4 In the market for running shoes, all the firms face a similar demand curve and have similar cost curves to those of Smart in question 3 g. What is the relationship between smart shoes price and Marginal cost?

4 In the market for running shoes, all the firms face a similar demand curve and have similar cost curves to those of Smart in question 3 g. What is the relationship between smart shoes price and Marginal cost?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Last year aria left her job earning $82,000 per year in order to start her own cupcake business Her expenses included rent of $1,500 per month, as well as $500 per month in supplies and utilities. She hired two workers at $1000 per month for each. She didn't want to rent a professional oven so she purchased one for $6500, She expects it to depreciate at the rate of $900 per year . Over the course of the year, Aria sold 125,000 cupcakes with a revenue of $125,000 Aria is business savvy and knows she must control her costs in this market with so many firms, easy entry and identical products. Therefore she will only operate at her profit-maximizing or loss-minimizing level of output Total explicit costs for the year are Total implicit costs for the year are Total fixed costs for the year are Total variable costs for the year are Average total costs for the year are Total accounting costs for the year are Total economic costs for the year are Since you can't draw it,…
Last year aria left her job earning $82,000 per year in order to start her own cupcake business Her expenses included rent of $1,500 per month, as well as $500 per month in supplies and utilities. She hired two workers at $1000 per month for each. She didn't want to rent a professional oven so she purchased one for $6500, She expects it to depreciate at the rate of $900 per year . Over the course of the year, Aria sold 125,000 cupcakes with a revenue of $125,000 Aria is business savvy and knows she must control her costs in this market with so many firms, easy entry and identical products. Therefore she will only operate at her profit-maximizing or loss-minimizing level of output Total explicit costs for the year are Total implicit costs for the year are Total fixed costs for the year are Total variable costs for the year are Average total costs for the year are Total accounting costs for the year are Total economic costs for the year are Since you can't draw it,…
Last year aria left her job earning $82,000 per year in order to start her own cupcake business Her expenses included rent of $1,500 per month, as well as $500 per month in supplies and utilities. She hired two workers at $1000 per month for each. She didn't want to rent a professional oven so she purchased one for $6500, She expects it to depreciate at the rate of $900 per year . Over the course of the year, Aria sold 125,000 cupcakes with a revenue of $125,000 Aria is business savvy and knows she must control her costs in this market with so many firms, easy entry and identical products. Therefore she will only operate at her profit-maximizing or loss-minimizing level of output Total economic costs for the year are Since you can't draw it, briefly describe how her demand curve looks. Since you can't draw it, briefly describe how her mr curve looks and where you would draw it What price will she charge Is she earning profit? If so, how much? If not, should she shut down? Why…
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