Questions
Identify and discuss the main characteristics of pure competition.
Chapter 10 Pure Competition in the Short Run Assignment
1. Identify and discuss the main characteristics of pure competition.
2. Assume a single firm in a purely competitive industry has variable costs as indicated in the following
table in column 2. (refer back to the computations from chapter 9) Complete the table and answer the questions.
(1) Total product | (2) Total Variable cost | (3) Total Fixed cost | (4) Total cost | (5) Average Fixed cost | (6) Average Variable cost | (7) Average Total cost | (8) Marginal cost |
0 | $ 0 | $40 | $ 40 | XXXXX | XXXXX | XXXXX | XXXXXX |
1 | 55 | 40 | 95 | 40 | 55 | 95 | 20 |
2 | 75 | 40 | 115 | 20 | 37.5 | 57.5 | 15 |
3 | 90 | 40 | 130 | 13.38 | 30 | 43.33 | 20 |
4 | 110 | 40 | 150 | 10 | 27.5 | 37.5 | 25 |
5 | 135 | 40 | 175 | 8 | 27 | 35 | 35 |
6 | 170 | 40 | 210 | 6.66 | 28.33 | 35 | 50 |
7 | 220 | 40 | 260 | 5.71 | 31.42 | 37.14 | 70 |
8 | 290 | 40 | 330 | 5 | 36.25 | 41.25 |
(a) At a product price of $52, will this firm produce in the short run? Explain. What will its profit or loss be?
(b) At a product price of $28, will this firm produce in the short run? Explain. What will its profit or loss be?
(c) At a product price of $22, will this firm produce in the short run? Explain. What will its profit or loss be?
(d) Complete the following short-run supply schedule for this firm. Base your results on the information from above.
Product price | Quantity supplied | Profit (+) or loss (−) |
$72 | $ | |
52 | ||
45 | ||
28 | ||
22 | ||
15 |
In: Economics
1) Take 5 red, 5 black beans, and 10 white beans and place them, mixed, on the table. Imagine that these are sexually reproducing organisms.
1) Take 5 red, 5 black beans, and 10 white beans and place them, mixed, on the table. Imagine that these are sexually reproducing organisms. Females have two morphs-red and black. Males have one morph-white. Record the starting phenotype # and frequencies (% of your total population) of your starting population in the table provided (generation 0).
2) Males have a slight preference for mating with black females. Seven times out of ten, a male will choose a black female as a mate. Allow each male to pair once with a female and produce two offspring-one male and one female. Seven of them pair with a black female and each produces two offspring with her-one white male and one black female. The other three males mate with a red female and produce two offspring with her-one white male and one red female. Some red females will be unmated and will not reproduce. (Note: females can mate more than once.) Multiply your organisms accordingly and allow them to mix on the table. Calculate and record the phenotype # and frequencies (% of your total population) of generation 1 in the table.
3) Repeat the reproduction event with 7 out of 10 males choosing black females as mates to determine generation 2.
4) Repeat the reproduction event with 7 out of 10 males choosing black females as mates to determine generation 3.
Summarize how the final population looks different from the starting population. Which evolutionary mechanism is being simulated?
In: Biology
Write a program that validates passwords based on the following requirements: • must be at least...
Write a program that validates passwords based on the following
requirements:
• must be at least 8 characters in length
• must include at least 1 alphabet character
• must include at least 1 number
The program should implement the password checker using a function
name validate_password,
which takes two strings as input and returns one of the
following:
• 0 if the passwords match and fulfill all requirements
• 1 if the passwords are not the same length
• 2 if the a number is not found
• 3 if an alphabet character is not found
In main, test your function validate_password by creating 4 sets of
passwords and which match one of the conditions listed above and
printing the result.
Need it in 10 minutes, please.
In: Computer Science
Write a program that validates passwords based on the following requirements: • must be at least...
