Q: What is the average cost, when output is 1, total cost is 7, total revenue is 10, average revenue is…
A: Average cost, in economics, refers to the total cost of producing a certain quantity of output…
Q: how to calculate gross national income from gross domestic product
A: Gross domestic product refers to the final value of all goods and services produced in a territory…
Q: Assume you have the following data for a hypothetical country for a specific year (in billions of…
A: The objective of the question is to identify the appropriate method for calculating Gross Domestic…
Q: Problem two: E-levy and elasticity of demand for electronic transaction services Consider the…
A: Attrition rate refers to the percentage of mobile money users who are expected to discontinue or…
Q: The figure below shows the market for cotton. Suppose that the cotton growers use a chemical to…
A: External costs or negative externalities are the harmful side effects arise out of production of…
Q: The graph displays the marginal cost and marginal revenue curves for a perfectly competitive firm. X…
A: Marginal revenue refers to the additional revenue earned by selling one additional product. In a…
Q: 34. Please refer to the figure above: If the market price is $30 and the firm is producing output,…
A: Production function:Production is a function of land labor capital and entrepreneurship. It includes…
Q: Rent controls force landlords to price property below the equilibrium price level. An effect of this…
A: Rent control refers to a set of government regulations or policies that limit the amount a landlord…
Q: Your engineering firm needs a rapid prototyping machine. The company gives you two options. In…
A: Option 1: Purchase the machine outrightInitial investment: $50,000Maintenance contract: $1,000 per…
Q: In regards to whether the minimum wage should be raised, positive analysis would do all of these…
A: Minimum wages are the wages that the government sets or are set by bargaining done by the labor…
Q: The figure above shows the log of UK real GDP per capita between 1875 and 1914. Which of the…
A: The term GDP represents "Gross Domestic Product." It is a crucial economic metric for evaluating the…
Q: According to the figure, if the price is $4, there is a: O surplus of 375 units, and the price will…
A: There is shortage in the market if, at a particular price, quantity supplied is lower than the…
Q: Price Level LAS SAS, SAS, AD, SAS, AD Real Output Refer to the graph. Suppose the economy is at SAS,…
A: Aggregate demand (AD) refers to the total quantity of goods and services that all sectors of an…
Q: Suppose that Deon places a $150 value on a new MP-3 player, and Juanita places a $140 value on it.…
A: In the absence of any tax, the situation is as follows:Deon values the MP3 player at $150.Juanita…
Q: Need assistance. How do I determine the optimum price and quantity in microeconomics? Thank you.
A: The objective of this question is to understand how to determine the optimum price and quantity in…
Q: Assume that a firm called Anonymous of Toronto decides to increases all of its inputs by 10 percent…
A: All the firms, businesses in the economy work with the motive of earning maximum profits, and…
Q: According to the article, which of the following are criticisms of in-kind food aid? 1. In-kind food…
A: This can be defined as the tool that is used by the individual, business, or any other organisation…
Q: Consider the figure at the right. The profit of the single-price monopolist O A. is shown by area G…
A: When there is only one seller of a product that is exceptional in every way and lacks close…
Q: Goverment spending Social Security contributions Corporate taxes Personal income taxes Rent Wages 50…
A: Personal income determines the national level income for individuals and nonprofit corporations. It…
Q: The publisher of a magazine gives his staff the following information: Current price Current sales…
A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…
Q: Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium. Sugar cane is…
A: The government implemented a price ceiling in the sugar cane market. A price ceiling is a maximum…
Q: BN8.3 Case Three Neighboring Towns - Marshland, Dampland, & Wetland - all border the same Lake. The…
A: When the output is socially optimal, the marginal social costs (MSC) and marginal social benefits…
Q: Figure 8-5 Price Pa P₁ P₂ 0 A B D L F -Tax- G 82₂ a. A b. C+EX C. B+C Od. D+E с E H Q₁ Quantity…
A: Consumer surplus (CS) is difference between consumer's willingness to pay and price he is actually…
Q: Assume that Canada and Kenya are trading partners. a.lf the real interest rate in Canada decreases,…
A: International trade means the exchange of products and services between countries. It occurs when a…
Q: Which of the following activities is included when counting gross domestic product Small farmers…
A: Gross Domestic Product represents the total market value of all goods and services produced within a…
Q: Which of the following represents pay equity? Women and men are paid the same. People get…
A: Pay equity is a principle that stipulates that individuals should receive the same amount of…
Q: Read the following statement and answer questions 9 and 10: "Earlier this year, the South African…
A: This can be described as the central authority of the banking system of that particular nation. The…
Q: The below figure shows the market for apartments in Springfield. Recently, the government imposed a…
A: The government sets a maximum and minimum price for products on the market. The regulation of these…
Q: sider the diagram below showing a consumer's choice of goods (Trainers and Electricity), following a…
A: When the price of a good change then its demand also changes and we call it price effect. This price…
Q: explain What can be a key factor to consider to ensure long-term economic growth as planned?A.…
A: The objective of the question is to identify the key factor that can ensure long-term economic…
Q: 2. Four firms (A, B, C, and D) play a pricing game (i.e. Bertrand). Each firm (i) may choose any…
A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…
Q: Indicate whether each item is or is not a network good: A single-player video game without online…
A: Network Good: A product or service whose value increases as more people use it. The network effect…
Q: Use the following Table showing the demand schedule for a monopolist facing a constant marginal cost…
A: In a monopoly market structure, There exists a single seller. There exists high barriers to entry…
Q: Can sports betting be an occupation? How is sports gambling different than other forms of gambling?
