Explain the concept of total revenue and total cost

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost 0 dozen p

A: Fixed Cost: In a firm, there are two types of costs exists that is a fixed cost and variable cost.…

Q: If you were a taxi driver, the daily revenue and cost are as the following: Revenue: $250 Variable…

A: For the profit maximization process, so as to operate the business today, variable cost has to be…

Q: What is the relationship between the firm,total revenue,total profit and total cos

A: Costs are the expenses that the firms have to incur in their production activities. Revenue is the…

Q: Kevin quits his computer programming job, where he was earning a salary of $60,000 per year, to…

A: Given the give up salary = $60000 Rent = $24000 Salary paid to himself = $40000 Rent = 0 Other…

Q: Find the value of the profit when the total revenue is $65 billion and total cost is $25 billion?

A:

Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…

A: Cost is the money that is used to produce goods and services.

Q: 14.The demand function for a new product is p(x) = - 2x + 7 , where p is the selling price of the…

A: Profit is the difference between total revenue and total cost. Total revenue is the product of price…

Q: The cost, in dollars, of producing x yards of a certain fabric is C(x) = 1100 + 13x − 0.1x2 +…

A: Answer: Given, The total cost function, Cx=1100+13x-0.1x2+0.0005x3 (a). To find the marginal cost…

Q: Consider the following cost information for a road side fuchka shop: Quantity (plates) Total Cost…

A: a) Fixed cost=Total Cost-(Variable Cost x Quantity)b) Marginal Cost=∆C∆Q   Average Variable…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Fixed cost is the cost of production that doesn't vary with the level of production and exits even…

Q: Suppose the cost function for a product is linear and the marginal costis $5. If the profit is $200…

A: Answer a) The marginal profit gives us the slope of the profit function's line. Using this slope…

Q: If economic profit is $5000, explicit cost is $1200, total revenue is $7000 Calculate the value of…

A: The given information is as follows:- Economic profit of the firm = $5000 Explicit costs = $1200…

Q: QUESTION 20 Solve the problem. 750,000 + 0.55x The average cost per unit, y, of producing x units of…

A: The given average total cost (y) function, y= 750,000+0.55xx The ATC should not exceed $8.05. So,…

Q: marginal revenue 1. Questions and Problems 6 average variable cost Average total cost is equal to…

A: The total average cost is defined as the aggregate of all costs of production at a given level of…

Q: QUESTION 4 (Theory of Production and Cost) a. Define and illustrate Total, Marginal and Average…

A: Since you have posted multiple questions, we are answering the first one for you. If you want a…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Total cost is the sum of all costs incurred during the production process. The total cost can be…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

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

Q: The difference between total cost and total fixed cost

A:

Q: H&M has been selling 15,000 jackets per month for 355 ETB. When they increased the price to 500 ETB,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Use economic theory to detail and examine the reason why electricity network and gas pipeline…

A: LACE=SACE=PmPrice ,Revenue ,Cost .LMCE=SMCE=P In the above diagram ,. AR (=D) is the average…

Q: The revenue and cost functions for a particular product are given below. The cost and revenue are…

A: Given values; R(x) = −0.2x2 + 172x   C(x) = 78x + 10065

Q: Table Q1(c) shows the long-run total cost information for Firms A, B, C and D in a hypothetical…

A: There will be constant returns to scale when the average cost in the long run remains constant at…

Q: There are two approaches to determine profit maximizing level of output: (1) total revenue– total…

A: Total profit is the difference between total revenue and total cost

Q: A 500 400 300 200 100 Quantity (units per day) The graph above shows the cost in the short run 1.…

A: "In the short run, production process consists of one fixed input and one variable input of…

Q: the total cost is constant and the total revenue will increase, Explain

A: If price and total revenue both increaased in the market then the demand for the good is inelastic…

Q: The costs and sales prices per unit for three products are given below; Basic Medium Luxury Sales…

A: The costs and sales prices per unit for three products are given in the Table. The profit could be…

Q: Vera's Violins is the only shop in a town that sells violins. Vera, the shop owner, makes the…

A: Producing as much as possible from the resources that are available in an economy is the economic…

Q: 27. If a firm will produce an additional unit of good or services, determine what will happen to…

A: In the market, firm may change its production decision with the change in the market situation and…

Q: Calculate the value of total revenue if total cost is $6500 and profits are $800

A: The information given in the question is:- Total cost = $6500 Profits = $800 Total revenue = ? We…

Q: A firm producing the goods by using machinery costing $100 and additional cost of producing…

A: Given fixed costs = $100 Given variable costs = $2

Q: Noel's sandwich shop incurs these costs while in business: $6,000 in wages, $2000 on leasing…

A: Sunk cost is the cost which is already incurred and cannot be recovered so using sunk cost in…

Q: Given total revenue (TR) and total cost (TC) functions as 2. TR 14000Q-6Q and TC 1500+80Q. Find the…

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

Q: Assume the following unit cost data are for a purely competitive producer.  Required A. How much…

A: According to the question, it is given that : The unit cost data are for a purely competitive…

Q: Write a word or term that governs the following 1. are benefits given to the firm that originate…

A: 1)External economies are benefits given to the firm that originate from outside the firm.…

Q: 1.Examples of diseconomies of scale in a firm 2.Examples of benefit of a firm from diseconomies of…

A: Diseconomies of scale is a long run concept which explains the loss to the firm due to an increase…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Total Cost is the cost which faced by producer in producing goods and services , it includes…

Q: 1.  Marginal cost is calculated for a particular increase

A: We have found what is marginal cost.

Q: tion 32 ne vertical distance between average variable cost and average total cost represent 2…

A: OPTION A - AFC ATC = AFC + AVC AFC = ATC - AVC AFC is always positive.  AFC keeps on decreasing as…

Q: Problem One: The fixed cost for a company is 1200 OMR and the variable cost is 2 OMR per 100 unit.…

A: Total cost = Fixed cost + Variable cost

Q: You are a revenue manager for the Dr. Phillip's Performing Arts Center. Your group ticket manager…

A: Economic displacement occurs when a governmental action that expands one economic activity or…

Q: a. A producer borrows money and starts a business. He himself looks after the business. Identify…

A: