Q: How do you calculate the revenue of a firm that produces only one good?
A: ANS TR is the value of the total number of goods sold by a firm in monetary terms. It is the product…
Q: If a firm has an accounting profit it must have an economic profit. O True
A: Profit = total revenue - total cost
Q: 4. The profit function of Firm GG is n=-2q2+280q. What is the profit maximizing quantity?What is the…
A: Given: Profit function, p=-2q2+280q
Q: Calculate marginal profit if :- Marginal revenue = $38 Marginal cost = $30
A: The data presented in the question above is:- Marginal revenue = $38 Marginal cost = $30 We have…
Q: The revenue for a product is R(x) = - 0.004x2 + 21x – 6200 and the cost is C(x) = 0.02x + 38 for x…
A: We have the following information- R(x) = - 0.004x2 + 21x – 6200 C(x) = 0.02x + 38
Q: 41. Under what conditions does the company's profit become maximum? 1. TR>TC 2. MR > MC 3. TR=TC 4.…
A: Marginal Revenue is the change in total revenue due to production of additional unit of output.…
Q: The value of marginal revenue is $35 and the value of marginal cost is $30 Is the firm maximizing…
A: # The values of marginal revenue and the marginal cost helps us gain the idea whether the firm is…
Q: What is the relationship between revenue cost and profit?
A:
Q: MC 15 AC 11 10 AVC 40 4) The above figure shows the cost curves for a competitive firm. If the…
A:
Q: (b) Calculate the firm's profit-maximising level o profit using your answers in part (a). You should…
A: perfectly competitive market can be defined where all firms sell an identical product, all firms are…
Q: Calculate the value of Marginalr revenue when change in total revenue is $310 and the change in…
A: The data presented in the question above is:- Change in total revenue = $310 Change in output = 5…
Q: Calculate the value of Marginal revenue if change in total revenue is $68 and the change in output…
A: The Given information is as follows:- Change in total revenue = $68 Change in output = 7 units We…
Q: $350,000. Identify the following: a. Total Revenue b. Total Profit (or Loss) c. The firms Fixed…
A: Total revenue is the full amount of total sales of goods and services. It is calculated by…
Q: 5. If a firm shuts down temporarily, it will incur loss equal to
A: To find : How loss will incur if firm shut down temporarily.
Q: b) A firm's total cost function is TC = 0.1Q³ -0.5Q² + 8Q + 10 and total revenue is TR = 52Q -0.25Q²…
A: As given TC = 0.1Q3 -0.5Q2+8Q +10 TR = 52Q - 0.25Q2 +8
Q: 1) Economic profit is defined as the difference between revenue and......... (a) economic cost (b)…
A: Economic Cost:- Economic cost is equal to accounting cost plus opportunity cost. Implicit Cost:-…
Q: Answer "False" or "True" each of the following. Justify by relying on graphical analysis whenever…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: D Question 7 Consider the table of TOTAL COSTS below for the production of scarves. If the market…
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
Q: 17.1 REVENUE, COST, AND PROFIT APPLICATIONSTSO SYAHD 797 20 A firm sells each unit of a product for…
A: Given values: The selling price = $50 Total cost, C(x) = 10 - 2.5x2 + x2 Total number of units = x…
Q: If a firm has an accounting profit it must have an economic profit. O True O False
A: Profit = total revenue - total cost
Q: How would you calculate a firms total cost and total revenue using this graph?
A: The graph represents perfect competition market condition, and also short run time period since…
Q: One more question is, A profit maximizing firm faces market price of p2. What are their profits?
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year,…
A: Option (c).
Q: Find marginal profit if:- Marginal revenue =33 Marginal cost = 12
A: The data presented in the question above is:- Marginal revenue =33 Marginal cost = 12 We have to…
Q: Find marginal profit when marginal revenue is $90 and marginal cost $50
A: # The formula for marginal profit:- = Marginal revenue - Marginal cost
Q: How do we measure the Profit Margin on Sales?
A: Profit margin is a type of profitability ratio that represents the percentage of sales that have…
Q: you are an accountant for a manufacterer of radios. the demand function for the tablets is p= 40-4x2…
A: Given:- Demand function(P)=40-4x2 Cost function(C)=15x Please find the images attached for detailed…
Q: (a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700…
A: # we know that the difference between the marginal revenue and the marginal cost always gives the…
Q: Compare marginal revenue, marginal cost, and marginal revenue product.
A: The concepts of marginal revenue, marginal cost and the marginal revenue product are used by the…
Q: (A) The Marginal cost of a firm is $230 and the marginal revenue is $255 What would be the value of…
A: The data given in question:- Marginal cost of firm = $230 Marginal revenue of firm = $255 Marginal…
Q: If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost
A: The data presented in the question is:- Marginal profit of the firm = $33 Marginal revenue = $80…
Q: If marginal profit is $17 and marginal revenue is $41 Find the value of Marginal cost
A: The given information is as follows:- Marginal profit = $17 Marginal revenue = $41 We have to…
Q: 13. The marginal profit for the new X-99 pogo stick is P'(x) = -0.1x + 60 where x is the number of…
A: Total revenue refers to the total quantity of goods and services sold. It can be calculated by…
Q: Select one: O a. Positive economic profit O b. Economic loss c. We can not tell from the figure. d.…
A: The figure represents market under perfect competition. Perfect Competition: It refers to a market…
Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56
A: The data presented in the question above is:- Marginal cost = $33 Marginal revenue = $56 Marginal…
Q: 150 120 Marginal Revenue 30 -30 3 6 9 12 15 21 24 27 30 QUANTITY (Units) Comparing your total…
A: Total revenue is the product of price and output. Marginal revenue is the additional income in…
Q: Marginal revenue and marginal cost are $850 and $700 respectively Calculate the value of Marginal…
A: The information being given to us is as follows:- Marginal revenue = $850 Marginal cost = $700 We…
Q: 330 ATO AVO 15 75 80 100 Output 1-At which point the firm gets abnormal profit? 2- based on your…
A: A perfectly competitive firm maximizes its profits by producing at the point where the marginal cost…
Q: 27. A firm earns economic profit when total profit exceeds
A: To find : When do firm earn profit.
