Geographic Information Systems (GIS) are powerful software programs that allow entrepreneurs to pinpoint the ideal location for their businesses. O True O False
Q: The return that an entrepreneur can expect to earn, on average, is called Select one: O a normal…
A: Normal Profit is the profit that considers both the implicit as well as explicit costs. It is…
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A: The learning effect describes the process by which education increases productivity and wages. In…
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A: False Became Ather had significant ones were: numerous accomplishments however The olympics,…
Q: Price MC ATC P1 P2 P3 PA D. Q, Q2 Quantity/time MR Refer to the above figure. Economic profits for…
A: Option (d) is correct.
Q: Kelsey has been asked to report on how the company's high-rise jeans collection had spread through…
A: the first to take on another item that has been brought into the commercial center. Trend-setters…
Q: 2 (a) Why would a firm that incurs losses choose to produce rather than shut down?
A: In a market, there are different situations faced by the firms according to which they make their…
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A: In an economy, a firm is said to be allocatively efficient if it is able to generate maximum profit…
Q: In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues…
A: False, The given statement is false because at the level of "MR=MC", the firm maximizes the profit…
Q: How does publishing the hardback and paperback edition affects profits and quantities compared to…
A: Hardback is meant to target the public who is committed to buying those hardback books while…
Q: In workout problem 2O the price of factor 1 is $8 and the price of factor 2 is $16, in what…
A: A production function expresses the relationship between the inputs of production and the output…
Q: Hannan's pizza shop currently produces 100 pizzas per day and sells them for a profit. She is…
A: Option a can be eliminated because the reason doesn't account for future profitability. It doesn't…
Q: Which of the following constrain (that is, limit) a firm's profits? I. its technology II. its…
A: A firm's profits is constrained by its technology, information and the market in which it operate.
Q: When a firm makes profit, this sends a signal to others. More competitors would enter the business,…
A: Answer: Introduction: A positive economic profit attracts more firms to the market. As a result of…
Q: The next four questions refer to the information in this table: Quantity Price TR $10 MR TFC $ 4 TVC…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
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A: 1. A firm maximizes profit by comparing its marginal revenue and marginal cost. Marginal revenue is…
Q: Imagine a fırm that has the following costs and revenue: Revenue: $120,000 Input Costs: $100,000…
A: An economic profit is a difference between the money generated by a business entity's outputs and…
Q: An example of innovation rent is: Select one or more: O a. The cost of opening a new factory. O b.…
A: Innovation rent is the additional profit innovators can earn from their innovation which has…
Q: State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will…
A: Since early 2000s monopolistic competition exists in Jamaica.
Q: Buppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of…
A: Given: C=200+2q2MC=4qFixed Cost=$200 The profit maximizing condition in competitive market is P=MC…
Q: 2. A farmer's fields are right next to the train tracks, where sparks from the trains set the field…
A: In part2, only information is given about the profit of railways from running 1, 2, 3 trains and…
Q: McDonaldization is the process by which the principles of the fast-food restaurant are coming to…
A: The business plans, and model shows how the working of an organization will take place. The making…
Q: Economic profits are: O total revenue less sunk costs. O total revenue less implicit costs. O total…
A: Implicit costs are the opportunity costs of using resources, such as the forgone income from using…
Q: d. If consumers instead demanded 20 million bags at a price of $2, how big would the firm's profit…
A: Profit refers to the excess total revenue over the total cost at the particular level of production…
Q: A simple and convenient first choice to explain the behavior of firms is through the profit motive.…
A: Profit means getting the financial benefit.
Q: Which of the following is not a way firms try to maximize profits by? O production costs demand…
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Q: If Fernando can produce pizzas at a constant cost of $5 per pizza, how many pizzas does he produce,…
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Q: Which of the following is a synonym for the word innovation? gadget O advance correction O…
A: Innovation refers to generation of something new , that can be idea, process, product or anything.…
Q: Among the factors that affect demand in addition to pr :she People tools and income. Producing new…
A: The factors that affect demand other than the price level are the non price factors.
Q: a. Complete the table by filling in the values for profit, marginal revenue, and marginal cost. b.…
A: Total cost is the cost incurred by the firm for the production of final goods. The cost is divided…
Q: Would Yolanda Diaz have been as successful if she hadstarted her company right out of college,…
A: The difference between starting a company with no experience and with experience has to be analyse…
Q: If MP w > MPKIT then the firm should produce using O A less L and more K O B. less L and less K C. O…
A: The effort that people tend to contribute to the production of goods and services is known as labor.…
Q: Government _______ regulations stipulate that inventors will keep complete legal rights to their…
A: There are different types of intellectual properties: Patent: Patent are grants given by the…
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: a. What is the profit maximization rule? That is, how do the firms decide how much to produce and…
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Q: To compute Economic Profits, which costs are used? Illustrate
A: The term ‘Economic Profit’ of a firm or an organization refers to the difference between the revenue…
Q: Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2…
A: Answer: (b). From part (a) it is known that the profit-maximizing quantity of corn is 16 dozen ears…
Q: Profit per unit is the difference between O average revenue and marginal cost. average revenue and…
A: In a market, profit refers to the amount received by a firm after deducting all the expenses or cost…
Q: Q2. What do you mean by 'under conditions of a perfect competition in the product market? a) MRP =…
A: A perfect competition is a theoretical product market. In this all companies sell similar/identical…
Q: A famous tennis star is paid $200,000 for appearing in a 30-second television commercial. The actor…
A: Revenue is the receipts a producer receives by selling its product. Revenue is the product of price…
Q: Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?
