If the firms are earning abnormal profit how will the number of firms in industry change?

Q: What is the different between monoply profit and perfect competitive profit? Show them in grapphical…

A: Monopoly and perfect competition have more dissimilarity in regards pice charging , quantity produce…

Q: MC $80 ATC $64 $62 $60 AVC $42 $37 80 100 140 200 a The graph above shows the cost curves for…

A: In a market, the profit Maximizing level of output is the one at which market price of a product…

Q: At a market price of $35.20 a batch, what quantity does Lin’s produce and what is the firm’s…

A: Price (dollars per batch) Quantity demanded (batches per day) Total Revenue Marginal…

Q: Do firms really equate their marginal cost with marginal revenue?

A: Answer

Q: An accountant and an economist are looking at a firm’s records and market situation. The accountant…

A: Profit: It means the difference between the amount earned and the amount spent.

Q: Show that for a proit-maximizing firm producing at its optimal quantity, y, its average total cost…

A: The equilbrium price and quantity of a good sold in a competitive market are determined by the…

Q: HOW TO CALCULATE PROFIT FROM THIS GRAPH?

A: MR curve has same vertical intercept as demand curve, but half the horizontal intercept of demand…

Q: ← Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give…

A: Economic Profit:-  The disparity among the proceeds from the sale of a product and the prices of all…

Q: When does Concave profit curves occur? Explain with an example?

A: Iso quant curve refers to the curve which shows all the combination of inputs which are capable of…

Q: MC АТС 20 -MR 16 30 40 Firm What is the amount of profit for the firm in the graph?

A: A Firm will be in equilibrium when its profit is maximized or loss is minimized. For this following…

Q: what are the formulas for each column? what is the profit maximizing output q and p? what is the…

A: a)  Following below are the formula's for each of the following columns; Average variable cost =…

Q: Fill in the columns in the following table. What quantity should a profit-maximizing firm produce?…

A: Total Cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: Calculate marginal revenue if Marginal cost is $300 and marginal profit is also $300

A: Given : Marginal Cost = $300 Marginal Profit = $300

Q: How does a perfectly competitive firm decide what price to charge?

A: Firms in a perfectly competitive market cannot influence the price as there are large numbers of…

Q: Find the marginal revenue at a próduction

A: Given - P = 400 -0.2x Where P is price and x is quantity

Q: When do firms decide to (i) stay in the market, (ii) shutdown the firm's operations, and (iii) exit…

A: 1) Stay in market In case there are benefits to be made, firms will stay the market as there are no…

Q: Hannah has a small business making clothing alterations. Which of the following products would…

A: Hannah has a small business that makes clothes adjustments, according to the question. Thread is the…

Q: Economic profit is

A: To find : What is economic profit

Q: Complete the following table showing the demand for snow skiing lessons per day. Do this by filling…

A:

Q: 72. In the video, what is the level of output that will maximize the firm's profit? Select one: a.…

A: In a perfectly competitive market, there is a large number of firms selling homogenous products at a…

Q: What is Economic profit

A: Economic profit refers to the profit that obtained by deducting the implicit cost or opportunity…

Q: s coincid

A: The marginal revenue curve is a horizontal line at the market price which implies perfectly elastic…

Q: If marginal revenue is $30 and marginal cost is $15 Calculate marginal profit

A: The information being given is:- Marginal revenue = $30 Marginal cost = $15 We have to calculate the…

Q: Why economic profit is negat

A: Profit: It refers to the revenue earned by the companies. With more profit earned by the companies,…

Q: 74. In the video, when MC > MR, what action should the firm take to Maximize Profit. Select one: a.…

A: 74. Marginal revenue is the amount of revenue received from selling one additional unit. Marginal…

Q: The graph shows a demand curve the average total cost curve ATC average variable cost curve a VC in…

A: A perfectly competitive market is the one in which there are a large number of buyers and sellers…

Q: Sleek sneakers is one of many firms in the market for shoes. a. Assume that sleek is currently…

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

Q: Aji owns a rental space in New York and is thinking of opening a restaurant in that space. An…

A: Introduction: The accounting profit can be calculated by subtracting the explicit cost from the…

Q: At his profit maximizing output, what is the total profit earned by Tim?

A: Answer: A monopolistically competitive firm maximizes its profit where the marginal revenue (MR) is…

Q: What is the firms profit or loss?

A: Since the marginal revenue of the firm is above the average total cost and the marginal cost the…

Q: There are no long run econoic profit in monopolistic competition although there may be economic…

A: Monopolistic competition is a type of market structure.

Q: MC ATC 20 -MR 16 40 Firm What is the amount of profit in the above graph? 120 160 40 None of these…

A: Firm is able to make profits when average total cost is less than the price at profit maximizing…

Q: The accompanying graph depicts the Marginal Cost (MC), Average Cost (AC), Marginal Revenue (MR), and…

A: Perfect competition refers to the form of market in which there is large numbers of buyers and…

Q: How do you calculate marginal cost and marginal revenue?

A: Marginal revenue:   Marginal revenue refers to the additional revenue that made by selling of one…

Q: Explain the difference between a firm's revenue and its profit. Which do firms maximize?

A: Revenue is the total amount received by selling the required units of goods or services.  Profit is…

Q: Calculate Marginal profit given that marginal revenue is two times that of marginal cost

A: The given information is as follows:- Marginal revenue is two times that of total cost i.e MR = 2 MC…

Q: How does a change in the response rate affect profit?

A: A response rate refers to a rate that shows the number of people or participants who have responded…

Q: What tells you the profit a company makes on each item it sells? ROA EPS O ROS O ROE

A: Profit is the difference between the tital cost incurred in the production process and the tital…