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Liberty University ECON 213 Problem Set chapter 8 complete solutions correct answers updated

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Liberty University ECON 213 Problem Set chapter 8 complete solutions correct answers updated

 

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100  each month for the three-month season. The team pays the players and manager a total of $1000 each month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages  30 people at each home game.

 

As a server you earn $60000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you’ll need to rent an office, purchase supplies, and buy new computer equipment. Which of the following can we conclude?

 

It costs $20/hour to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $10/hour.

 

A regional airline sells 200 tickets to New York City for an average price of $ 150 one way. Half of the people on the flight will purchase a meal for $7.

The airline’s employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $9000, and the cost of catering food is $1 for each item purchased.

 

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $500  each month for the three-month season. The team pays the players and manager a total of $2500 each month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages  100 people at each home game.

 

Billy Bob runs a seafood restaurant. Last year, he earned $80000 in revenue. He had explicit costs of $25000. Billy Bob could have made $30,000 working for the county, and he could have received an additional $20,000 if he had rented out his building and equipment.
 

As a server you earn $40000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you’ll need to rent an office, purchase supplies, and buy new computer equipment. Which of the following can we conclude?

 

You and a group of friends are planning to visit a theme park, which charges $60 for admission, $100 for a two-day pass, and $130 for a three-day pass. Your friends are interested in spending a lot of time there, but they’re worried about paying a lot of money. You explain the concept of marginal cost, which helps them see that the additional day is a good value.

 

The average cost per day of a three-day pass is   $   per person.

The marginal cost of adding the third day is   $   per person.

 

If there are 6 people in your group, the group's marginal cost of switching from the two-day pass to the three-day pass is 

 

What is the total cost when the marginal product of labor is 5?

What is the total variable cost when the marginal product of labor is equal to 10?
 

The cookie company in the mall hires only labor to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $400 per day.

 

A regional airline sells 200 tickets to New York City for an average price of $ 200 one way. Half of the people on the flight will purchase a meal for $7.

The airline’s employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $8000, and the cost of catering food is $1 for each item purchased.

 

The following table shows a short-run production function for yoga pants. Use the data to determine where diminishing marginal product begins.

Number of workers

Total output of
yoga pants 

0

0

1

50

2

120

3

200 

4

290 

5

320 

6

325

7

320

8

310

Diminishing marginal product begins when the company hires worker number  

 

A regional airline sells 200 tickets to New York City for an average price of $ 175 one way. Half of the people on the flight will purchase a meal for $5.

The airline’s employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $10000, and the cost of catering food is $1 for each item purchased.

 

The airline earns    $  in revenue from tickets and   $  from in-flight purchases.
 

If one flight attendant is staffed for the flight, the airline pays    $   in fixed costs.
 

If the airline has three flight attendants for the flight, the firm earns    $   profit.

 

What happens to profit in each of the following scenarios, given the information in Part 1 above?
 

Scenario

Change in Profit

1. An unexpected fuel shortage results in an increase in the price of fuel for the foreseeable future.

2. A large conference is announced in New York, which results in an increase in demand for seats on flights to New York.

3. A competing airline opens a route, which increases the supply of flights to New York City.

4. The pilots' union negotiates higher wages for pilots and copilots.

 

You and your friends have decided to build a skateboard ramp behind your house. You have already purchased $400 in materials and are considering renting an electric saw.
 
It costs $20/hour to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $12/hour.

 

Based on the information provided above, answer the following questions.
 
(a) If you use your handsaw, the explicit costs of the ramp are    $  .
 

(b) The explicit costs of the ramp are    $   if you rent an electric saw.
 

(c) If you use a handsaw, the implicit costs of the ramp are    $ .  
 

(d) If you rent an electric saw, the implicit costs of the ramp are    $ .
 

(e) It is economically cheaper to 

 

 

The cookie company in the mall hires only labor to produce cookies. The workers are paid $80 per day, and the cost of renting the space in the mall is $350 per day.
 

Number of workers

Daily output (cookies)

1

200

2

400

3

600

4

700

 
 The daily fixed costs of production are

 

The labor cost per day of hiring two workers is   $ .
 

The total cost per day when three workers are hired is   $ .
 

The marginal product per day of the fourth worker is    cookies.

 

Use the table below to answer questions about a firm’s hiring decision.
     

Labor (workers)

Output (units)

Total Cost ($)

0

0

$50

1

15

$60

2

27

$70

3

37

$80

4

45

$90

5

50

$100

 
 What is the total cost when the marginal product of labor is 10?

 

What is the total variable cost when the marginal product of labor is equal to 5?

 

You and a group of friends are planning to visit a theme park, which charges $60 for admission, $90 for a two-day pass, and $110 for a three-day pass. Your friends are interested in spending a lot of time there, but they’re worried about paying a lot of money. You explain the concept of marginal cost, which helps them see that the additional day is a good value.

The average cost per day of a three-day pass is   $  per person.

 

The marginal cost of adding the third day is   $  per person.

 

If there are 8 people in your group, the group's marginal cost of switching from the two-day pass to the three-day pass is

 

As a server you earn $30000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you’ll need to rent an office, purchase supplies, and buy new computer equipment. Which of the following can we conclude?

