Bubba's Bait and Tackle is maximizing profits, so it must be producing where :حد د واحدا i. MR = 0. . MR > MC. T. MR < MC. . MR = MC. السابقة الصفحة
Q: Explain the features of large numbers of the sellers and the buyers in the perfect competition
A: There are many market in economy like monopoly , monopolistic , perfect competition , oligopoly ,…
Q: Explain how short-run economic profits become long-run economic costs. When profits fall to zero,…
A: A stopwatch or a calendar cannot correctly identify the boundary between the short and long runs. It…
Q: Complete table. B. Applying the rule of profit maximization, if the product market price of $35,…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: ter Amy increases her production, Van's profit becomes S e profits of Van and Amy) is now s Amy's…
A: 1 Blank - 3.00 2 Blank - 270 3 Blank - 405 (810/2) 4 Blank - 405 (810/2) 5 Blank - decreases 6 Blank…
Q: (Figure: Profits)How much profit is the firm making at the profit-maximizing quantity?…
A: The price charged by the firm is $10, at this price the quantity produced is 100 units. Profit is…
Q: How much should the firm produce to maximize its profit? What is the firms AR? What is the firms…
A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…
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: At that price ($3), what is the profit that Farmer Johnson earns in the short- run? (Please enter…
A: Total cost = Average total cost * quantity Total revenue = Price * quantity Profit = Total revenue -…
Q: Doug's Donut Shop operates in a competitive market and is currently producing 200 donuts. He has…
A: Average Revenue = Total Revenue / Quantity Average Cost = Total Cost / Quantity Profit / Loss =…
Q: Utilities = $20,000 Wages = $100,000 Owner's Salary = $95,000 Potential Rent from Building
A: An economic profit is the difference between the opportunity costs of its inputs and the revenue a…
Q: Explain what is Perfect Competition with example and list 3 features of Perfect Competition market
A: There are different type of market structures like Perfect Competition, Monopoly , Monopolistic…
Q: In the short run, what quantity does Lite and Kool produce, what price does it charge, and does it…
A: Monopolistic competition refers to a market structure in which many firms sell differentiated…
Q: Austin is a dot-com entrepreneur who has established a Web site at which people can design and buy…
A: Economic profit can be understood as the difference between the total revenue and the sum of…
Q: What quantity should the firm produce to maximize profits? 400 units BO 800 units CO 600 units 200…
A: The Condition of Profit maximization in a monopoly Market is where the Marginal cost is equal to the…
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…
Q: State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will…
A: Since early 2000s monopolistic competition exists in Jamaica.
Q: This company wants to maximize its profit in the short run. How much is a profit-maximizing quantity…
A: Costs are the expenses that firms incur in the production of goods and services. Revenue is the…
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: Economic profit is
A: To find : What is economic profit
Q: Small “Mom and Pop firms,” like inner city grocery stores, sometimes exist even though they do not…
A: “Mom and Pop firms” is a small independent business entity where the ownership and operations are…
Q: onald's profit-maximising quantity is 20 cronuts, what is the market price per cronut at that…
A: In financial hypothesis, perfect competition happens when all organizations sell indistinguishable…
Q: Name atleast 2 business or service in the Philippines that is an example of perfect competition
A: Some of the features of Perfect Competition: 1. Firms are price takers 2. No individual firm can…
Q: In __________ market structure, the firm's are price maker
A: Firms can be either price maker i.e ( having full control over setting prices) or they can be price…
Q: Output Total Reve Total Cest nue $30 $60 $90 $120 $150 $180 525 $49 $69 $91 $117 $147 $180 a.…
A: Total revenue is the total receipts earned from the sale of an output. Total cost is the sum total…
Q: Please explain the importance of good market research when starting a new business.
A: Introduction: Market research helps you find purchasers for your firm. client behavior and economic…
Q: Describe how your restaurant would maximize its short-run profits.
