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2 (a) Why would a firm that incurs losses choose to produce rather than shut down?
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- 39 Economics Valles Galactic Industries bought a collection of additive manufacturing machines that comes with 200 hours of free maintenance. Hours after 200 cost $200 per hour. What is the average and marginal cost of: a) 130 hours? b) 300 hours?Gloria decided to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she turned down three separate job offers with annual salaries of $50,000, $60,000, and $70,000. What is Gloria's economic profit from running her own business? Question 5 options: a) -$75,000 b) -$20,000 c) $20,000 d) none of the aboveShould a firm shut down immediately if it is making losses?
- 5. Iowa farmers can choose from five different manufacturers of farm implement equipment. Two of these manufacturers account for more than 80 percent of all the farm equipment sold in Iowa. These two manufacturers produce very similar equipment. Whenever one manufacturer has a sale, offers rebates, or offers special financing, the other manufacturer quickly follows with a similar program. Competitive Situation: Explanation:22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed costVicky quit her $ 75, 000 a year marketing executive job to open her own firm. In Vicky's first year in business her total revenue equaled $ 180,000. Vicky's explicit cost during the year totaled $ 80,000. To start her business Vicky took $ 50,000 from her savings account that was paying an interest of 10% annually. What is her economic profit for her first year in business? A. -$26,000 B. -$ 25,000 C. $ 25,000 D. $ 24,000
- 13- Which one of these will continuously increase as more products are produced? a. Average fixed cost b. Fixed cost c. Variable cost d. None of the choices2. If pure competition is not an adequate representation of the economic model that underlies farming in the Philippines, why do the assumptions of pure competition continue to be important to agricultural economists?Business Selling Price Total Sold Cost of Goods Sold Sales Profit First Aid Kits 28.95 25 400 723.75 323.75 Leg Casts 50 10 300 500 200 Rubbing Liniment 12 5 5 60 55 Resuscitators 70 2 130 140 10 Sun Burn Ointment 25 25 1000 625 -375 Question #1 Economists are always calculating the costs and the benefits of alternatives. Economic profit, as distinct from the accounting profit you calculated in question 1, is the additional profit that is earned by choosing the best, rather than the second best, profit opportunity. Profit maximizers should always calculate economic as well as accounting profit. What is the economic profit you would receive if you decided to purchase the business's best profit maker?
- 6. A firm manufactures and markets a product that sells for Birr 20 per unit. Fixed costs associated with activity total Birr 40,000 a month, while variable cost per unit is Birr 10. A maximum of 10,000 units can be produced and sold. Required: a) Drive the TR, TC and Total profit functions. b) Sketch the TR, TC and Total profit functions in the same coordinate system. c) What is the Break-even point (in terms of quantity and sales volume)? d) Drives the new TC, Total profit functions given that FC is increased by Birr 10,000 a month, and calculate the new break-even point. e) Drive the new TC and Total profit functions given that unit variable costs is decreased by 20% and calculate the new Break-even point. f) Drive the new TR and Total profits functions given that the unit selling price increases by 20% and calculate the new break-even point. g) What is the relationship that you may inter from BEP& FC, P& BEP and V& BEP? h) Assume selling prince increases by 10%…5 A firm should cease production if it is making losses. Explain with relevant diagrams.29 Refer to Figure 2. If this farmer is maximizing profit, his operating profit (or loss) is (hint: operating profit: TR-VC)Select one: a. $48 b. -$24 c. $72 d. $156