Explain the following quotations; 1. " Greater production is not tantamount to greater profit" 2. "Higher selling price does not equate to higher profit"
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Explain the following quotations;
1. " Greater production is not tantamount to greater profit"
2. "Higher selling price does not equate to higher profit"
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Solved in 2 steps
- EXPLAIN THE TABLE BELOWMust complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)Discuss, thank you What does the Law of Supply state? Why do supply and demand curves slope in opposite directions? How is the elasticity of supply affected by the way a product is produced? Explain the difference between a total product and a marginal product. What is the difference between a fixed cost and a variable cost? Note: use references from published scientific articles
- 4. The Diversified Vegetable Company grows two crops, tomatoes and zucchini. The firm is a price-taking seller. The price of a bushel of tomatoes is $20, while the price of a bushel of zucchini is $30. The firm uses the same land and the same workers to raise the two crops, and its total cost for the two crops is 5T^2 + 6Z^2 + TZ, where T and Z are the respective quantities of tomatoes and zucchini. Find the following: A. The profit maximizing level of production of tomatoes and zucchini. B. The maximized profits.4. Use the following data to fill out the table; assume the market is competitive and the price is $30. How much do you want to produce? Why? Q TC VC FC MTC MR Total Profit 0 300 0 1 350 50 2 390 90 3 420 120 4 460 160 5 510 210 6 570 2704. Profit maximization in the cost-curve diagram Suppose that the market for candles is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point.
- Question 4 If firms are competitive and profit maximizing, the price of a good equals the... Group of answer choices marginal cost of production. average variable cost of production. total cost of production. average total cost of production.I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS Quantity of Output Total Cost Marginal Cost Average Total Cost 0 $100 1 $120 2 $135 3 $145 4 $160 5 $180 6 $205 7 $240 8 $285 9 $350 10 $440 Approximately where do you think the price will end up in this market over the long run? Explain your answer. Last, instead of assuming a given price, how would you go about finding the equilibrium price if you were given information on market demand? Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.Fill in the missing words: 1. If economic profits are being made in a perfectly competitive market, then firms will ________ the market. This will ________ the extra revenue firms earn for each unit of output sold
- Draw the demand and supply curves and equilibrium points in the decrease in cost of tealeaves, for milk tea.3. Philo T. Farmsworth is a corn farmer with a 40-acre tract of land. Each acre can produce 100 bushels of corn. The cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is $10,000. In May, when corn is selling for $10 per bushel, Philo plants his crop. In September the price of corn has fallen to $2 per bushel. What should Philo do? Explain, assuming that there are no costs involved with bringing the corn to market to sell. can someone explain how they answered this Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Question 14 Ma owns a pizza shop with AVC = $70 and ATC = $98. It is a competitive market and the market price for pizza is $95. Mr. Ma should A: exit the market in both the short-run and long-run. B: continue his business in both the short-run and long-run. C: continue his business in the short-run but exit in the long-run if the situation continues. D: shut down his business in the short-run but continue in the long-run if the situation continues.