons is this? Round your answer to the nearest hundredth of a gallon. Do not include units with your answer. Question 11 4 pts You are ordering linoleum for a kitchen with dimensions 13 feet by 16 feet. When you get to the store, you find the linoleum is only sold in square yards. How many square yards should you order? Round your...
A dairy company gets milk from two dairies and then blends the milk to get the desired l costs S0.80 per gallon. Al most $144 is available for purchasing milk. Dairy I can supply at most 50 80 gallons averaging 29% butterfat Answer parts a-d of butterfat Milk from dairy 1 costs $2.40 per gallon, and milk rod with All supporting written work showing how you derived your final answers for this portion of the problem should be shown on...
1. (37 points) Lolita is the intelligent and charming Holstein cow, who has been instructed in the mysteries of microeconomics. It turns out that she now considers herself more as a profit-maximizing firm than as a simple consumer: she uses (eats) cow feed and hay to produce milk. If m represents her production of milk, x her consumption of cow feed, and y her con- sumption of hay, Lolita’s technology can be summarized by the following production function: m =...
T Distribution Table
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 25 people reveals the mean yearly consumption to be 82 gallons with a standard deviation of 24 gallons. Assume that the population distribution is normal. (Use Distribution Table.) a-1. What is the value of the population mean? 82 24 Unknown a-2. What is the best estimate of this value? Estimate population mean c. For a 90% confidence interval, what is the value...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
11. Correcting for negative externalities - Regulation versus tradablepermits Suppose the government wants to reduce the total pollution emitted by three local firms. Currently, each firm is creating 4 units of pollution in the area, for a total of 12 pollution units. If the government wants to reduce total pollution in the area to 6 units, it can choose between the following two methods: Available Methods to Reduce Pollution 1. The government sets pollution standards using regulation. 2. The government...
5. Correcting for negative externalities - Regulation versus
tradable permits Suppose the government wants to reduce the total
pollution emitted by three local firms. Currently, each firm is
creating 4 units of pollution in the area, for a total of 12
pollution units. If the government wants to reduce total pollution
in the area to 6 units, it can choose between the following two
methods: Available Methods to Reduce Pollution 1. The government
sets pollution standards using regulation. 2. The...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago