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The following graph shows a firm’s marginal cost and average cost of production of raspberries.
a. The
incurring economic losses?
b. Is the firm operating in a competitive market based on the given information? Why?
c. Suppose the price of raspberries increases to $5. How would you answer a. and b. in this case?
d. If the market is indeed competitive, what will happen after the price increase in c.? What will be
the final price and the long-term profit of the firm?
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- a software production firm, average product has started falling and total output indicated diminishing trend. The production manager Mr. Yahya called you and asked you to see the condition of marginal product. You analyzed the situation and reported that marginal product falling more than average product. Mr. Yahya got surprised. In your opinion which situation the firm is heading to?Q.1. Pak surgical makes masks and then sells them on door to door. Here is the relationship between number of workers and Pak surgical output in each day:Workers Output Marginal ProductTotal Cost Average total costMarginal cost0 01 102 403 804 1105 1306 1407 145a) Fill in the column of marginal products. What pattern do you see? How might you explain it?b) A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost.c) Fill in the column for average total cost. What pattern do you see?d) Now fill in the column for marginal cost. What pattern do you see?e) Compare the column for marginal product and the column for marginal cost. Explain the relationship.f) Compare the column for average total cost and the column for marginal cost. Explain the relationship.Q.2. (a) Define economies of scale and explain why they might arise. Define diseconomies of scale and explain why they might arise. Also draw the long run average total cost…Explain the law of diminishing returns.asap
- Eddie's Electronics sells laptop computers for $450 each. At this price, the store sells 325 laptops. Eddie's Electronics incurs a cost of $398 for each laptop it sells. Assume that this is the store's only cost. What are Eddie's Electronics' revenue and profit? Round your answers to the nearest dollar. Revenue: Profit:If Boeing produces 9 jets per month, its long-runtotal cost is $9 million per month. If it produces10 jets per month, its long-run total cost is$11 million per month. Boeing exhibitsa. rising marginal cost.b. falling marginal cost.c. economies of scale.d. diseconomies of scaleWhat is the Marginal Profit of adding a 4th worker? Group of answer choices: $300 $700 $500 $900
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