On a per unit basis economic profit can be determined as the difference between:    a. Marginal revenue and product price b. Marginal revenue and marginal cost c. Product price and average total cost d. Average fixed cost and product price

Q: Production, Costs, and Perfect Competition: Firm in the Short Period a. data (1) K = 7 and the price…

A: We have given that the firm is in short-run and capital is fixed at k=7, the Q Output Labor L 0…

Q: Which of the following profits represent economic profit? Choose all that apply. a. A restaurant…

A: Accounting profit is the net income for a company, which is revenue minus explicit costs(out of the…

Q: The MoonShine Restaurant operates in the competitive restaurant industry and has a total cost…

A: A perfectly competitive market is one that has a large number of firms selling homogenous goods.…

Q: The AAA Aquarium Co. sells aquariums for $20 each. Fixed costs of production are $20. The total…

A: Total revenue is the total receipts from sales of the product. Marginal revenue refers to the change…

Q: Match the following: a. Increasing cost industry b. Decreasing cost industry c. Constant cost…

A: Industry’s long-run supply curve has different shapes based on the extent to which the increase or…

Q: A firm is producing the profit-maximizing amount of output when it is producing where its curve…

A: The total cost is the sum of fixed cost and variable cost. The fixed cost is the cost of fixed…

Q: Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The…

A: (Q) Tammy quit her job as a math teacher making $70,000 per year to start her own online business.…

Q: a. Draw the marginal cost and average total cost curves for a typical firm. Explain why the curves…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: Utilities = $20,000 Wages = $100,000 Owner's Salary = $95,000 Potential Rent from Building

A: An economic profit is the difference between the opportunity costs of its inputs and the revenue a…

Q: Consider the total cost and total revenue given in the following table (Make sure to show all your…

A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost and price is…

Q: Which formula represents the profits for a firm? (check all that apply) (AC=average cost,…

A: Total cost is the overall cost incurred in the course of production of the good.

Q: Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal…

A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

Q: Explain the concepts of revene, costs, and profit

A: Production is the process of merging numerous material and immaterial inputs (plans, know-how) to…

Q: 160 120 80 40 1 2 3 4 5 Quantity Price (dollars)

A: Different types of cost curve

Q: COSTS OF PRODUCTION FORMULAS Total cost (TC) = total fixed cost (TFC) + total variable cost (TVC)…

A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…

Q: QUESTION 1 Match each of the following terms and descriptions Accounting Profit A. total revenue…

A: 1. Accounting Profit: It is the difference between revenue and cost. The cost includes only explicit…

Q: Use the data below to answer the questions: Price Quantity Demanded Total Revenue Marginal Revenue…

A: Marginal cost of production is the change in total cost of production due to production of one…

Q: Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, the bottles,…

A: Profit is revenue adjusted for cost. Cost is the expenditure incurred by firms on the production of…

Q: 3. Profit maximization using total cost and total revenue curves Suppose Rosa runs a small business…

A: Total revenue is defined as the sum of all incoming sources of money earned by the company through…

Q: Assume the following cost data are for a purely competitive producer: Using the data in 3d, assume…

A: To calculate the industry supply schedule, we need to calculate the quantity supplied by a single…

Q: a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting…

A: Costs Revenues Quantity Produced Total Cost $ Marginal Cost Quantity Produced Price $ Total…

Q: 17. John makes ice cream which he sells to restaurants and supermarkets. He has one ice cream maker,…

A: In a market, there are various situation that a firm or a seller has to face while serving products…

Q: Table 13-7 The Flying Elvis Copter Rides Quantity Total Fixed Variable Marginal Average Average…

A: The values in the table are found out by using: TC(total cost)=TVC(variable cost)+TFC(fixed…

Q: Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year,…

A: Option (c).

Q: 5. Competition Bob's lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns…

A: Given information Price =$25 each TC=$300 TFC=$60 Q=15

Q: Use the following demand schedule to determine total revenue and marginal revenue for each possible…

A:

Q: Define normal, inferior and luxury good. Which one has negative income elasticity of demand? B)…

A: The demand curve shows the inverse relationship between price and quantity demanded, other things…

Q: Marginal Quantity Fixed Product Labor Variable Total Cost Marginal Cost Average Total Average…

A: 3). Total cost(TC) is the summation of fixed cost and the variable cost. Hence, for finding out the…

Q: What are fixed costs?  What are variable costs?

A: Hi student, As per the guideline we are providing answer for one question. Since you are requested…

Q: Productive efficiency and allocative efficiency are two concepts achieved in the long run in a…

A: Perfect competition is a competition where the firms in the market are price takers and have no…

Q: FC VC TC AFC AVC ATC MC 2. 2 A 3 3 1 2 2 1.8 1 .9 1.9 3 2. 2.4 4.4 .8 1.47 .6 4 2. 2.8 4.8 .5 1.2 .4…

A: Average total cost is the per unit total cost of production. Marginal cost is the additional cost…

Q: A profit-maximizing business incurs an economic loss of $10,000 per year. Its fixed cost is $15,000…

A: Given  Case 1: A profit-maximizing business incurs an economic loss of $10,000 per year. Its fixed…

Q: 6. The following figure shows long-run average and marginal cost curves for a competitive firm. The…

A: The measure that depicts expenses being incurred by the entity for carrying out its day-to-day…

Q: Farmer Jones grows oranges. The total revenue, marginal revenue, total cost, and marginal cost of…

A: Answer: Let us first calculate the profit to find the maximum profit. Output (Crates in 1000s)…

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: Draw two graphs: 1:- Normal Profit 2:- Abnormal profit And mention the following points in each…

A: 1. Normal Profit: A firm earns normal point when its total revenue (TR) is equal to total cost(TC)…

Q: 1.The long run average cost curve a. is identical to the profit maximizing short run average cost…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: Which of the following is correct? economic profit + implicit costs = accounting profit O implicit…

A: Economic Profit is the difference of between the total revenue and total cost of all the inputs.…

Q: 3. Given information in the following table: Quantity Price (RM) Total Cost 60 18 58 20 3 54 24 4 48…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Firm A Firm B Quantity Fixed Cost Total Marginal Quantity Average Variable Average Total Fixed Cost…

A: A price taker is firm, business or company that cannot influence the P(price) the services and…

Q: How much will the firm produce in order to maximise profits at a price of £8 per unit and  What…

A: With price of 8$, the profit maximizing firm in perfectly competitive market will produce 70 units…

Q: 1. The profit maximizing output for this firm is  .  2. In the short-run, this firm will earn $…

A: The monopoly is a market structure which has a single seller and many buyers in the market. The…