Q: You produce and sell Cillipods. Your average cost (in dola Cillipod) for manufacturing q Cillipods…
A: TC = q x AC = q3 - 30q2 + 5000 MC = dTC/dq = 3q2 - 60q
Q: The application of the marginal cost pricing principal in a decreasing cost industy would lead…
A: According to the given question The cost principle basically determines the practice of setting the…
Q: George’s T-Shirt Shop produces 5,000 custom printed T-shirts per month. George’s fixed costs are…
A: In production activity, break-even point is the point where the firm is earning zero profits. That…
Q: What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total…
A: The data presented in the question above is:- Explicit cost of the firm = $200 Implicit cost of firm…
Q: Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC =…
A: Average cost is the ratio of total cost and quantity
Q: Jasmine decides to make and sell jelly cups. It costs jasmine Rs.1000 to set up and Rs.50 per cup…
A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Please provide an example of sunk costs in bakery business and explain why they are sunk costs.
A: Money that is already spent, and cannot be recovered, is called sunk cost. There is popular saying…
Q: Distinguish between implicit and explicit costs. How is it possible to have positive accounting…
A: Any cost that has already occurred but is not shown or reported as a distinct item is referred to as…
Q: Consider this statement “Total output starts falling when diminishing returns occur.” Do you agree…
A: According to the law of diminishing returns as more units of a variable input are used with a fixed…
Q: What is the marginal net benefit of producing the twentieth unit? No. units Total Total produced…
A: Marginal net benefit refers to the additional in the net benefit. Here the marginal net benefit of…
Q: If marginal profit is negative what information can you infer about marginal cost and marginal…
A: Marginal profit is given as :- Marginal profit = Marginal revenue - Marginal cost It's given that…
Q: Use the table to compute the marginal revenue and marginal cost
A: Marginal revenue is given as the additional revenue generated by producing one more unit of a good.…
Q: Suppose that the marginal revenue for a product is MR = 900 and the marginal cost is MC = 33,(x+9),…
A: Given Marginal revenue = 900 Marginal cost = 33√(x+9) X = 5units. Profit(π) = Total revenue- Total…
Q: If Open Text, a firm in Kanata, Ontario decides to stop production in the short run, its costs will…
A: In economics, the two types of costs that a corporation incurs when producing goods and services are…
Q: Suppose that the marginal revenue for a product is MR = 775 and the marginal cost is MC = 39 times…
A: The following information is given: Marginal revenue MR = 775, Fixed cost = $906, Quantity = 3…
Q: Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000. What does economic…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The marginal cost for a manufacturer of cherries is MC(q) = 0.06q³ + 0.5q + 50 per ecaton-cherry.…
A: Marginal Cost(MC) is the change in the total cost(TC) due to very small changes in the quantity(q)…
Q: A marginal profit curve equation is : MP= −2Q^2 + 160Q + 2145. You are required to determine the…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: The cost of producing 5-gallon water bottles is given by: C(q) = 0.005q + 2q + 1000. If 2000…
A: Given: C(q) = 0.005q + 2q + 1000. Quantity (q) = 2000 units
Q: A company has cost and revenue functions, in dollars, given by C(q) = 6000 + 10g and R(q) – 12q .…
A:
Q: Find the marginal profit function if cost and revenue are given by C(x) = 190 + 0.6x and R(x) = 7x -…
A: Answer to the question is as follows:
Q: 10. All-Leather is a leather tanning company in Chicago. Its total cost function is C(QA) = 130 +…
A: C(QA)=130+6QA+2QA2
Q: Tim Marlow, the owner of The Clock Works, wanted to know how many clocks he must sell in order to…
A: Fixed costs are the costs that are incurred by the producers that do not change with the increase or…
Q: You run a game-day shuttle service for parking services for the local ball club. Suppose you are…
A:
Q: If a firm generates $200,000 in revenue, earns $105,000 in economic profit, and its expli- costs are…
A: In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the…
Q: “A firm that earns only normal profit is not covering all its costs.” Do you agree or disagree?
A: Economic Cost consists of explicit cost and implicit cost. In other words it consists of sum of…
Q: TR = 25Q - 2Q² TC = 32 + 5Q Please create a graph illustrating relationship between the Total…
A: Total revenue is the amount generated by sales of the goods and services and it is obtained by…
Q: A car wash service 'Clean and Shine' is a small business operating in the short run in a perfectly…
A: A car wash service 'Clean and Shine' is a small business operating in the short run in a perfectly…
Q: The marginal revenue (MR) the individual producer receives when it maximizes its profit is $…
A: Marginal cost is the additional cost of producing one more unit of a good. Marginal revenue is the…
Q: 3. Given the total profit and the fixed cost TFC is 40, variable cost are 2 then the total revenue…
A: The method for Total Revenue is as follows: Number of Products Sold x Price Per Product = Total…
Q: the average variable cost curve. the marginal cost curve. the average fixed cost curve. the marginal…
A: A natural monopoly firm experience economies of scale, i.e., a decrease in ATC as output increases.…
Q: The table below shows the monthly cost of producing vintage model cars for collectors for quantities…
A:
Q: The total cost function is C(q) = q³ – 59q² + 315q + 200 and the revenue function is R(q) = 1000q –…
A: The total cost of production refers to the monetary value of inputs used by the firm in the…
Q: Which of the following is considered when calculating economic profit but not accounting profit? a.…
A: Cost refers to the amount or equivalent paid or charged for something
Q: explain what is meant by explicit; implicit; and sunk costs. How are they used to calculate…
A: All the costs that are linked or incurred to the business activities of a company and are easily…
Q: Generic Corp, a manufacturer of doodads, has a daily marginal cost function of C'(z) – 0.71(0.04z +…
A: The marginal cost of production is the incremental cost incurred in the production of an additional…
Q: is equal to average variable cost. is greater than marginal revenue. equals marginal revenue.