Write a program that validates passwords based on the following
requirements:
• must be at least 8 characters in length
• must include at least 1 alphabet character
• must include at least 1 number
The program should implement the password checker using a function
name validate_password,
which takes two strings as input and returns one of the
following:
• 0 if the passwords match and fulfill all requirements
• 1 if the passwords are not the same length
• 2 if the a number is not found
• 3 if an alphabet character is not found
In main, test your function validate_password by creating 4 sets of
passwords and which match one of the conditions listed above and
printing the result.
In C program
In: Computer Science
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently...
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently applies overhead using a predetermined rate based on direct labor-hours. A group of company employees recommended that CSC switch to activity-based costing and identified the following activities, cost drivers, estimated costs, and estimated cost driver units for Year 5 for each activity center.
|
Activity |
Recommended Cost Driver |
Estimated Cost |
Estimated Cost Driver Units |
|
Setting up production |
Number of production runs |
$30,000 |
100 runs |
|
Processing orders |
Number of orders |
$57,200 |
220 orders |
|
Handling materials |
Pound of materials |
$18,000 |
9,000 pounds |
|
Using machines |
Machine-hours |
$45,000 |
9,000 hours |
|
Providing quality management |
Number of inspections |
$48,000 |
40 inspections |
|
Packing and shipping |
Units shipped |
$44,000 |
22,000 units |
|
$242,200 |
In addition, management estimated 2,000 direct labor-hours for year 5.
Assume that the following cost driver volumes occurred in February, year 5.
|
Short |
Medium |
Tall |
|
|
Number of units produced |
1,000 |
500 |
400 |
|
Direct materials costs |
$3,000 |
$2,500 |
$2,500 |
|
Direct labor-hours |
90 |
140 |
100 |
|
Number of orders |
8 |
9 |
4 |
|
Number of production runs |
2 |
4 |
8 |
|
Pounds of material |
400 |
900 |
200 |
|
Machine-hours |
400 |
300 |
300 |
|
Number of inspections |
1 |
3 |
2 |
|
Units shipped |
1,000 |
500 |
300 |
Direct labor costs were $20 per hour.
Required:
- Compute a predetermined overhead rate for year 5 for each cost driver recommended by the employees. Also compute a predetermined rate using direct labor-hours as the allocation base.
- Compute the production costs for each product for February using direct labor-hours as the allocation base and the predetermined rate computed in requirement a.
- Compute the production costs for each product for February using the cost drivers recommended by the employees and the predetermined rates computed in requirement a. (Note: Do not assume that total overhead applied to products in February will be the same for activity-based costing as it was for the labor-hour-based allocation.)
In: Accounting
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently...
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently applies overhead using a predetermined rate based on direct labor-hours. A group of company employees recommended that CSC switch to activity-based costing and identified the following activities, cost drivers, estimated costs, and estimated cost driver units for Year 5 for each activity center.
| Activity | Recommended Cost Driver |
Estimated Cost |
Estimated Cost Driver Units |
||||
| Setting up production | Number of production runs | $ | 36,000 | 120 | runs | ||
| Processing orders | Number of orders | 52,800 | 220 | orders | |||
| Handling materials | Pounds of materials | 14,000 | 7,000 | pounds | |||
| Using machines | Machine-hours | 48,000 | 8,000 | hours | |||
| Providing quality management | Number of inspections | 48,000 | 40 | inspections | |||
| Packing and shipping | Units shipped | 38,000 | 19,000 | units | |||
| $ | 236,800 | ||||||
In addition, management estimated 2,000 direct labor-hours for year 5.
Assume that the following cost driver volumes occurred in February, year 5.
| Short | Medium | Tall | |||||||
| Number of units produced | 800 | 500 | 500 | ||||||
| Direct materials costs | $ | 5,000 | $ | 2,000 | $ | 2,000 | |||
| Direct labor-hours | 110 | 100 | 120 | ||||||
| Number of orders | 9 | 8 | 4 | ||||||
| Number of production runs | 2 | 3 | 8 | ||||||
| Pounds of material | 400 | 800 | 200 | ||||||
| Machine-hours | 400 | 300 | 200 | ||||||
| Number of inspections | 3 | 2 | 1 | ||||||
| Units shipped | 800 | 500 | 400 | ||||||
Direct labor costs were $18 per hour.
