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At P = $20,
a. loss of $10.
b. Normal economic profit.
c. profit of $20.
d. profit of $40
Step by step
Solved in 2 steps
- Distinguish between explicit and implicit costs, giving examples of each. Why does the economist classify normal profit as a cost? Is economic profit a cost of production? Explain why or why not.(MANAGERIAL ECONOMICS) Show algebraic solution please Assume that B = -Q 2 + 4,500Q and C= 2Q 2 are the benefits and costs of increasing the units of X-brand energy drink (in a 500 ml bottle). B. What is the profit-maximizing value of Q? Solve the problem using a tabular solution, showing the Profit, MB, MC and MNB values; assume Q varies by 50 units (in 500ml bottle). Highlight the profit maximizing level.(MANAGERIAL ECONOMICS) Show algebraic solution please Assume that B = -Q 2 + 4,500Q and C= 2Q 2 are the benefits and costs of increasing the units of X-brand energy drink (in a 500 ml bottle).A. What is the profit function of X-brand energy drink production? B. What is the profit-maximizing value of Q? Solve the problem using a tabular solution, showing the Profit, MB, MC and MNB values; assume Q varies by 50 units (in 500 ml bottle). Highlight the profit maximizing level.
- Gloria decided to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she turned down three separate job offers with annual salaries of $50,000, $60,000, and $70,000. What is Gloria's economic profit from running her own business? Question 5 options: a) -$75,000 b) -$20,000 c) $20,000 d) none of the aboveBlake decides to spend a spring day in the field planting wheat with some help from some workers he hires. Blake earns total revenue of $870. Blake incurs the following costs: $50 for renting a tractor, $150 for fertilizer, and $100 for wages paid to workers. Blake used $5000 that he could have invested in his savings account at 10 percent interest to organize his spring day planting wheat. In addition, Blake gave up $130 he could have earned at his other job in deciding to plant wheat. Refer to Scenario 13-1. What is Blake’s economic profit? a. –$130 b. –$60 c. $130 d. $470Explain the concepts of revene, costs, and profit
- Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.The real question is not the ones I posted those are what you need the real question is at the profit maximizing level of production. A)Total revenue will be , and profit will beDistinguish among accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.
- 7. Is productive efficiency at value in (f) greatest or least? 8. Demonstrate that the value of SMC equals the value of AVC at the value of Q where AVC is a minimum. Hint: The level of Q you found in (f) is where AVC is a minimum. If you plug this level of Q into AVC (see c) and also into MC (see d) the two outcomes should be the same if SMC crosses AVC at this level of Q. 9. Why does the derivative of Short Run Total Cost (STC) equal the derivative of Total Variable Cost (TVC)? Stated another way, why does dSTC/dQ = dTVC/dQ? Explain in a couple of sentences (Hint: See Truett page 235 and footnote 16). 10. Find the value of Q where increasing returns ceases and diminishing returns begins. Hint: Diminishing returns begins at the level of Q where MC is a minimum.What is the term for what you give up to obtain an item? Question 4 options: opportunity cost implicit cost applied cost variable cost[MUST SHOW WORK]Suppose Kim is running a digital start up company. She had total costs of $10,000 providing service to 2,000 customers last month. Her company charges $32 a month to provide its services. This month she is predicting 3,000 customers. Her company has economies of scale if Select one: A. average total costs are more than $5. B. total revenue is $96,000. C. marginal cost is less than $32. D. total costs are less than $15,000. E. the number of customers is increasing more each month. Clear my choice.
