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Price equals $20, quality equals 400 units, unit cost equals $15, implicit cost equals $4000. What does economic profit equal?
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- George’s T-Shirt Shop produces 5,000 custom printed T-shirts per month. George’s fixed costs are $15,000 per month. The marginal cost per T-shirt is a constant $4. What is its break-even price? What would be George’s break-even price if he were to sell 50% more shirts?Price = $20, quantity = 400 units, unit cost = $15,implicit costs $ = 4,000. What does economic profit equal?Zero profit does not mean that the entrepreneur does not get anything for his efforts. a. maybe b. true c. both a and b d. false
- the total cost is constant and the total revenue will increase, ExplainIn economics, profit revenue marginal cost small incremental changes or adjustments are identified as _____.Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000. What does economic profit equal? Answer the following: If TVC = $80 and AVC = 4, then what does quantity (Q) equal? (b) If the total cost is $40 when Q = 2 and the total cost is $45 when Q = 3, then what does marginal cost equal? (c) What does average fixed cost equal at Q = 2 if total variable cost is $15 at Q = 2? (d) Why does the AFC curve get continually closer to the horizontal axis in Exhibit 6(c) as the quantity of output increases?
- If average cost is incresing as output expands, a marginal cost equals average cost b marginal cost exceeds average cost c marginal cost is less than average cost d not enough informationMarty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?True/False Marginal cost is the addition to the total cost when more unit of output is being produced.
- computation and give illustration through diagram • Behavior of Variable and Fixed Cost • Marginal CostThe difference between economic profit and accounting profit is? Average cost Direct costs Economic costs Variable costs Marginal costsQ(P) = 300/N – P, where N = number of firms TC(Q) = 50 + Q2, what are the firms fixed and variable costs?
