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- Use the following data to analyze the condition when the product price is set at $56. A. How much would be the total revenue? B. What will be the profit-maximizing or loss-minimizing output? C. How much would be the total cost?Dave's Donuts sold 1,000 donuts. Total revenue was $400, and the cost of producing the 1,000 donuts was $300. What is the profit for Dave's Donuts? $1,000 $500 $100 $400How to Estimate demand, costs, and profits?
- Small businesses typically do not observe the demand curves for the products they sell. For example, a local bakery could not draw the demand curve for its loaves of sourdough bread. Without this important information, how would the local bakery maximize its revenue?1) What is total cost at the profit-maximizing quantity? 2) What is the profit at the profit-maximizing quantity? 3) What is total variable cost at the profit-maximizing quantity?How do you find Profit maximization using total cost and total revenue curves in a price takers market?
- Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lbs.) 0 1 2 3 4 Total revenue ($) 0 5 10 15 20 Total cost ($) 4 7 a. Fill out the table. 11 16 23 Profit ($) Marginal revenue ($) Marginal cost ($) Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. b. At what quantity does marginal revenue equal marginal cost? pounds. Marginal profit ($)This company wants to maximize its profit in the short run. How much is a profit-maximizing quantity and price in the short run? Why? How much is its profit at that profit-maximizing quantity?Draw the demand and supply curves and equilibrium points in the decrease in cost of tealeaves, for milk tea.
- Graph the firm’s supply curve. Your graph should include the quantities supplied for all prices at least up to the firm’s zero-profit price.Which of the following will not cause the demand for product K to change?Question 16 Referring to Figure 1 in Question 14, When the price of the good is $175, the firm's maximum profit is (leave out the dollar sign)