Firms total revenue? Firms total cost? Firms total profit?

Q: A firm that is losing money should continue to operate in the short run if the ______…

A: The total cost incurred by firms operating in a market includes fixed costs and variable costs.…

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 the price takers as they produce identical product…

Q: Which statement about economic profit is FALSE? All firms are guaranteed to earn economic profit.…

A: Economic profit is the difference between total revenue earned and cost incurred in order to produce…

Q: Under perfect competition, firms profit in the long run will be:- (1) normal profit (2) abnormal…

A: # Perfect competition is a market structure where large number of buyers and sellers are there.  The…

Q: What is the relationship between revenue cost and profit?

A:

Q: An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Can the marginal revenue be negative??? True/False

A: Marginal revenue refers to the amount of additional revenue thay a producer gets when he produces…

Q: When are you are you expecting companies to produce in the short run? A. costs equal equal revenue…

A: A firm tends to earn positive profits when its  earned revenues can cover its total costs.

Q: e shapes of firms' cost curves are important because they help us determine how the firm will…

A: The cost curve is the curve that is a graphical representation of the firm's cost at different…

Q: Soft drink industry has been historically profitable why? compare the economies of the concentrate…

A: Soft drink Industries are profitable because:- These industries needed lower investments. This can…

Q: What quantity should the firm produce to maximize profits? 400 units BO 800 units CO 600 units 200…

A: The Condition of Profit maximization in a monopoly Market is where the Marginal cost is equal to the…

Q: TRUE OR FALSE? A decreasing cost industry has a long run supply curve that is upward sloping.

A: In a market, decreasing cost industry refers to the one that has the ability o reduce its average…

Q: A perfectly competitive firm will maximize its profit when marginal revenue is greater than marginal…

A: Marginal Revenue is the cash a firm makes for each extra deal. As such, it decides how much a firm…

Q: f a competitive industry is incurring normal profits, output will

A: Competitive Industry is the industry sector where the firms are free to enter and exit from the…

Q: According to the graph below, the firm doesn't make a profit when the quantity exceeds what value?…

A: Profit is the difference between the total revenue and and total cost.

Q: The connection between marginal revenue and price depends on a business's competitive environment.…

A: Under perfect competition, there exists a large number of buyers and sellers. Each firm sells…

Q: A firm earns economic profit when total profit exceeds

A: To find : When firm book profit

Q: For the following, decide whether you agree or dis-agree and explain your answer: a. A firm earning…

A: A perfect competition is the form of market that consist of large number of buyers and sellers,…

Q: A profit-maximizing business incurs an economic loss of $$30,000 per year. Its fixed cost is $45,000…

A: Short run business decision: It is given that, it is a profit-optimizing firm that incurs an…

Q: n perfect competition, each company generates a fraction of the total production so small that…

A: Since an entirely serious firm should acknowledge the cost for its yield as controlled by the item's…

Q: A manager makes the statement that output should be expanded as long as average revenue exceeds…

A: Average revenue: Total revenue per unit of output = Price/OutputAverage cost: Total cost / output =…

Q: A firm in a perfectly competitive industry is maximizing its profits at 400 units of output. If the…

A: Perfectly competitive industry It refers to a industry in which there are large number of buyers and…

Q: A perfectly competitive industry has a large number of potential entrants. Each firm has an…

A: A perfectly competitive market could be a hypothetical market that's consisted of the many firms and…

Q: “The firm’s entire marginal cost curve is its short-run supply curve.” Is the preceding statement…

A: Marginal cost curve represents the change in total cost with the change in output produced.

Q: If a firm is producing at a quantity in which the marginal cost exceeds marginal revenue, the firm…

A: In a market, an optimal or a Profit Maximizing quantity for a firm is when it is producing at a…

Q: At what output rate does the firm maximize profit or minimize loss?

A: After marginal revenue exceeds marginal cost,at that output rate firms maximize profit.

Q: What is the profit maximizing level of output for the firm? b.What is the economic profit earned or…

A: A market is the collection of buyers and sellers in which they exchange goods and services in terms…

Q: True/False Firms maximize profits when MR> MC

A: # A firm will always maximize it's profits when the marginal profit is 0.  Marginal profit =…

Q: The firm in pure competitive

A: A theoretical market structure that meets the following requirements is known as pure or perfect…

Q: Do operating strategies of average cost minimization and profit maximization always lead to…

A: Average cost reduction and profit maximization are operating techniques that provide comparable…

Q: In a perfect market the TR and TC create a ___________________breakeven quantity whenever the MC is…

A: In the perfect competetion market, there exist a large number of buyers and sellers. They produce…

Q: A competitive firm’s short-run supply curve is its_________ cost curve above its _________…

A: The market is the collection of buyers and sellers. It is the system in which buyers and sellers…

Q: (A) Comment on marginal revenue and marginal cost values when it is given that marginal profit is 0.…

A: Profits are the excess of revenue receipts over the costs incurred by the firm. A firm earn revenue…

Q: firm's profit function is z(q) = R(q) – C(q) = 140q - (410 + 20q + 10q). What is the positive output…

A: Profit is the difference between total revenue and total cost. Total cost is the sum of Fixed and…

Q: At what point should firms shut down in the short run? a. when marginal revenue equals marginal…

A: (Q) At what point should firms shut down in the short run? a. when marginal revenue equals marginal…

Q: x(q) = R(a)- C(a) = 180g - (665 + 20g + 10g). What is the positive output level that maximizes the…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: A price taking firm has zero fixed cost and increasing marginal cost. What quantity does it produce?…

A: A price-taking firm is such a firm that accepts the market price. A market price is a price that is…

Q: What is the shutdown condition? a.A condition stating when a firm should cease to operate and…

A: The shut-down condition is applicable for short run, where a firm stops production if its revenue is…

Q: An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His…

A: Both accounting profit and economic profit include fixed cost in the short run. Accounting profit =…

Q: T(q) = R(q) – C(q) = 40q – (35 + 20q + 10q). What is the positive output level that maximizes the…

A: A firm earns maximum profit by producing output at a level where marginal revenue is equal to…

Q: A firm’s marginal revenue is $133 and its marginal cost is $90. What amount of profit does the firm…

A: Given information: Marginal revenue (MR) = $133 Marginal cost (MC) = $90   Profit maximization…

Q: Whether firms are profit maximisers or are pursuing some alternative objective(s), many set prices,…

A: A firm that is a profit maximiser will adjust its mark up more often as compared to a firm that is a…

Q: Should a firm shut down and why if its revenue is R=$ 1, 000.                     Its variable cost…

A: The profits earned by a firm operating in a competitive market are the difference between the total…

Q: Should a firm shut firm if its revenue is R = $1,500 per week and: a. Its variable cost is VC =…

A: There are two types of cost in short run which are fixed and variable cost. The total variable cost…

Q: Can the firm's marginal revenue really be negative? Why?

A: Marginal revenue is the additional revenue that occurs from the sale of one additional unit of the…