100% Original, Plagiarism Free, Tailored to your instructions

Order Now!


Paper details:
please just answer the questions and do not rewrite the questions. for example 1: a; … b,,,,and please answer them as complete as possible.
Answer the following questions. Show all of your calculations and label all parts of your graph.
1. Moe owns a restaurant that serves slabs of BBQ ribs. The size of his kitchen and the number of BBQ grills are fixed. Moe can vary the quantity of slabs by changing the number of workers he employs. Each worker earns $10/hr. and the fixed cost is $20. He observes the following relationship between the number of employees and the quantity of slabs produced:
Number of workers Quantity
(slabs per hour) Marginal Product Cost of Workers per hr. Total Cost
0 0
1 25
2 45
3 60
4 70
5 75
a. Fill in the rest of the table.
b. Graph the production function with Number of Workers on the horizontal axis and Quantity of Output on the vertical axis.
c. Does Moe’s production function exhibit diminishing marginal product of labor? Explain.
2. Lauren’s Nail Salon (a perfectly competitive firm) faces costs of production as follows:
Q clients per week Total Revenue Total Cost Variable Cost Average Variable Cost Average Total Cost Marginal Revenue Marginal Cost Profit
0 $0 $100 $0
10 120 150 50
20 240 230 130
30 360 330 230
40 480 450 350
50 600 600 500
60 720 800 700
a. What are Lauren’s fixed costs?
b. Fill in the rest of the table
c. What is the profit-maximizing level of output?
d. Graph MC, AVC, ATC, and MR. Shade in the area that is her profit.
e. At what price will Lauren close her salon and exit the market?
3. A pharmaceutical company owns the patent to produce a drug that cures Alzheimer’s disease. The following equations describe the monopolist’s demand, total revenue, marginal revenue, total cost and marginal cost:
Demand: P = 300 – 10Q
Total Revenue: TR = 300Q – 10Q^2
Marginal Revenue: MR = 300 – 20Q
Total Cost: TC = 30 + 60Q + 5Q^2
Marginal Cost: MC = 60 + 10Q
Where Q is the quantity of bottles sold (in millions) and P is the price in US dollars.
a. Find the price and quantity that maximize the company’s profit.
b. What is the pharmaceutical company’s profit?
c. Find the price and quantity that would maximize social welfare.
4. A tech company created a new tutoring app. It will cost them $1 each time the app is downloaded on iTunes. There are no fixed costs. The marketing department determines that the demand for the app is as follows:
Price Quantity TR MR Profit
$8 $0
7 10,000
6 15,000
5 20,000
4 25,000
3 30,000
2 35,000
1 40,000
a. Find total revenue and marginal revenue.
b. Graph Demand, MR, and MC. Shade in the deadweight loss.
c. What quantity of apps would maximize profits and what would the price be? What is the profit?
d. Suppose the tech company wanted to maximize economic welfare. What price would they charge and how much profit would they make at this price.

Our Service Charter

  1. Excellent Quality / 100% Plagiarism-Free

    We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
  2. Free Revisions

    We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
  3. Confidentiality / 100% No Disclosure

    We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
  4. Money Back Guarantee

    If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
  5. 24/7 Customer Support

    We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.

Excellent Quality
Zero Plagiarism
Expert Writers

Custom Writing Service

Instant Quote
Single spaced
approx 275 words per page
Urgency (Less urgent, less costly):
Total Cost: NaN

Get 10% Off on your 1st order!