Q: Question Completion Status: QUESTION 1 Refer to the graph below: Price 24T 22 MC 20 18 ATC 16 14 AVC…
A: Here since the Marginal revenue (MR) curve lies below the Demand (D) curve it can be concluded that…
Q: MonoMed, having a Patent on production of a medicine, has following Demand and Cost Schedule :…
A: The table for the values of MR, ATC, AVC & MC is given below:
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A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
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A: Fee-for-service revenue model is when a supplier supplies his service to the people and get revenue…
Q: QUESTION 4: The graph below shows the demand and costs data for a one of firms operating in a market…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
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A: The quantity demanded of a commodity(good or service) is defined as the amount of the good consumers…
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A: Revenue is the money earned by a company from the sale of its goods and services. . Revenue measures…
Q: What is meant by the term economic efficiency. Explain in detail.
A: When it comes to an economy, economic efficiency is achieved when all of the commodities and factors…
Q: 10. How much should Frostee's Doggie Donuts charge to maximize its revenue? 11. What is the maximum…
A: Price times quantity gives the total revenue of a firm.
Q: The firm has total revenue $100 and producing total 10 cell phone. How would I calculate average…
A: Total revenue (TR) = $100 Total quantity (Q) = 10 units Average revenue (AR) = ?
Q: 4.Luna Software has priced its new spreadsheet program such that its marginal revenue is more than…
A: Profit is important for firms. If there is no profit, a firm cannot survive in the market. For a…
Q: MonoMed, having a Patent on production of a medicine, has following Demand and CostSchedule: Price…
A: 1. To calculate TR, MR, TC, AVC, ATC and MC, we can first write the formula, TR = Price * Quantity…
Q: 28. Under which market structure, average revenue of a firm is equal to its marginal revenue
A: Answer is given below
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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:-…
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Q: 19. Andrea's Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to…
A: "Total revenue (TR) is computed by multiplying price by quantity. Marginal revenue (MR) is computed…
Q: QUESTION 15 The data in the below table shows the production and costs of certain firm, use the…
A: Since, you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 5. Competition Bob's lawn-mowing service is a profit-maximizing, competitive firm. fixxed cost. He…
A: Given that, Price = $30 Total cost per day = 320 Fixed cost = $70 Lawns per day = 10 Total variable…
Q: Price Customers Total Total Cost Marginal Revenue Marginal Cost ATC (000) Revenue ($000) ($000)…
A: We are going to calculate Marginal Revenue and Marginal Cost values. We need to find the expression…
Q: 6. a..Illustrate the Perfectly Competitive Firms earning abnormal economic profit in the short run.…
A: Profit Enhancement Firms establish marginal revenue equal to marginal cost (MR=MC) to maximize…
Q: 5. The role of brand names and advertising Which of the following statements about brand names is…
A: The brand names are the official names given to the products produced by a specific firm. The brand…
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A: GIVEN on average, the price of a patented pharmeceutical drops between 30-50 percent after the…
Q: s Inc produces 140,000 ounces of marijuana a year and sells them all for $15 an ounce. Aurora…
A: Total revenue is the product of price and quantity sold.
Q: 11. Explain the condition of equilibrium of a firm based on marginal cost and marginal revenue.…
A: Concepts: Marginal revenue refers to the revenue earned by the firms from selling an additional…
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A: Trademark dilution refers to the situation when a firm with trademark license ha sthe right to share…
Q: MC ATC AVC D-MR-AR $10 $8 $7 $6 $4 18 25 40 Quantity 1) What price is being charged in the graph…
A:
Q: q0 TVC ATC/AC MC 0 65 105 135 167 203 244 293 d. 55 355 432 10 527 7. Suppose the price determined…
A: Given The market price is 41 The market is perfectly competitive FC=55 Q TVC 0 0 1 65 2…
Q: Questions 2: Issue 2: 2.1. Does the behavior of Plesco about entering the US market and selling…
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A: Marginal cost refers to the additional cost incurred due to increasing the output by one more unit…
Q: 7. A firm encounters its 'shutdown point' when
A: To find : When do firm encounter it's shutdown point.
Q: MonoMed, having a Patent on production of a medicine, has following Demand and Cost Schedule :…
A: The provided table is: Price Quantity TVC 12 0 0 11 1 13 10 2 16 9 3 20 8 4 25 7 5…
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A: Why do economists regard normal profit as a cost? Answer: If a firm earns normal profit, it means…
Q: 1. MedicLab has a drug patent on an effective migraine headache medicine. MedicLab is currently…
A: Since you posted a question with multiple sub-parts, we will solve the first three sub-parts for…
Q: MonoMed, having a Patent on production of a medicine, has following Demand and Cost Schedule :…
A: Profit = Total Revenue - Total cost Where Total cost = Total variable cost + Total fixed cost.
