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Looking for a 200 word response to this Warren Buffett statement
“You cannot be the high-cost producer in a commodity business.”
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- You have just started your business of selling and buying US dollars in a commercial plaza in Monterrey, you are starting to do very well and you remember your economics classes at TEC at 7:00 am, based on that, which of the following statements is incorrect? a) Price equals marginal cost. b) Firms are price takers. c) There are many companies. d) There are barriers to the entry of new companies.Would an individual diary farmer receive more compensation on their own versus being part of the cooperative?In 2018, pop star Drake was downloaded twice as often as Cardi B. However, downloads for both these artists sold for the same price on Apple’s iTunes store. Does this suggest that Apple is failing to maximize profits? Use a picture or pictures to answer. You can make a reasonable assumption that the marginal cost to Apple of supplying a download is a constant $0.25.
- I need help. If you can explain the process and not just give the solution, I would appreciate it, because I'll learn better. A coal-fired power plant produces electricity for a town with a population of 1000. The retail price of electricity is sustained at $50.00, but every unit of electricity emission may cause damage and increased mortality risk of this amount $0.01 for every member of the town next to the plant. With a marginal cost curve MC=q and q is considered the output, what is the marginal damage of every or each unit of emission? What is the optimal quantity output for society? Is there a deadweight loss? When the electric plant decides to maximize profit and chooses q (in the cost curve), what would be the outcome?I was wondering what the answer to this problem in Krugman´s microeconomics book is: A benefit maximizer company has an economic loss of 10.000$ per year. Its fixed cost is 15.000$ per year. In the short term, should they keep producing or should the close the business? In the long run, should they stay in business? And if the company had a fixed cost of 6.000$ per year, should they stay in business in the long and short run? Thank you!Discuss how the production theory and price determinations help businesses achieve both their short-run and long-run goals.
- You sell homemade candles online for $50 each and you hire your family members to make the candles. It takes a family member 1 hour to produce a candle and you pay them $15 per hour. Production of each candle requires $10 worth of materials. You also have to pay Etsy $500 each month for the right to sell as many candles as you would like on their website. How many candles do you have to sell each month to break even? Enter your answer as a number below.Buffalo Bill has a potato chip company, Buffalo’s Chips. He is currently losing money on every bag of chips he sells. Mrs. Bill, who has just completed an economics class, tells Bill he could make a profit if he adds more machines and produces more chips. How could this be possible? What is Mrs. Bill assuming about the output range in which Bill is currently producing?Allocative efficiency is an economic concept regarding efficiency at the social or societal level. It refers to producing the optimal quantity of some output, the quantity where the marginal benefit to society of one more unit just equals the marginal cost. The rule of profit maximization in a world of perfect competition was for each firm to produce the quantity of output where P = MC, where the price (P) is a measure of how much buyers value the good and the marginal cost (MC) is a measure of what marginal units cost society to produce. A monopolist... Group of answer choices Would try to achieve allocative efficiency to compete with the other firms who own a larger market share. Will prefer to operate where price < average total cost. Has no motivation to operate at an output level where P=MC, once a barrier is in place and no longer has to worry about competition. Will experience greater profits if it sets prices equal to average total cost.