A firms total profit equals?

Q: What is economies of scope?

A: When the language of economics is considered, “economies” is stated as “cost saving” & ‘scope’…

Q: If a firm has an accounting profit it must have an economic profit. O True

A: Profit = total revenue - total cost

Q: why do the moddenn day firms focus non economic objectives. explain

A: The basic objective of any firm is profit maximization.

Q: of 2 million units. The price that consumers are willing to pay for this output is $50 per unit. If…

A: The marginal revenue curve is a horizontal line at the market price, implying perfectly elastic…

Q: The application of the marginal cost pricing principal in a decreasing cost industy would lead…

A: According to the given question The cost principle basically determines the practice of setting the…

Q: Describe the four steps taken to obtain a unit profit?

A: Profit: Profit is the portion of total revenue that remains after deducting the total cost. Below is…

Q: Show that for a proit-maximizing firm producing at its optimal quantity, y, its average total cost…

A: The equilbrium price and quantity of a good sold in a competitive market are determined by the…

Q: Should Tim want to maximize his profit in the short-run, how many t-shirts will he produce?

A: Given that the market structure is monopolistic competition, the profit maximizing condition is  MC=…

Q: d. If the firm closes down and produces no output, what will be its total cost? e. If the firm…

A: Total Cost is the sum total of Total Variable Cost and Total Fixed Cost. It denotes the total cost…

Q: What is the relationship between revenue cost and profit?

A:

Q: Many firms in the United States file for bankruptcy every year, yet they still continue operating.…

A: The costs of production include both the fixed costs as well as the variable costs. The fixed costs…

Q: What happens when a company doesn't follow economic thoery and charges pries below the marginal…

A: At the point when an organization doesn't follow economic theory and charges costs below the…

Q: Why do a firm's profit disappear in the long run?

A: The firms operating in the long run, have to adjust and abide by the time frame which would allow…

Q: If Open Text, a firm in Kanata, Ontario decides to stop production in the short run, its costs will…

A: In economics, the two types of costs that a corporation incurs when producing goods and services are…

Q: what tools and techniques are available to improve a firm's profits?

A: There are many tools and techniques available which is used by the firm to improve profit.Following…

Q: Under what conditions will a firm shut down temporarily? Explain.

A: One of the classifications of a firm’s costs is fixed cost (FC) and variable cost(VC). Fixed costs…

Q: Marginal revenue must exceed marginal cost.Explain why?

A: Total revenue is the total receipts collected from the sale of goods or services in the market. The…

Q: How can we Determine Accounting Profit?

A: Profit is the income that the fourth factor of production, i.e. enterprise, generates from an…

Q: conomic profit in the long run. al cost pricing

A: Answer provided below,

Q: what are the maximum profits this firm can earn?

A: A competitive market is a typical market that answers the demands for goods and services. A…

Q: If you're a manager in a highly competitive business such where should you put your most effort to…

A: As a manager ,the primary responsibility is to look in the profits of the business. Business can be…

Q: What is meant by normal profit?

A: The total revenue earned by a firm operating in a market is the sum of payments received from the…

Q: When will a business shut-down in the short-run?

A: Short-run: - it is a short time period in which some factors of production are variable and some are…

Q: What is the marginal cost for this product?

A: A cost function refers to the formula that is used to predict the cost that the firm will incur at a…

Q: on in sh

A: Perfect competition is a market structure which leads to the Pareto-efficient allocation of…

Q: A. What is the profit maximizing combination of output ? В. what is the maximum profit?

A: The firm produces the goods and services which are sold at a particular price. The firm produces…

Q: what are the inefficiencies of an imperfect competition ? what are the benefits of having a…

A: Imperfect competition is that market structure which does not include  Perfect competition. It…

Q: Firm's fixed costs

A: A fixed cost is one that does not fluctuate when the quantity of products or services produced or…

Q: What does that mean in terms of long-run profit?

A: Perfectly Competitive Market is the market in which buyers and sellers are large in numbers and they…

Q: Which 'Economies of Scale' creates imperfect competition and Why?

A: Economies of scale refers to a situation where there is fall in per unit output of average cost with…

Q: Many firms in the United States file for bankruptcy every year, yet they still continue operating.…

A: Filling for bankruptcy does not mean that the firms have to shut down. In the US the bankruptcy laws…

Q: Define the term Unit-Profit?

A: The profit that is earned per unit of the output is known as Unit-Profit. Clearly, the profit that a…

Q: If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost

A: The data presented in the question is:- Marginal profit of the firm = $33 Marginal revenue = $80…

Q: (d) If the minimum point of the short run ATC curve for all firms (existing and potential) is also…

A: * SOLUTION :-  *D)

Q: What is the firms profit or loss?

A: A firm in an exceedingly competitive market wants to maximise profits similar to the other firm.…

Q: To compute Economic Profits, which costs are used? Illustrate

A: The term ‘Economic Profit’ of a firm or an organization refers to the difference between the revenue…

Q: The time encompassing long run is the same for all the industries.Do you agree. Expalin your answer…

A: The features of the resources generally explain the difference between the long-run and short-run…

Q: 1. When the business produce products at break-even point, it is said to be A. A loss for the…

A: Business: A business is characterized as an association or ambitious element occupied with business,…

Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56

A: The data presented in the question above is:- Marginal cost = $33  Marginal revenue = $56  Marginal…

Q: What is Product Expansion?

A: Product Expansion -It is the expansion of economic activity as well as the production levels from…

Q: Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?

A: Answer - In the long run where the every input can vary and as in the long run where firms can make…

Q: Plot a diagram showing how a break–even point is determined in a firm

A: Any firm main objective is profit maximization and a firm maximizes its profit by producing at an…

Q: When a firm takes the short-down decision?

A: Shut down is a situation when it is better for the firm not to produce instead of producing.

Q: If the marginal revenue is 45 and the marginal cost is 45 also. What can you say about the firm's…

A: Profit maximization is the process through which corporations and organizations devise methods to…