Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.
Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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Question
![Use table to find the required values:
Price
$32
Quantity
400,000
Explicit costs
$3,500,000
Implicit costs
$4,100,000
(A) Calculate total revenue.
(B) Calculate accounting profit.
(C) Calculate economic cost.
(D) Calculate economic profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8f1e68bb-fe86-4e47-bac1-4d92b29097c2%2Ffc713f14-3cba-4e14-8f30-3f7fcb4d77a0%2Fnb4s0m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use table to find the required values:
Price
$32
Quantity
400,000
Explicit costs
$3,500,000
Implicit costs
$4,100,000
(A) Calculate total revenue.
(B) Calculate accounting profit.
(C) Calculate economic cost.
(D) Calculate economic profit.
![Based on the table below for a perfectly
competitive firm:
Quantity
Fixed Variable Total
Cost Cost
Cost
Marginal Cost
10
200 50
200 100
200 300
200 800
****
|250 ****
20
300 5
500 20
1000X
30
40
(a) Find the marginal cost as X.
(b) If the equilibrium price is $20, find the
profit maximizing quantity.
(c) How much profit will the firm earn?
(A) 25$ is the marginal cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8f1e68bb-fe86-4e47-bac1-4d92b29097c2%2Ffc713f14-3cba-4e14-8f30-3f7fcb4d77a0%2Ft8du0e9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Based on the table below for a perfectly
competitive firm:
Quantity
Fixed Variable Total
Cost Cost
Cost
Marginal Cost
10
200 50
200 100
200 300
200 800
****
|250 ****
20
300 5
500 20
1000X
30
40
(a) Find the marginal cost as X.
(b) If the equilibrium price is $20, find the
profit maximizing quantity.
(c) How much profit will the firm earn?
(A) 25$ is the marginal cost
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