A: The question is asking whether sports betting can be considered as a full-time job or occupation and…
Q: Price 20 P₁ P₂ B D F -Tax G 92 C E H a. F . b. A+B+CX C. D+E d. A Q₁ Quantity Refer to Figure 8-5.…
A: Producer Surplus can be understood as the difference between how much a person would be willing to…
Q: Daniele has an income of 100 and he has to spend it to buy pencils and pens. To him, the two goods…
A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…
Q: Josh wants to buy a house. If the price level increased by 8%, due to___ (other things equal) Josh…
A: The interest rate after inflation adjustment is called the nominal interest rate. The real interest…
Q: Labor (workers per week) 0 1 2 3 4 5 6 10 In the table above, the marginal product of the 5th worker…
A: The production function shows the relationship between the input used and the output produced.The…
Q: As shown in Exhibit 12-7, a family of four with no earned income receives O a. the break-even income…
A: A negative income tax is a system in which people who earn below a certain level of income get cash…
Q: Given that Japan's economy is currently in the expansion phase of the business cycle, which of the…
A: Economics refers to the study of scarcity and its implications for the use of resources, production…
Q: Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod's shop charges…
A: Explicit cost is the actual monetary expenditure incurred to run a business. Implicit cost is the…
Q: Mark launders his white clothes using the production function q=3B+G, where B is the number of cups…
A: Production function: Here B denotes the number of cups of Clorox bleach and G denotes the number of…
Q: Refer to the diagram, where T is tax revenues and G is government expenditures. All figures are in…
A: The amount of money in the allocated budget that goes toward government expenses over government…
Q: Consider the production function q(L, K) = LK. Exercise 1 a) Derive the expressions for the input…
A: Production function: .... (1)The input demand function of labor and capital is the…
Q: Australia has aimed to achieve full employment by implementing various employment and labor market…
A: The objective of the question is to understand what achieving full employment in an economy like…
Q: Quantity 1 2 3 4 5 Pizza Total utility 95 180 255 320 375 Quantity 1 2 3 4 5 CDs Total utility 170…
A: The information about the utility table is given below. PizzaCDQuantity Total Utility Quantity Total…
Q: A firm could produce three units if it decides the market price makes it valuable enough to do so.…
A: The study and analysis of commercial difficulties impacting businesses using abstract economic…
Q: 1. Natural monopolies are usually: a. profitable b. regulated by government agencies c. unable to…
A: According to the given options regarding natural monopolies:a. Profitable: This is correct. Natural…
Q: = (a) Mr Jones has utility function U(A,B)= AB. He loses b bananas, reducing his banana holding to…
A: Utility is the total satisfaction that the consumer derives from the consumption of the two goods.
Q: The table below shows cost data for a Aurora Cannabis, which sells marijuana in a perfectly…
A: In a perfect competition,Equilibrium is where the marginal cost equals the market price or the price…
Please help and can you do it handwritten in order to understand the working out?