 

The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves.

Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q = 1, Q = 5, and Q = 14 and then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the formula  for your calculations.

 

Which of the following are true regarding profits, revenues, and costs?

 

Billy Bob runs a seafood restaurant. Last year, he earned $40000 in revenue. He had explicit costs of $20000. Billy Bob could have made $30,000 working for the county, and he could have received an additional $20,000 if he had rented out his building and equipment.

Calculate Billy Bob’s accounting profit.

 

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1000 each month. The team charges $10 for each ticket, and the average customer spends $6 at the concession stand. Attendance averages 30 people at each home game.

The team earns an average of   $  in revenue for each game and   $  of revenue each season.

 

With total costs of   $  each season, the team finishes the season with   $  of profit.

 

In order to break even, the team needs to sell     tickets for each game.

 

You’ve been hired to work a hot dog cart at a large park. During the summer, your boss tries to sell as many hot dogs as possible by sending out more carts. 

Fill in the final column for the marginal product of each hot dog cart utilized.
 

Number of Carts

Total Output of Hot Dogs per Day

Marginal Product

0

0

0

1

75

   

2

175

   

3

285

   

4

345

   

5

365

   

6

345

   

Diminishing marginal product begins with the cart.

 

Car owners can incur a number of costs. Suppose that your parents are willing to pay for the fixed costs of your car, but you must pay the variable costs. On the chart below, identify which costs are fixed and which costs are variable.

Cost description

Cost type

1. Monthly car payment

 

2. Gasoline

 

3. Oil changes

 

4. Insurance

 

5. License plates (one-time cost)

 

6. Car registration (annual)

 

7. New tires

 

8. Toll road charges

 

9. Car wash

 

 

A firm is considering changing its plant size, so it calculates the average total cost of production for various plant sizes, as shown in the following table.

If the firm is currently using plant size C, the firm is experiencing

 

The following table shows a short-run production function for souvenir drinking glasses. Use the data to determine where diminishing marginal product begins.

Number of workers

Total output of
souvenir drinking glasses 

0

0

1

50

2

120

3

200 

4

260 

5

310 

6

325

7

320

8

310

Diminishing marginal product begins when the company hires worker number  

 

A regional airline sells 200 tickets to New York City for an average price of $ 175 one way. Half of the people on the flight will purchase a meal for $7.

The airline’s employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $10000, and the cost of catering food is $1 for each item purchased.

 

You and your friends have decided to build a skateboard ramp behind your house. You have already purchased $500 in materials and are considering renting an electric saw.
 
It costs $20/hour to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $10/hour.

 

What is the total variable cost when the marginal product of labor is equal to 10?

 

Billy Bob runs a seafood restaurant. Last year, he earned $50000 in revenue. He had explicit costs of $30000. Billy Bob could have made $30,000 working for the county, and he could have received an additional $20,000 if he had rented out his building and equipment.

 

A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $200  each month for the three-month season. The team pays the players and manager a total of $1500 each month. The team charges $10 for each ticket, and the average customer spends $8 at the concession stand. Attendance averages  50 people at each home game.

 

 

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[Solved] Liberty University ECON 213 Problem Set chapter 8 complete solutions correct answers updated

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Liberty University ECON 213 Problem Set chapter 8 complete solutions correct answers updated A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1000 each month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages 30 people at each home game. As a server you earn $60000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you’ll need to rent an office, purchase supplies, and buy new computer equipment. Which of the following can we conclude? It costs $20/hour to rent an electric saw. You estimate it will take 6 hours to build the ramp. If you decide to use your saw, which is a handsaw, you will not have to pay anything to rent an electric saw, but it will take 15 hours to build the ramp. Regardless of the decision, you will need to ask for time off from your job, which pays $10/hour. A regional airline sells 200 tickets to New York City for an average price of $ 150 one way. Half of the people on the flight will purchase a meal for $7. The airline’s employee costs per flight include $500 each for the pilot and copilot, and $200 for each flight attendant. The law requires airlines to have at least one pilot, copilot, and flight attendant for each flight. Fuel for the flight is expected to cost $9000, and the cost of catering food is $1 for each item purchased. A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $500 each month for the three-month season. The team pays the players and manager a total of $2500 each month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages 100 people at each home game. Billy Bob runs a seafood restaurant. Last year, he earned $80000 in revenue. He had explicit costs of $25000. Billy Bob could have made $30,000 working for the county, and he could have received an additional $20,000 if he had rented out his building and equipment. As a server you earn $40000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you’ll need to rent an office, purchase supplies, and buy new computer equipment. Which of the following can we conclude? You and a group of friends are planning to visit a theme park, which charges $60 for admission, $100 for a two-day pass, and $130 for a three-day pass. Your friends are interested in spending a lot of time there, but they’re worried about paying a lot of money. You explain the concept of marginal cost, which helps them see that the additional day is a good value. The average cost per day of a three-day pass is $ per person. The marginal cost of adding the third day is $ per person. If there are 6 people in your group, the group's marginal cost of switching from the two-day pass to t...
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