Explain what is economic profit. Provide an example to support your answers Why do different resource owners obtain different profits, even when operating in the same industry? Explain

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: a) Yes, $66exceeds AVC (and ATC) at a loss-minimizing output. using the MR=MC rule it will produce 9…

Q: How is the PROCESS (steps) of adjustment or transition from short to long term equilibrium in…

A: Answers: Introduction: Perfect competition refers to the market in which there are numerous buyers…

Q: In the one period model, list the requirements for a competitive equilibrium, and explain why each…

A: Perfect competition refers to the condition of the market where there are a large number of firms or…

Q: You are to the one to come up with the strategies , policies and regulations for your organization .…

A: Policies and regulations of organisations are the key role for the organisation which shape the size…

Q: Use the following data to draw a long-run average total cost curve. Label the range of diseconomies…

A:

Q: Suppose you own a television factory and at your current level of output, you have average total…

A: Meaning of Average Total Cost (ATC): The term average total cost refers to the addition of the…

Q: What is the maximum level of profit that can be generated from concession stand items?

A: The main objective of every firm is to maximize profits. Profits are the excess of revenue received…

Q: Explain why clear understanding of the environment within which it operates is important for…

A: Business: The organization or an individual engaged in commercial activities with the aim of earning…

Q: Discuss creative destruction and the profit incentives for innovation.

A: Creative destruction and the profit incentives for innovation are two ways to increase the…

Q: The following is cost Information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A:

Q: Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Loblaws Supermarket is…

A: Value added by loblaws supermarket is 1.50 $ (4 $ - 2.50 $) Delux popcorn added the greatest value…

Q: Consider the following production chain for bread. Assume that a Farmer grows wheat, and sells this…

A: Value added is the difference in cost of a good or service when it moves from one stage to other.

Q: Output (Concession Stand Items) Number of Workers Employed Per Day Price of Labor Per Worker Per…

A: In the above table, the level of output produced, the quantity of input (labor) used, the price of…

Q: Looking at family business, integrate the knowledge you learn to analyze TWO challenges that the…

A: We are supposed to do the 1 question at a time please send the other question for answers.…

Q: The following are the cost information of a typical ice tea company in an industry with 100 firms.…

A: Answer -   Marginal cost = It is the cost that firm need to incur to produce one extra unit of…

Q: Exhibit 9a.1: Costs for the Zonker Company Quantity (units per week) Total Cost Total Variable Cost…

A:

Q: Assume that the cost data in the following table are for a purely competitive producer: Total…

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

Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…

A:

Q: If will you observe a successful cooperative in your community. What makes your local cooperative…

A: The association of persons that unites for meeting their common social, cultural, and economic needs…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: B) iii When Price = $41 The profit-maximizing output is 6 units and the average cost of producing 6…

Q: INSTRUCTION: Give one example of a technopreneur, describe his/her business, and then explain what…

A: According to their areas of interest, different sorts of entrepreneurs operate their firms in…

Q: Which of the below explains why perfect competition is necessary for factor price equalization…

A: Factor price equalization theorem states that if each factor of production is paid equal to the…

Q: In technological convergence, how the industries respond in this innovation? And how they handle the…

A: INTRODUCTION INNOVATION Existing and empowering innovations are significant for meeting innovation…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: The transition from ‘brick and mortar’ to the digital economy raises a number of questions: Does the…

A: Creating a fundamental understanding of the new economic coherence that has resulted from the advent…

Q: Explain briefly how you can be an entrepreneur and not merely a businessperson.

A: A businessperson deals with business activities and management. To be entrepreneur,businessperson…

Q: Assume that the cost data in the following table are for a purely competitive producer: Average…

A: Total product is the sum total of all the output produced using all inputs. Average total cost is…

Q: Why is the perfect competition often used as a benchmark?   Question 3 options:   The perfect…

A: Perfect competition is a market where there are many buyers and sellers. The equilibrium price and…

Q: (i) Will this firm produce in the short run?    (Click to select)   No   Yes         (ii) If it is…

A: “Hey, since there are multiple sub part questions posted, we will answer the first three subpart…

Q: Explain manufacturing firms should use demand leading instead of demand trailing capacity strategy.

A: A lead limit technique (lead request procedure) is a proactive methodology that adds or takes away…

Q: Number of Factories 1 2 3 Q = 100 Q = 200 440 620 800 280 380 480 (Dollars per bike) Q = 300 240 240…

A: In case of short-run average cost functions, the firm incurs two types of costs:-Fixed costs and…

Q: What are the advantages of scale in capitalist competition

A: GIVEN   the advantages of scale in capitalist competition   Defination of scale: means cost benefits…

Q: D6) Outline and critically assess the theory of perfect competition. To what extent does the theory…

A: Perfect competition is a representative of the market established on the presumption that a large…

Q: In perfect competition , firms set price equal to marginal cost . Why can't firms do this when there…

A: In the perfectly competitive market. firms are price takers as they produce identical products and…

Q: Which statement is true? a. Socio-cultural factors do not determine the goods that society is likely…

A: socio-cultural factors are the factors that effect the consumers choices and tastes and they effect…

Q: I was wondering what the answer to this problem in Krugman´s microeconomics book is: A benefit…

A: In the short as well as long run they should close the business.

Q: omplete Table 1. Summarize your calculations and use Microsoft Excel. Using Excel, draw one graph…

A: Solution(1):- The complete table is as shown below  Output Average Fixed cost Average Variable…

Q: What is meant by technological advance, as broadly defined? How does technological advance enter…

A: The discovery of new and improved methods of manufacturing products refers to technical advances.…

Q: At what level of output and labor input are concession stand profits maximized?  What are two ways…

A: (Method I) Profit is maximized when Profit = TR - TC is maximized. From chart, Profit is highest (=…

Q: The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable…

A: Average fixed cost (AFC)=Total fixed costQ AFC=10000010000=10

Q: Despondent over the Red Sox's terrible season, Prof. Gruber decides to quit his day job and start a…

A: We are going to calculate Marginal cost and Average cost curve to answer this question. Note: The…

Q: State one potential positive consequence and one potential negative consequence of MOORE'S LAW for a…

A: Gordon Moore's Law states that the number of transistors on a microchip doubles every two years…