Step by step
Solved in 3 steps with 2 images
- A local newspaper currently has 84,000 subscribers at a quarterly charge of $30.Market research has suggested that if the owners raise the price to $32, they wouldlose 5,000 subscribers. Assuming that subscriptions are linearly related to theprice, what price should the newspaper charge for a quarterly subscription tomaximize their revenue?a) Find the cost function (Hint: find slope and use point-slope form to find thecost function) b) Find the revenue function c) Find the maximum revenue d) Find the profit functionASK YOUR TEACHER Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 50 + 0.10x + 0.001x2 dollars.' (a) Calculate the marginal revenue R'(x) and profit P'(x) functions. HINT [See Example 2.] R'(x) = P'(x) = (b) Compute the revenue and profit, and also the marginal revenue and profit, if you have produced and sold 500 copies of the latest edition. revenue profit 24 marginal revenue 24 X per additional copy marginal profit $ X per additional copy Interpret the results. The approximate loss x from the sale of the 501st copy is $ (c) For which value of x is the marginal profit zero? X = X copies Interpret your answer. The graph of the profit function is a parabola with a vertex at x = so the profit is at a maximum when you produce and sell X copies. Need Heln?On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________. Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.
- Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 70 + 0.10x + 0.001x2 dollars. (a) Calculate the marginal revenue R'(x) and profit P'(x) functions. HINT [See Example 2.] R'(x) = P'(x) = (b) Compute the revenue and profit, and also the marginal revenue and profit, if you have produced and sold 500 copies of the latest edition. revenue $ profit $ marginal revenue $ per additional copy marginal profit $ per additional copy Interpret the results. The approximate from the sale of the 501st copy is $ . (c) For which value of x is the marginal profit zero?x = copiesInterpret your answer. The graph of the profit function is a parabola with a vertex at x = , so the profit is at a maximum when you produce and sell copies.Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 50+ 0.10x + 0.001x² dollars. (a) Calculate the marginal revenue R'(x) and profit P'(x) functions. HINT [See Example 2.] R'(x) = P'(x) = (b) Compute the revenue and profit, and also the marginal revenue and profit, if you have produced and sold 500 copies of the latest edition. $ profit $ marginal revenue $ marginal profit $ revenue Interpret the results. The approximate |---Select--- per additional copy per additional copy Interpret your answer. from the sale of the 501st copy is $ (c) For which value of x is the marginal profit zero? X = copies The graph of the profit function is a parabola with a vertex at x = so the profit is at a maximum when you produce and sell copies.Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x copies of an edition is given by C(x) = 80+ 0.10x + 0.001x² dollars. (a) Calculate the marginal revenue R'(x) and profit P'(x) functions. HINT [See Example 2.] R'(x) = P'(x) = (b) Compute the revenue and profit, and also the marginal revenue and profit, if you have produced and sold 500 copies of the latest edition. $ $ $ $ revenue profit marginal revenue marginal profit Interpret the results. The approximate loss per additional copy per additional copy Interpret your answer. from the sale of the 501st copy is $ (c) For which value of x is the marginal profit zero? X = copies The graph of the profit function is a parabola with a vertex at x = copies. so the profit is at a maximum when you produce and sell I
- High total revenue does not necessarily mean maximum profit. Explain this statementE.g.1: A demand function is given by the equation P = 24 6lnQ ➤ Find the equation of TR (total revenue) and determine for which value of Q is TR maximised. Find MR (marginal revenue) as a function of Q Show that MR is a positive decreasing, concave up function.What is the demand function and cost function based on the set of data below? Price Quantity Profit $50 88 -$240 $25 289 -$240 $80 -$2000 $52 148 $1256 $51 143 $1003 $55 103 $575
- Given cost and price (demand) functions C(g)= 110q + 44,600 and p(g) = - 2g + 860, what is the marginal revenue at a production level of 55 items? The marginal revenue is $ . (Round answer to nearest dollar.) Pr rith(a) Teddy Jis a manufacturer of dish washing liquid. If his monthly demand function for 750ml size is q = 4000 – 250p and his total cost function is C(q) = 500 + 0.2q. (1) Derive an expression, R(q) for Teddy J's total revenue curve. (ii) Derive an expression, I(q) for Teddy J's profit function. (iii) Determine whether Teddy J's profit is increasing or decreasing when he produces 5 hundred, 750ml bottles of dish washing liquid.|1.6.1 A company manufactures and sells x dellphones per week. The weekly price-demand and cost equations are given below. p= 400 - 0.5x and C(x) = 20,000 + 140x (A) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly revenue? What is the maximum weekly revenue? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly revenue is $ (Round to the nearest cent as needed.) (B) What price should the company charge for the phones, and how many phones should be produced to maximize the weekly profit? What is the maximum weekly profit? The company should produce (Round to the nearest cent as needed.) phones each week at a price of $ The maximum weekly profit is $ (Round to the nearest cent as needed.)