Statistics Solutions

(Step-by-Step) to answer 6*: The Dairy Farm Company, a small producer of milk and cheese, has estimated the quantities of milk and cheese that it can produce

Question: to answer 6*:

The Dairy Farm Company, a small producer of milk and cheese, has estimated the quantities of milk and cheese that it can produce with three levels of total expenditures or total costs. These are indicated in the following table. If the price of milk (product A) and the price of cheese (product B) that the firm receiver are $1 each per unit of the products, draw a figure showing the profit that the firm can earn for the three different levels of TC.

TC = $70 TC = $90
PRODUCT A PRODUCT B PRODUCT A PRODUCT B
80 0 100 0
70 40 90 60
50 70 70 90
20 90 30 120
0 95 0 130
TC = 140
PRODUCT A PRODUCT B
130 0
110 70
80 120
40 150
0 160

Chapter 12:

  1. Discussion Questions: 5*, 8, 10.

*Please review the right panel of Figure 12-1, p. 502, the case of yard work before you answer this question. Education, like yard work, provides additional social benefit to society.

b. Problems: 12, and 13*

*Please use the internet search or other sources to answer this problem

Discussion Questions

5*. Why is it likely that in a system of private education (i.e. a system in which individuals pay for their own education) there will be underinvestment in education?

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