Q: If a firm has total revenue of $100,000, the owner's labor in the firm is valued at $20,000, and the…
A: find below the answer.
Q: (1) The revenue for a product is R(x) = -0.004x? + 21x 6200 and the cost is C(x) = 0.02x + 38, for x…
A:
Q: Calculate marginal Revenue if it's given:- Change in total revenue = $350 Change in output = 20…
A: The data presented in the question above is:- Change in total revenue = $350 Change in output = 20…
Q: A firm’s marginal revenue is $133 and its marginal cost is $90. What amount of profit does the firm…
A: Given information: Marginal revenue (MR) = $133 Marginal cost (MC) = $90 Profit maximization…
Q: Calculate the marginal cost, marginal revenue and profit for each unit of production? How many…
A: Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit 0 15 0 -15 1 30 15…
Q: (1) The revenue for a product is R(x) = -0.004x? + 21x – 6200 and the cost is C(x) = 0.02x + 38, for…
A: Given : Revenue function : R(x) = -0.004x2+21x-6200 Cost Function : C(x) = 0.02x+38
Q: If marginal cost and marginal revenue of a firm A is $30 and $56 respectively Calculate the value…
A: The information being given is:- Marginal cost of firm A = $30 Marginal revenue of firm A = $56 We…
Q: e. Find the number of candies that will produce maximum or minimum profit f. Will the number of…
A: We have given Price of saltwater taffy =$45 Cost function: C(x)=0.001x3+0.045x2-175x ....…
Q: MC 15 AC 11 10 AVC 5-- 40 4) The above figure shows the cost curves for a competitive firm. If the…
A: Given that Market price (P) = $15 At P = $15, q = 40 (a) Calculate the total revenues of the…
Q: Calculate marginal profit if:- Marginal revenue = $50 Marginal cost = $22
A: The data presented in the question above is:- Marginal revenue = $50 Marginal cost = $22…
Recheck and present in clear step-by-step scanned or typewritten solutions thanks
Step by step
Solved in 2 steps
- How does fixed cost affect marginal cost? Why is this relationship important?V See Hint Suppose that Juan sells burritos. The total cost of production, based on the number of burritos produced, is shown in the following table. Number of burritos Total cost ($) 1. 8) 2. 10 3) 13 4. 18 25 34 7. 45 Suppose that the price is $6. Assuming profit maximization, how many burritos will Juan sell? asopdne11. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer
- Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.What is Economic Profit as compared to the Financial Profit? To compute Economic Profits, which costs are used? Give example1. A firm has three different production facilities, all of which produce the same product. Whilereviewing the firm’s cost data, Ron, a manager, discovered that one of the plants has a higher averagecost than the other plans and suggests closing this plant. Another manager, Jack, notes that the high-cost plant has high fixed costs but that the marginal cost in this plant is lower than in the other plants.He says that the high-cost plant should not be shut down but should expand its operations. Who isright? 2. Should a firm shut down if its weekly revenue is $1,000, its variable cost is $500, and its fixed cost is$800, of which $600 is avoidable if it shuts down? Explain.
- 1. Mariel runs an ice cream shop. Her short-run cost is given by 300 + is the number of ice cream cones she sells per day. + 3q where q 3000 (a) Find mathematical expressions for Mariel's marginal cost, average variable cost, and average total cost. (b) Sketch' Mariel's marginal cost, average variable cost, and average total cost. (c) Suppose the market price for ice cream cones is $3. How many ice cream cones will Mariel supply? What will her profits be? Identify your answers on the diagram and then compute the values mathematically. (d) Find the minimum market price such that Mariel will stay in business in the short-run, both on your diagram and mathematically. (e) Assume that Mariel can only run an ice cream shop of this size and in the long run must decide whether to operate or not. (In other words, assume that Mariel's LRAC curve is her short-run average total cost curve.) Identify the minimum market price such that Mariel will stay in business in the long-run on your diagram.…explain what is happening in this graphsJYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)
- Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?TOTAL COST AND REVENUE (Dollars) 100 Total Cost ם Total Revenue 75 50 -25 A 50 0 1 2 5 QUANTITY (Shirts) A A Profit Calculate Neha's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. (?) COSTS AND REVENUE (Dollars per shirt) 30 25 225 20 15 10 о OO 2 3 A 5 6 QUANTITY (Shirts) Marginal Revenue + Marginal Cost Neha's profit is maximized when she produces 10 shirts. When she does this, the marginal cost of the previous shirt she produces is $ which is than the price Neha receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is S than the price Neha receives for each shirt she sells. Therefore, Neha's profit- maximizing quantity corresponds to the intersection of the which is curves. Because Neha is a price taker, this…Fill in the blanks to complete the Marginal Product of Labor column for each worker. Total Product Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 1 100 2 180 240 4 280 300 On the following graph, plot Andrew's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Hint: Be sure to plot the first point at (0, 0). 300 270 Production Function 240 210 180 150 120 90 NTITY OF OUTPUT (Pizzas)
