Briefly discuss average costs, including how they are calculated, how they are typically appear on a graph, and what they relate to profitability.

Q: You are given the following cost data: The total fixed costs are $100. (Photo) If the price of…

A: Total cost: It means the actual cost incurred in the production of a given level of output.

Q: Briefly explain how the total revenue for a profit-seeking firm is determined.

A: The amount of money a company makes by selling goods or services at a certain price is referred to…

Q: marginal profit is $30 and marginal revenue is $84  Calculate marginal cost

A: The given information is as follows:- Marginal profit= $30 Marginal revenue = $84 We need to find…

Q: An accountant and an economist are looking at a firm’s records and market situation. The accountant…

A: Profit: It means the difference between the amount earned and the amount spent.

Q: If you have the following table that shows the costs of certain firm Variable costs Total cost…

A: Microeconomics deals with the firms and their behaviour individually. The costs and benefits and the…

Q: 2. The following table depicted a computer manufacturer's total cost of producing computer: Quantity…

A: In its most basic form, total cost (TC) refers to all of the costs associated with producing…

Q: Briefly explain using a graph whether given statement is true or false. ‘To maximise profit, a firm…

A: The perfectly competitive firm is a price taker and can sell any quantity of commodity at the market…

Q: Explain the condition when an imperfectly competitive firm earns an abnormal profit with the help of…

A: Meaning of Monopoly: The term monopoly refers to the situation under which there is only an…

Q: The situation facing by firm “Smart”,  a producer of running shoes, is shown in the following…

A: A monopolistic firm shares similar profit-maximizing constraint as the monopoly firm according to…

Q: Use the following table and use your previous calculations: find the quantity where ATC is at a…

A: Average total cost refers to the cost per unit of output. Marginal cost refers to an addition to the…

Q: You own four firms that produce different products. The following table summarizes the conditions in…

A: In the given table, cost and revenue functions of four firms are given according to which firms will…

Q: can you  answer part iv and v?

A: For question number 4 and 5, Total revenue TR = 40q – 12q2 AC(q) = 1/30 q2 – 12.85 q + 20 + 400/q…

Q: Only answer question 6A

A: Total variable cost is the cost of producing an output which increases with an increase in the…

Q: Suppose a resturant in a city making above normal profit in the short run. How will the market…

A: A restaurant is operating in a monopolistic competitive market structure.

Q: True or False? Briefly discuss. a. If a firm makes zero economic profit, the firm earns revenue that…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: 1] Briefly explain under what conditions would the total cost curve be horizontal.

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…

Q: The relationship between the firm's average variable, average total, and marginal cost curves above:…

A: The market is a perfectly competitive market structure, due to which the firm has a horizontal…

Q: What is the farmer's economic profit? The peach farmer earns economic profit of S (Enter your…

A: Solution: Given Data: cost of land purchased = $1,000,000 Rent on equipment = $100,000 Wages paid =…

Q: Consider the following graph to answer questions 1) Find the total cost when the firm maximizes…

A: 1.The quantity that maximizes the profit which satisfies the condition: Marginal…

Q: Calculate Felix's marginal revenue and marginal cost for the first seven frying pans he produces and…

A: We are going to use microeconomic concepts such as profit maximisation, perfect competition to…

Q: The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinational enterprise that…

A: Monopoly firm is the only seller of the product with no close substitutes which gives the firm power…

Q: Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100…

A: ANS Profit is given by subtracting Total Cost (TC) from Total Revenue (TR). Mathematically it is…

Q: Consider the business whose Total Cost and Total Revenue for various quantities of a particular…

A: Profit is maximized when Marginal Revenue(MR) is equal to the Marginal Cost(MC). This is the point…

Q: Using the figure above, what is profit/loss for the firm?

A: In the case of a profit-maximizing firm, the optimal point of production is where the price is equal…

Q: 24.Use the graph to answer the question Where on the graph would firms be experiencing diseconomies…

A: Ans. Diseconomies of scale are a situation of cost disadvantage when a firm changes its size of…

Q: Georgia quit her old job where she had been earning $50,000 a year to start her own business. She…

A: Explicit cost: It is the actual monetary expenditure made during the operation of a business.…

Q: 9. You are given the following cost data: TFC TVC 12 12 5 2 12 9 3 12 14 4 12 20 5 12 28 12 38 If…

A: Fixed cost is the cost that is incurred that does not relies on the level of production, when the…

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: Briefly explain in (2-3 sentences) why a firm may choose to stay open in the short run even if their…

A: The economic profit is the difference between accounting profit and implicit cost. It can be…

Q: A firm’s cost curves are given in the following table. (Photo) Complete the table. If the total…

A: Cost refers to the overall value of goods and services that producers spent in order to produce the…

Q: What is the difference between economic profit and accounting profit?

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Ball Bearings, Inc., faces costs of production as follows:a. Calculate the company’s average fixed…

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

Q: Using the attached graph to answer the following questions:   Notes: MC is marginal cost, MR is…

A: Based on this graph above, The market price point would be where MR = MC and when we extend the line…

Q: find the quantity where ATC is at a minimum and find the quantity that is the most efficient…

A: Below is the given table:

Q: The firm depicted by the graph below is producing q0 level of output. Given its costs, is the firm…

A: In this graph, P = MR indicating the constant price at all level of output.

Q: 3. Which of the following is NOT an example of a sunk cost? a) Purchase of a hamburger after…

A: As per our Honor code, we can solve only 1st question. If you want the answer for rest of the…

Q: Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His…

A: Both accounting profit and economic profit include fixed cost in the short run. Accounting profit =…

Q: Use the figure to answer the following question(s). Figure 8-2 $10 ATC AVC 6. 4 10 20 30 40 Quantity…

A: Marginal cost: It is the additional cost of production when one more unit of quantity is produced.…

Q: A manufacturing firm has a total cost curve: TC = 0.2Q3 - 5Q2 + 50Q + 240,  and a marginal cost…

A: Protection of good incurred costs. Cost refers to the amount that is incurred for using the factors…

Q: Suppose Jake runs a small business that manufactures frying pans. Assume that the market for frying…

A: Using Total Revenue and Total Cost to Maximize Profit The first step is to figure out how much money…

Q: Comment why is this point significant analytically.

A: Marginal cost is defined as the change in total cost that results from the production of an…

Q: In the diagram above, when the firm's Output (Q) is 20, Average Variable Cost (AVC) is: $17.50 $7.50…

A: Average variable cost refers to the per-unit total variable cost i.e. AVC = TC/Q

Q: A competitive firm's supply curve is identical to its marginal cost curve. True or false? Briefly…

A: Perfectly competitive market A perfectly competitive market refers to the market in which a firm…

Q: Notes for graph: MC is marginal cost, MR is marginal revenue, ATC is average total cost, AVC is…

A: 1. In the aforementioned diagram, the downward sloping demand curve (D) and the marginal revenue…