After which administrative assistant do diminishing marginal returns begin for Jose's Tax Office? Explain using numbers. Assume Jose's Tax Office sells its tax advisory services in a perfectly competitive market at a unit price of $4. Calculate the marginal revenue product of the fifth administrative assistant. Show work.

Q: Calculate how many units of æ1 the profit-maximizing firm will demand in the short run if the…

A: We know that profit maximizing means wether you maximize revenue keeping Cost fixed or you Minimise…

Q: Capital Labour Total product Average product marginal product 3 0 0 3 1 5…

A: As per the guidelines answer is given to the first three sub parts: i) "Average product is computed…

Q: Which of the following is NOT a characteristic of a perfectly competitive market? O Goods offered…

A: The characteristics of the Perfectly competitive market are:  1) The firms are the price since there…

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A: Given data: Demand: P=40-0.25QSupply: P=5+0.05QMarginal cost: -20+4Q

Q: Differentiate MRP in a purely competitive market from MRP in an imperfectly competitive market…

A: Perfectly competitive market refers to that market structure that contains infinite number of buyers…

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A: The Marginal Product of Capital is the additional output when one more unit of capital is used in…

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A: Total revenue is the total income of the firm without deducting any expenses and costs.

Q: 2 firms Demand functions: QA = 120 – 2PA + PB Cost Structure: AC = MC = 20 Calculate PA, QA and…

A: Total Revenue is calculated by taking the product of the price and quantity of firm A. Total…

Q: If marginal revenue is $45 and the change In output is 4 units  What will be the change in total…

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A: Hi. since there are two questions we will answer only the first one. It is given that the price of…

Q: The diagram below, shows the cost structure for a firm in perfect competition. Assume that the…

A: In a perfectly competitive market, profit is maximised at a point where P = MC. Since price is…

Q: 25. The profit-maximizing, perfectly competițive firm will employ each input in an amount such that:…

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: Calculate the value of Marginal revenue if change in total revenue is $68 and the change in output…

A: The Given information is as follows:- Change in total revenue = $68 Change in output = 7 units  We…

Q: Consider the total cost and total revenue given in the following table (Make sure to show all your…

A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost and price is…

Q: Solve for the MRP at A B, and C. Use this formula: MRP = change in TR/ change in Quantity of Factor…

A: Marginal revenue product is the additional revenue earned due to an additional unit of factor hired.…

Q: Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm's…

A: Marginal product of labor refers to an addition to the total product when the firm employing one…

Q: The blue curve on the following graph represents the demand curve facing a firm that can set its own…

A: Answer  given in second step.

Q: 1. A firm' s short-run cost function for the production of gizmos is given by the following…

A: Range of output over which it would be profitable where TR> TC . Profit is calculated from the…

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Q: Pierce Manufacturing determines that the daily revenue, in dollars, from the sale of x lawn chairs…

A: Given Total revenue function R(x)=0.003x3+0.01x2+0.5x              ...........(1) Where x is the…

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Q: Baker premium is a company producing buns in a rented factory with the rental cost of $100 per day.…

A: Fixed cost (rent) = $100 Variable cost (wage) = $40 L Q TC MC VC AC AVC 1 30 140 1.33 40 4.67…

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Q: .Mr.Ying is starting a telephone company. The marginal cost for each cell phone is given by the…

A: Given Information , Marginal Cost : C(x) = 0.01x2 + 3x + 229 Marginal Revenue : R(x) = 429 - 2x…

Q: Which of the following causes an upward shift in a firm 's short-run marginal cost curve? OAn…

A: Recall that, in the short run, fixed costs do not change and only variable cost matter.  Also,…

Q: Draw a short-run supply curve for a competitive market withidentical firms

A: ANS The supply curve shows how much quantity of output a firm supplies for a given price level. It…

Q: Hi there. can you please assist on the following question  define the following 1. Short -run…

A: 1. Short-run Period The principle of the short run asserts that at least one input is constant and…

Q: The market supply in the perfectly competitive market for Ramen noodle bowls is P=8+5Q. In this…

A: P=8+5Q Apply 25 as Q in the equation

Q: The president of an ailing savings and loan is paid not to stay in his job for the last two years of…

A: Marginal revenue product mainly expresses the extra earnings an individual can acquire by adding one…

Q: The change in revenue is $120 and the change in unit sold is 3 Calculate the marginal revenue

A: The given information is :- Change in total revenue = $120  Change in units sold = 3 units

Q: e total supply and on the m

A: Perfect competition is a hypothetical market structure where the level of competition is found to be…

Q: A. Consider that you're the manager of a competitive firm, KKL INC. with the following short run…

A: In short run the firm will try to recover only Variable cost it means their price must equal to the…

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A: Long-run is the time period where all the factors of production become variable.

Q: ess firm owned by Mike Pence in a perfectly competitive market is currently producing 30 units of…

A: In a perfectly competitive market there are large number of firms producing similar and identical…

Q: ost curve is usually U-shaped. Therefore, in a perfectly competitive m

A: The maximization of profit is the process by which a firm might tend to determine the levels of…

Q: What is marginal revenue? the addition to total revenue from selling one more unit of output the…

A: MR is the expansion in revenue that outcomes from the offer of one extra unit of result.

Q: Mr. Stonewall has to set up a firm that produces calculators competing with the likes of Casio and…

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Q: A perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's…

A: The marginal revenue forms the horizontal straight line which equates the price in the market with…

Q: n a fishery the long-run harvest function (harvest volume) is H(E) = aE - bE2, with a, b…

A: Harvest function : H(E) = aE  - bE2 Total Revenue Function : TR(E) = pH(E)  We need to show why and…

Q: The cost function faced by a firm in a perfectly competitive market is the following ctyl-dy+10y+25,…

A: Total Cost (C) = 4y2 +10y+25 Average Total Cost (ATC) = C/y ATC = 4y + 10 + 25/y

Q: A firm has the following revenue and cost functions. TR= 120 Q - Q² TR= ½ Q² + 30 Q + 10 Determine…

A: In a production process, the demand and cost conditions of a firm play a vital role in determining…

Q: Marginal revenue product describes the:

A: Marginal revenue is equal to the additional revenue generated when one more unit of output is sold.

Q: The table above shows the short-run output for a perfectly competitive firm. If the price of the…

A: In case of a firm, the marginal revenue (MR) refers to its additional earnings from selling one more…

Q: Demand equation of a producer is: P = 270 Q- 2,4 * Q? a) Which is the expression of the TOTAL…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Marginal cost= 2x+3 Average variable cost= x+3 Variable cost=x^2 + 3x x is the daily output.…

A: The main aim of every firm is to maximize its profits. profits are the excess of revenue receipts…