Answered: (A) Comment on marginal revenue and…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 1QR

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Price Quantity Total Revenue Fixed Cost Variable Cost Profit (Dollars per tote) (Totes) (Dollars) (Dollars) (Dollars) (Dollars) 10.00 44,000 16.00 44,000 40.00 44,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In this case, the firm's fixed cost is $44,000 per day. In other words, if it shuts down, the firm would suffer losses of $44,000 per day until its fixed costs end (such as the expiration of a building lease). This firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per tote.
Calculate total revenue of a firm given that:- Profit = $500 Total cost = $1100
What is the relationship between the firm,total revenue,total profit and total cost
What is the relationship between revenue cost and profit?
Part a a.an economic profit b.a normal profit c.a loss Part c a.an economic profit b.a normal profit c.a loss . .
What is relationship between total revenue (TR) and cost (TC) if the price is greater than ATC (is TR greater, less, or equal to TC)? Does the firm make positive economic profit or loss?
a. The firm's profit maximizing output level is ____ units. b. At the profit-maximizing level of output, the firm's profit-per unit is $ ___ and total profit is $_____ .
Find marginal profit when marginal revenue is $90 and marginal cost $50
Marginal cost is defined by: (a) total cost increases when one more unit is produced. (b) fixed cost increases when one more unit is produced. (c) Total revenue increases when one more unit is produced. (d) average cost increases when one more unit is produced.
If economic profit is $5000, explicit cost is $1200, total revenue is $7000 Calculate the value of implicit cost
The revenue for a product is R(x) = −0.004x^2 + 21x − 6200 and thecost is C(x) = 0.02x + 38, for x units produced and sold.Should output be increased or decreased to generate a higher profit?
What is the total revenue when output is 1, total cost is 35, marginal cost is 10, fixed cost is 25, average cost is 35.

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(A) Comment on marginal revenue and marginal cost values when it is given that marginal profit is 0. (B) Also comment on total profit value of the firm.