A: When an individual wants to open a business, his primary aim is to earn profit and maximize it by…
Q: Doug produced 100 donuts but only sold 90 of them. The average cost of production for each donut was…
A: Demand curve represents a negative relationship between price and quantity demanded. Increase in…
Q: You are running a chocolate factory and need to decide on the price to sell the chocolate as well as…
A: Profit maximiser firms decide to charge price and output determination is set when marginal cost and…
Q: The decision to continue competing in a market depends upon the answers to the following questions…
A: To sustain in the market ones have to bear the fixed cost in the short run as we know. Compete with…
Q: Short Answer Questions (SAQS): a) Do you think there is perfect competition in Pakistan markets? Why…
A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…
Q: Can the given Marginal revenue be negative ? True or false
A: According to the given question It is the amount of the marginal revenue which usually whatever will…
Q: Mike Wazovsky runs a business that produces marmalade in small jars. He is proud of his business…
A: ATC (Average Total Cost) Average total cost refers to the cost of production per unit of output.…
Q: Dave's Donuts sold 1,000 donuts. Total revenue was $400, and the cost of producing the 1,000 donuts…
A: The amount of money received by businesses from the sale of their products is referred to as total…
Q: industry. Total product is the Q of production. Total product TFC TVC TC AFC AVC ATC MC 1 40 95 75…
A: In a competitive market there are large number of firms producing identical products thus acting as…
Q: Q2. What do you mean by 'under conditions of a perfect competition in the product market? a) MRP =…
A: A perfect competition is a theoretical product market. In this all companies sell similar/identical…
Q: You turned down a job at ABC Corp last year that would have paid you $125,000 per year and started…
A: Accounting Profit = Total Revenue - Explicit Cost Economic Profit = Total Revenue - [Implicit Cost…
Q: Explain profit ?
A: The average sales price multiplied by the number of units sold equals revenue. Net income is…
Q: You own a company that produces widgets. You currently produce 100 widgets; each widget sells for…
A: Marginal revenue is defined as an increase in revenue value as a result of the sale of a new…
Q: Economic profit is the difference between total revenue and the A) costs of resources bought in…
A: Economics is the study of the scarcity of resources and unlimited wants. The scarcity of resources…
Q: Roots Wholefoods sells fruit and vegetables in a perfectly competitive market. Which of these…
A: The market demand curve slopes downward, whereas the demand curve of a perfectly competitive firm is…
Q: Revenue is the same as profit. Do you agree with this statement? Justify your answer.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Uncle Brandon's farm has costs and revenue as seen in the graph. What is Uncle Brandon's…
A: A competitive firm maximises profit by producing that level of output at which marginal cost equals…
Q: To produce x units of t-shirts costs C(x) = 7.50x + 1200. The revenue is R(x) = 16x. a) Find the…
A: At break even, total revenue is equals to total cost.
Q: In perfect competition, a firm has __________ market power. A. No B. High C. Low…
A: Option (A).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- How much should the firm produce to maximize its profit? What is the firms AR? What is the firms MR? How much is the firms total revenue based on the profit maximization rule? How much is the firms total cost? How much is the firms total profit?True/ False In real life perfect competition market does not exist.Outline the characteristics of a perfect competition market that makes it different froman imperfect market
- Which market offers higher consumer surplus and why? The perfectly competitive firm or the monopoly firm?PLEASE DON'T POST IF YOU DONT HAVE THE ANSWERS WRITTEN BELOW!!!! PLEASE PROVIDE A SOLUTION. THE CORRECT ANSWERS ARE: Long-run quantity = 39 Long-run intercept = 158 Long-run price = 119 Long-run profits = 0What strategies should Wal-Mart follow to succeed in a market like Africa with its low n Icome levels and high poverty incidence? Do you think its low-cost model will be successfulll in Africa? Give reasons to support your answer.
- Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide the correct output, at the correct price. Give an example of a good or service you might buy that is closest to being in a purely competitive market. Explain your logic.Explain the feature of the large number of the sellers and the buyers in the perfect competitionYou own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. You are considering increasing your company's production by one unit, upping the total to 101 widgets. At this level of production, total revenue will increase to $10,100, and total costs will increase to $8,120. What is the marginal revenue and the marginal cost of making this change? A. MR = $10,000 and MC = $8,000 B. MR = $10,100 and MC = $8,120 C. MR = $100 and MC = $120 D. MR = $100 and MC = $80
- D: P=100-Q and S: MC=Q. What is the profit-maximizing price and quantity? Round to two decimal places as you work and for your final answer. Please show all steps.Refer to the table. If seven barrels of oil are produced, this firm is making: a profit because MR > MC. a loss because TR < TC. a profit because P >AC. a loss because MC > AC.Please answer all 1. Coldwater Bicycle Company operates its factories at capacity and holds a dominant market position in its home country. When it receives a premium priced order from a new customer in another country, it must decide whether to fill that order or continue to supply the full demand in its home market. When it decided not to completely fill the new order, it incurred Group of answer choices a. Sunk costs b. Average costs c. Opportunity costs d. Marginal costs 2. What might happen if a car dealership is awarded a bonus by the manufacturer for selling a certain number of its cars monthly, but the dealership is just short of that quota near the end of the month? Group of answer choices a. Potential buyers will lose buying power at the dealer b. It may sell the remaining cars at huge discounts to hit the quota c. It creates an incentive to sell cars from different manufacturers d. It would ruin the relationship between dealer and manufacturer…