A: Answer - In the long run where the every input can vary and as in the long run where firms can make…
Q: Mario owns a wood-fired pizza shop which imitates traditional Italian methods. She uses a unique…
A: A firm maximizes profit by producing at level of output where MR = MC. Total Profit = Total Revenue…
Q: So, which of these options are true about the number of sellers in your market - the market for…
A: In case of Perfect Competition there are large number of buyers and sellers who have complete…
Q: What issues do the online businesses face? How are they similar to offline competition? How are…
A: Before analyzing the issues related to online businesses, firstly we need to know what is an online…
Q: If a firm is using the rational rule for sellers, would they produce an extra unit if the marginal…
A: The rationality of a seller is seen when he/she does not produce more when the revenue at margin(MR)…
Q: Which of the following is not a way firms try to maximize profits by? O production costs demand…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The next four questions refer to the information in this table: Quantity Price TR $10 9. 8. MR TFC…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: d. How much output does each firm produce in the short run? How much profit does each firm make? f.…
A: Introduction We have given demand and cost function of a competitive market. d) Cost function: Short…
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- Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…
- Based on concepts discussed in this chapter, describe the factors that have contributed to Bose’s new prod- uct success.What are positional goods? Would you discourage competition for their possession? If so how? If not, why not? Typed answer please. I ll rateFirms can choose a location in the linear city of length 1 with fixed cost of 25. Consumer density at any location x in the linear city is 400. a) Show that a firm each at 0.125, 0.375, 0.625 and 0. 875 is not an equilibrium. b) What is the equilibrium number of firms and th6ir locations? c) Illustrate how entry is no longer profitable at equilibrium? Plz do fast
- COURSE: MICROECONOMICS - Stackelberg ModelIn a given market good there are only 2 firms that satisfy the demand, and their respective total cost functions are: CTi = 400 and the demand that is estimated is P = 120 - 2QIf the exception variable of both firms is the quantity they will produce, such that the decisions to produce are made sequentially firm number 1 will be the leader who decides the quantity to produce and firm number 2 (follower) decides based on the production of firm number 1, we ask:(a) quantity produced by each firm and its equilibrium price in the market.(b) Profit of each company at equilibrium and (c) Graph your resultsIf competition places discipline on costs, motivating firms to innovate and find more cost-effectiveways to produce, explain why in some markets asingle firm without competitors will produce ata lower cost than if the firm faced competition.You are hired as a consultant to a monopolisticallycompetitive firm. The firm reports the followinginformation about its price, marginal cost, andaverage total cost. Can the firm possibly bemaximizing profit? If not, what should it do toincrease profit? If the firm is maximizing profit, is themarket in a long-run equilibrium? If not, what willhappen to restore long-run equilibrium?a. P < MC, P > ATCb. P > MC, P < ATCc. P 5 MC, P > ATCd. P > MC, P 5 ATC
- Max barbershop is considering raining prices by $5 per haircut. Their current price for a cut is $23 abd babers receive 50% of the revenues for each haircut. Since Max is concerned about demand dropping due to the price increase, he is also planning to start advertising the shop on TV for $895 month. If current fixed cost are $11,576/month the current profit is $2000/month by what percent can demand decrease at the new price level and maintain current levels of profit on the business?Suppose that over the short run (say the next 5 years), demand for OPEC oil is given by P = 165 – 2.5q. Here q is measured in millions of barrels a day. OPEC marginal cost per barrel is $15. What is OPEC’s optimal level of production? What is the prevailing price of oil at that level? Many experts contend that maximizing short-run profit is counterproductive for OPEC in the long run because high price reduces buyers to conserve energy and spur competition and new exploration that increases the overall supply of oil. Suppose that the demand curve just described will remain unchanged only if oil prices stabilize at $65 per barrel or below. If oil price exceeds this threshold, long run demand (over a second five year-period) will be curtailed to P = 135 – 2.5q. OPEC seeks to maximize its total profit over the next decade. What is the optimum output and price policy? (assume all values are present values)Assume the manager is located at point B in the diagram above, and he is charging a price ofPo. What does the demand for the firm's goods look like if the managemnt anticipates thatrivals would not match price reductions but will match price rise instead of price decrease?