Required:
a. Compute a predetermined overhead rate for
year 5 for each cost driver recommended by the employees. Also
compute a predetermined rate using direct labor-hours as the
allocation base.
b. Compute the production costs for each product
for February using direct labor-hours as the allocation base and
the predetermined rate computed in requirement
a.
c. Compute the production costs for each product
for February using the cost drivers recommended by the employees
and the predetermined rates computed in requirement
a. (Note: Do not assume that total
overhead applied to products in February will be the same for
activity-based costing as it was for the labor-hour-based
allocation.)
In: Accounting
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently...
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently applies overhead using a predetermined rate based on direct labor-hours. A group of company employees recommended that CSC switch to activity-based costing and identified the following activities, cost drivers, estimated costs, and estimated cost driver units for Year 5 for each activity center.
| Activity | Recommended Cost Driver |
Estimated Cost |
Estimated Cost Driver Units |
||||
| Setting up production | Number of production runs | $ | 36,000 | 120 | runs | ||
| Processing orders | Number of orders | 46,800 | 180 | orders | |||
| Handling materials | Pounds of materials | 14,000 | 7,000 | pounds | |||
| Using machines | Machine-hours | 48,000 | 8,000 | hours | |||
| Providing quality management | Number of inspections | 48,000 | 40 | inspections | |||
| Packing and shipping | Units shipped | 40,000 | 20,000 | units | |||
| $ | 232,800 | ||||||
In addition, management estimated 2,000 direct labor-hours for year 5.
Assume that the following cost driver volumes occurred in February, year 5.
| Short | Medium | Tall | |||||||
| Number of units produced | 900 | 600 | 500 | ||||||
| Direct materials costs | $ | 5,000 | $ | 2,500 | $ | 2,000 | |||
| Direct labor-hours | 90 | 110 | 110 | ||||||
| Number of orders | 8 | 8 | 5 | ||||||
| Number of production runs | 1 | 4 | 9 | ||||||
| Pounds of material | 400 | 700 | 200 | ||||||
| Machine-hours | 600 | 400 | 200 | ||||||
| Number of inspections | 2 | 1 | 2 | ||||||
| Units shipped | 900 | 600 | 400 | ||||||
Direct labor costs were $20 per hour.
Required:
a. Compute a predetermined overhead rate for
year 5 for each cost driver recommended by the employees. Also
compute a predetermined rate using direct labor-hours as the
allocation base.
b. Compute the production costs for each product
for February using direct labor-hours as the allocation base and
the predetermined rate computed in requirement
a.
c. Compute the production costs for each product
for February using the cost drivers recommended by the employees
and the predetermined rates computed in requirement
a. (Note: Do not assume that total
overhead applied to products in February will be the same for
activity-based costing as it was for the labor-hour-based
allocation.)
In: Accounting
Give a bash command that runs "ps -ef" , but only displays items whose UID is...
Give a bash command that runs "ps -ef" , but only displays items whose UID is not equal to root
In: Computer Science
Security valuation: equity. Next year, your company expects net income of $44 million. It pays 50%...
Security valuation: equity. Next year, your company expects net income of $44 million. It pays 50% of its earnings out in dividends and has a cost of equity capital of 11%.
a. If your company’s NI has a 7% growth rate, what is the estimated value of your company?
b. What is its re-investment rate (i.e. internal rate of return on earnings retained and reinvested)? Now suppose instead that the company’s re-investment rate (i.e. internal rate of return) on all future retained earnings is only 11%, and continue to assume initial earnings of $44 million.
c. What would be the value of your company if it maintains a dividend payout ratio of 50%?
d. Does the value of the company in c. above change if the payout ratio is reduced to 25%? Why or why not?
e. Find the company’s market capitalization one year from now under each of the two dividend policies described in c. and d. Which payout policy leads to a greater increase in stock price?
f. How can you reconcile the seemingly contradictory results obtained in parts d. and e.?
In: Finance
A company is considering buying one of two new bottle capping machines. One of the alternatives...
In: Economics