A: Consumer surplus shows the additional utility obtained by the consumer after consuming all units of…
Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56
A: The data presented in the question above is:- Marginal cost = $33 Marginal revenue = $56 Marginal…
Q: You are managing a restaurant establishment earning net of Php800,000.00 per year decides to open…
A: Introduction The expenditure incurred on these inputs is called cost of production. Opportunity cost…
Q: economic profit is smaller than accounting profit because of implicit cost---- a) none of the above…
A: Implicit costs are the ones that are not shown separately even though they have occurred already.…
Q: If a firm's marginal revenue is below its marginal cost, an increase in production will usually: a.…
A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…
Q: Peter's Pipers producers plumbing pipe. The long-run total cost of Peter's pipes is LTC =…
A: Average cost is the per unit cost of production
Q: Distinguish clearly between Marginal Revenue and Marginal Costs using suitable examples.
A: Marginal revenue is defined as the additional revenue after selling one more unit of output.
Q: 35. Economic profit is equal to total revenue minus all implicit costs. a. True b. False
A: According to the given question the - Economic profit is equal to total revenue minus all implicit…
Q: Explain average fixed cost (AFC)?
A: Costs are the sums of money spent by producers on various variables of production in order to…
Q: George’s T-Shirt Shop produces 5,000 custom printed T-shirts per month. George’s fixed costs are…
A: Given information-The producer initially produces 5,000 T-shirts. The fixed cost is equal to…
Q: Assume quantities need not be integers. Marginal cost is MC(q) = 3 + (9/10) * q. What is average…
A: Integrating the marginal cost function with respect to q, to get the total cost function. Total cost…
Find marginal cost given :-
Marginal profit = $300
Marginal revenue = $1200
Step by step
Solved in 2 steps
- In economics, small incremental changes or adjustments are identified as _____. profit revenue marginal costShowing your analytical work clearly in a step by step manner is a must. Otherwise points will be deducted. You can use Excel or any other graphing tool. A startup software company has indicated its cost, c(x), and revenue, f(x), as given below, such that x is the number of lines of programing code (units in 1000 lines). c(x) = 80000 - 2(x-200)2 f(x) = (x-10)3 + (x+10)2 Find the marginal cost analytically, and draw its graph Find the marginal revenue analytically, and draw its graph Solve for the x point where marginal cost is equal to marginal revenue analytically. Comment why is this point significant analytically. Write the profit function and draw its graph Is the profit function concave up or concave down? Answer all questions neatly pleaseJustify. T/F Fixed cost remains same or constant at all level of output.
- In economics, profit revenue marginal cost small incremental changes or adjustments are identified as _____.Identify two fixed costs and two variable costs associated with setting up a hair dressing salon or barbershopMany companies start with cost to determine price since revenue must cover cost for the firm to make a profit. True False
- Why is a normal profit considered an economic cost?Assume you have decided to buy an advertisement in the local newspaper to publicize your new pet grooming service. The cost of the ad is $1,000. You have decided to charge $40 for a dog grooming, and your variable costs are $20 for each dog. How many dogs do you have to groom to break even on the cost of the ad? What is your break-even point if you charge $60 per dog?If a company's marginal revenue is greater than its marginal cost, then the company should
- Jack scalps lawns in the neighborhood for $36 per house. He does ten houses per day. He is incurring total costs of $400 per day, of which $100 is fixed. The marginal cost per house is constant. (i) What is the value of the marginal cost associated with scalping the lawn of one house? (ii) What are profits equal to at the profit-maximizing level of output?.It costs a coat manufacturer $8750 to make 125 coats and it costs $6500 to make 80 coats. Each coat is sold for $250. a. How much is the marginal cost? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ b. What is the slope of the Profit function, P(x)? Round to two decimal places if rounding is necessary. Do not enter a fraction. There is a $ sign next to the answer box, so do not type a $ sign in your answer. Only type a number (do not type any units on your answer). $ c. How many coats must be sold in order to break even? Round to the nearest whole number if rounding is necessary. Do not enter a fraction. Only type a whole number (do not type any units on your answer).Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's variable costs? Question 5 options: All other answers are incorrect They are $25 per lawn They are $27 per lawn We do not have enough information to know the exact structure of variable costs at quantities other than 10 lawns.
