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ll Graph of TB It TC from Hours Working: The graph below measures the benets and costs from working. from the perspective of a workerr The variable 0 stands for the number of hours the worker works, such that the horizontal axis measures the hours ofwork per week. On the assumption that they can choose their hours, the worker estimates a total benet ( m from working according to the equation. nr = 0.7989. (The value "0.793" might be interpreted as the hourly wage paid to the worker) The worker estimates their total cost from working with the equation, TC = Q(0. 146) + Q'(0.02 l) , (The TC of each Q might be interpreted as including the displeasure of effort and exertion from working 0 hours) It can be assumed that TC > TB for all hours beyond point B (31 ,05). Reference: TE Gs TC ofWorkIng It is clear by the graph of TE and the equation for TB, that the TB at point_ is greater than the TB at point _, 0 A H ;A 0 3A; E O C] ; E O n. ; H Question 10 1 points Save Answer Graph: TB and TC curves. Both the TB and TC curves are graphed over quantities (Q). The start at Q = 0 and intersect at the quantity indicated by point G. The tangent line at point B is parallel to TC. TB, TC TC A 3 B E 2 - G Reference: TB and TC Curves Since points B and E indicate equal amounts of TB and TC, both quantities C and D are optimal quantities. O True FalseQuestion 12 Use the values in the table below to answer the following questions. AND TC ATC MC 12.52 6.26 5.48 ( A)- 6.353 6.68 -( B)- ( C)- 7.03 39 957.5 24.55 28.79 40 -( E)- -( D)- 29.8 Cell (A) stands for the total cost of 6 units. Its value should be O A. 20.3296 O B. 9.5295 O C. 15.8825 O D. 38.12Question 24 1 points Sav Figure: The Perfectly Competitive Firm II Price, MR, MC, ATC, AVC Reference: Ref 12-24 (Figure: The Perfectly Competitive Firm II) Look at the figure The Perfectly Competitive Firm II. If this firm's MR curve is MR 2, then this firm will maximize profit by producing O A. Q3 positive units of output and its economic profit will be O B. Q1; positive O C. Q2 negative O D. Q4' negativeQuhstion 26 The supply curve in a market is given by P = 2 + 2.79(Q), while the demand curve is P = 51 2.9(Q). S 50 4O 30 20 10 10 20 The equilibrium price and quantity will be P E = _ Q E = _. O A. $30.44; 11.07 0 B. $26.03; 8.612 O C. $26.03; 10.2 0 D.$32.89; 11.07 0 E. $32.89; 10.2 Question 27 Use the values in the table below to answer the following questions. TC ATC MC 3 78.78 26.26 7 -( A)- 43.81 8 -( B)- -( C)- 90.6 14 1325 94.64 15 -( E)- -(D)- 231 Cell (C) stands for the average total cost of 8 units. Its value should be A. 43.81 . (Answers may be rounded to the nearest hundredth.) O B. 51.85 O C. 52.52 O D. 49.66 O E. 208.208 OF. 140.192Question 30 The supply curve in a market is given by P = 13 + 0.9(Q), while the demand curve is P = 60 - 1.2(Q). 60 50 - 40 - 30 - 20 - 10 - D 10 20 30 40 50 A price of will cause a of the amount O A. $38.92 ; surplus ; 15.67 O B. $25.39 ; surplus ; 15.67 O c. $38.92 ; surplus ; 11.23 O D. $33.64 ; shortage ; 10.00 O E. $53.64 ; surplus ; 10.00Question 31 The supply curve in a market is given by P = 9 + 2.0(Q), while the demand curve is P = 55 - 2.4(Q). 50 - 40 - 30 - 20 - 10 - D 10 20 A price of _will cause a of the amount O A. $21.57 ; surplus ; 7.51 O B. $29.95 ; surplus ; 4.49 O c. $34.96 ; surplus ; 7.51 O D. $29.95 ; shortage ; 4.49 O E. $34.96 ; surplus ; 4.63Question 36 The supply curve in a market is given by P = 5 + 2.81(Q). The first demand curve (D 1) is P = 79 - 3.0(Q), while the second demand curve (D 2) is P = 55.3 - 3.0(Q). 80 S 70 - 60 - 50 - 40 - 30 - 20 - D1 10 - D2 10 20 30 The change in price is a decrease of $_ O A. $2.933 O B. $32.263 O C. $8.16 O D. $11.47 O E. $48.96 OF. $16.32 O G. $12.24 Moving to another question will save this response.Quiestion 37 Graph: TB and TC curves. Both the TB and TC curves are graphed over quantities (Q). The start at Q = 0 and intersect at the quantity indicated by point G. The tangent line at point B is parallel to TC. l l l l l l l l l l l l | l | l | l l l | l | l | l l l l l I l Q r. l . I l . 5 S D G Reference: TE! and TC Curves Since points F. B. and E are all equal on the vertical axis. we can say _. O A. quantity C gives a NB equal to that of quantity D Q B. the optimal quantity cannot be either C or D O C. point D indicates the optimal quantity 0 D. quantity C gives a TB equal to the TC of quantity D O E. None of the above "> A Moving to another question will save this response. Question 39 Graph: TB and TC curves. Both the TB and TC curves are graphed over quantities (Q). The start at Q = 0 and intersect at the quantity indicated by point G. The tangent line at point B is parallel to TC. TB, TC TC A IB 3 F 2 - E G O 5 Reference: TB and TC Curves The TC curve implies that the MC curve is a straight, horizontal line. O True False