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Wittaler [7]
3 years ago
15

(Table: Cherry Farm) Use Table: Cherry Farm. If Hank and Helen have one of 100 farms in the perfectly competitive cherry industr

y and if the price is $5, in the short run the industry will supply _____ pounds.

Business
1 answer:
Dmitry_Shevchenko [17]3 years ago
6 0

Answer:

500

Explanation:

please find attached the table referred to in this question and a second table where marginal cost is included

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply.

in a perfect competition, price = marginal cost = marginal revenue

Marginal cost = total cost 2 - total cost 1

e.g. marginal cost at 2 units of output = $7 - $2 = $5

Hank and Helen would supply at the point  where marginal cost is equal to $5.

looking at the second attached table, there are two points where marginal cost is equal to $5. at output 1 and output 5.

at output one, Hank and Helen would be earning a loss because total cost is greater than total revenue. so they would not supply at this point.

at output five, Hank and Helen would earn a profit and thus would supply at 5 units of output.

Since all firms face and identical cost structure, the industry supply would be 100 x 5 = 500 pounds

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According to the PMQ Pizza Magazine, an estimate of pizza sales in the United States for the top 100 pizza companies was $44.3 b
shusha [124]

Answer:

PMQ Pizza Magazine

Estimate of Pizza Sales in the United States for top 100 pizza companies

a. Computation of the sales per franchise unit:

Name of company              Units          Sales      Sales per Franchise unit

Domino's                           14,490       12,252           $0.845

Pizza Hut                           16,336       12,034              0.737

Little Caesars Pizza            5365        4,000              0.746

Papa John's International   5071        3,695              0.729

California Pizza Kitchen       260           840              3.231

b. Frequency distribution based on total sales:

Frequency               Sales ($ millions)

O up to 1750                      840

1750 up to 3500                    0

3500 up to 5250           7,695

5250 up to 7000                  0

7000 up to 8750                  0

8750 up to 10500                0

10500 up to 12250     12,034

12250 up to 14000     12,252

Total sales                 32,821

c. Frequency distribution of companies based on per unit sales:

Frequency Per unit sales ($ millions)

0.0 up to 0.5               0

0.5 up to 1                    4

1 up to 1.5                     0

1.5 up to 2                     0

2 up to 2.5                   0

2.5 up to 3                    0

3 up to 3.5                    1

3.5 up to 4                   0

Total                          5

Explanation:

a) Data and Calculations:

Total estimated sales in 2018 = $44.3 billion

Top 5 Companies Total gross sales in $ millions.

Name of company              Units          Sales      Sales per Franchise unit

Domino's                           14,490       12,252           $0.845 (12,252/14,590)

Pizza Hut                           16,336       12,034              0.737 (12,034/16,336)

Little Caesars Pizza           5,365        4,000              0.746 (4,000/5,365)

Papa John's International  5,071        3,695              0.729 (3,695/5,071)

California Pizza Kitchen       260           840              3.231 (840/260)

b. Frequency distribution based on total sales:

Frequency               Sales ($ millions)

O up to 1750                      840

1750 up to 3500                    0

3500 up to 5250           7,695

5250 up to 7000                  0

7000 up to 8750                  0

8750 up to 10500                0

10500 up to 12250     12,034

12250 up to 14000     12,252

Total sales                 32,821

c. Frequency distribution of companies based on per unit sales:

Frequency Per unit sales ($ millions)

0.0 up to 0.5               0

0.5 up to 1                    4

1 up to 1.5                     0

1.5 up to 2                     0

2 up to 2.5                   0

2.5 up to 3                    0

3 up to 3.5                    1

3.5 up to 4                   0

Total                          5

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Red and White Company reported the following monthly data: Units produced 2,400 units Sales price $ 29 per unit Direct materials
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4 0
2 years ago
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's
Svetlanka [38]

Answer:

Variable cost per unit= $0.10

Explanation:

Giving the following information:

Cost Machine Hours

March $3,106 15,176

April 2,668 9,558

May 2,892 11,947

June 3,538 17,899

<u>To calculate the variable cost under the high-low method, we need to use the following formula:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (3,583 - 2,668) / (17,899 - 9,558)

Variable cost per unit= $0.10

8 0
3 years ago
John invested $12,000 in the stock of Hyper Cyber. Eight years later, Hyper Cyber's shares reached $125,000, but John held onto
Nata [24]

Answer:

B. $12,000 is a sunk cost

Explanation:

By considering the given information, the cost that is correct is a sunk cost for $12,000

The sunk cost is the cost already incurred and will not be retrieved in the future. Plus, it's also termed a past cost.  

It is a useless cost and it can be avoided also.  

It is that cost that is not considered at the time of decisions making.

So, option B is correct

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