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If an economy the marginal profit is $80 billion and the marginal cost is $35 billion find the marginal revenue!
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- A firm produces and sells a good for $119. To produce this good they purchased materials for $14, they paid wages of $45, and they paid rent of $13. What is the firm’s profit? Enter a whole number with no dollar sign.________ is the cost of using resources to produce another unit of a good. a ) Price. b ) Marginal revenue. c ) Total cost. d ) Marginal cost.A firm produces 220 units of a good which cost an average of £8.25 each to produceand sells them at a price of £9.95. What is its total profit?
- Should a company produce more goods when marginal revenue is greater than marginal costs? Explain.If the marginal revenue of the next widget a firm produces is $100 and its marginal cost is $110, a firm should: A). reconsider past production decisions. B). decrease production. C). increase production. D). hold production constant.When you calculate marginal costs, they should include: SELECT THE CORRECT ANSWER A.the market price of the product. B.only variable costs. C.both the variable and fixed costs. D.only fixed costs.
- Define the term cost of revenue?If MR > MC, the firm should produce more output.If a Prof leaves their $100,000 per year job to start a business that earns annual revenue $400,000, and has annual labour and rental costs of $200,000, the economic profit of the business is $200,000. True or false and explain why. Use graphs if needed.