Q: MC ATC AVC D-MR-AR 10 18 25 40 Quantity What price is being charged in the graph above? What…
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Q: Question 1. Calculate Average Revenue (AR) and Marginal Revenue (MR). Units 1| 2 3 4 56 7 Sold TR ()…
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Q: 1. Why is the marketing concept sometimes difficult to implement in firms?
A: The detailed answer is as follows:-
Q: Shakti Inc. has been granted a patent for its arnica toothache balm. The table to the right shows…
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Q: MC 18 AVC 16 14 13 20 Dollars
A: The Profit is maximized where the MR = MC. thus, profit maximization condition: MR = MC.
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- What are diminishing marginal returns as they relate to costs?1. Show complete solution. Help me pls1. Which of the following statements is false?a) A high-efficiency organisation would want to have fewer storage facilities to increaseresponsiveness but this practice too is known to reduce responsivenessb) Having many production sites increases cost and reduces efficiency but responsiveness tocustomer demands increases because of proximityc) A highly responsive organisation for example would want to have many storage facilitieslocated nearer to customers but this practice reduces efficiencyd) None of the above
- Complete the following table. Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264. Explain the relationship between AC and MC.5. Create a histogram of profit at the productionlevel Q. Create a histogram of profit when theproduction level Q equals mean demand. Whatis the probability of a loss greater than $100,000in each case? ■1) A manufacturer of kitche. Appliances is preparing to set the price on a new blender. Demand is thought to depend on the proce qnd is represented by the following model. D= 2,800-4p The accounting department estimates that the total cost can be represented by the following model. C=4,700+5D Develop a mathematical model for the total profit of TP in terms of the price, P. A mathematical mod for the total profit in terms of the price P is TP= ______
- Graph the ATC and MC below and explain output ATC MC 0 - 10 10 18 2 20 10 1 30 7 0.5 40 5.375 1.5 50 4.6 2 60 4.166667 2.5 70 3.928571 3.3 80 3.85 3.2 90 3.777778 5 100 3.9 9 110 4.363636 10 120 4.833333A local company is planning to manufacture and market a four-slice toaster. For this toaster, the research department’s estimates are aweekly demand of 300 toasters at a price of $25 per toaster and a weekly demand of 400 toasters at a price of $20. The financial department’s estimates are fixed weekly costs of$5,000 and variable costs of $5 per toaster. a) Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b) Using your knowledge from Finite Math, determine the Revenue function in terms of ?. c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500 units. Interpret these results. (HINT: Consider what a positive or negative first derivative implies) d) Assume that the cost function is linear. Use the financial department’s estimates to express the cost function interms of ?. e) Determinethe Marginal costand interpret the…3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
- 7. Advertising and Corporate Clusters Consider corporations that use advertising firms to develop marketing campaigns. Each corporation buys one campaign per year, and the cost per campaign is $120?n, where n ? the number of corporations in the cluster (and campaigns per year). The cost of labor per firm is $30 ? n. A corporation’s profit equals its total revenue of $200 minus the sum of its marketing and labor costs. There are two location options: an isolated site (n ? 1) or a cluster with up to five corporations. Use a graph like Figure 3–2 to show the profit gap (profit in cluster − profit in isolation) for one through five corporations. If initially all corporations are isolated and then one joins another to form a two-corporation cluster, other firms [will, won’t] have an incentive to join the cluster because.... In the long-run equilibrium, there will be a cluster of corporations, each of which will earn a profit of , differing from the profit of an isolated site by1. mary williams, owner of Williams products, is evaluating whether to introduce a new product line. after thinking through the production process and the costs of raw materials and new equipment, williams estimates the variable costs of each unit produced and sold at $6 and the fixed costs per year at $60,000 a. if the selling price is set at $18 each, how many units must be produced and sold for williams to break even? use both graphic and algebraic approaches to get your answer b. williams forecasts sales of 10,000 units for the first year if the selling price is set at $14 each. what would be the total contribution to profits from this new product during the first year? c. if the selling price is set at $12.50, williams forecasts that first-year sales would increase to 15,000 units. which pricing strategy ($14 or $12.50) would result in the greater total contribution to profits? d. what other considerations would be crucial to the final decision about…Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980
