Producer surplus is equal to: (Choose one from below) A. the firm's short-run profits B. total revenue minus the sum of all marginal cost C. the area under the supply curve. D. the difference between price and average cost for all units sold.
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A. the firm's short-run profits
B. total revenue minus the sum of all marginal cost
C. the area under the supply curve.
D. the difference between
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- In long run market supply it is a factor prices rise as new firms enter the market and existing firms expand capacity. a. normal profit b. increasing cost industry c. zero profit condition d. none of this3. When this firm is producing at the profit-maximizing price and quantity, its total revenue is $_______. 4. The total revenue when a firm is profit maximizing is $________. 5. The total cost when a firm is profit maximizing is $_________. 6. The profit when a firm is profit maximizing is $________.15. Firms in a market are earning normal profits. Demand falls and the market price follows. Explain whether the firm continues to produce the same amount, cuts back and continues to produce, or stops producing and gets out of the business. Explain your logic.
- b. Using the information in the table above, complete the following supply schedule for a company in perfect competition, and determine the amount of profit (positive or negative) at each level of output. [hint: at each price level, how much is the MR of the additional production of one output? Combine these results with the MC of each additional production of one output to get the quantity supplied.] (FILL IN THE TABLE B)Question 1 Explain the concept of Equilibrium Price in a Perfectly Competitive Market and how it is determined? Calculate the percentage change in equilibrium price if the percentage change in quantity demanded is 25%. Price Elasticity of Demand is 1.35 and Price Elasticity of Supply is 1.15.f the firm is producing at a quantity where marginal revenue exceeds marginal cost then, in order to increase profit, ___ Question 17 options: the firm's perceived demand will shift to the left. the firm should keep expanding production. any additional unit produced would decrease profit. the firm is now earning zero profit.
- microeconomics 1)given U(x,y) if owprice elasticity is -6/5 and cross price elasticity to x is 1/5 find income elasticity 2) given a production fuction Q=2(L)^1/2 price of labors and goods are w and p find quantity produced that maximize profits Please answer both sir I have no more questions left sir(a) Complete the table.(b) Identify the equilibrium output and price.(c) How much profits does the firm earn at equilibrium output?(d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profitDiscuss, thank you What does the Law of Supply state? Why do supply and demand curves slope in opposite directions? How is the elasticity of supply affected by the way a product is produced? Explain the difference between a total product and a marginal product. What is the difference between a fixed cost and a variable cost? Note: use references from published scientific articles
- ________ 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 sells its product i two different markets. the inverse demand in market A is PA=72-5QA & in market B, it is PB=60-3QB.it has fixed cost of 72.each unit it produces costs 12 that is marginal cost equals 12.to maximize profits, what quantities of output will be sold in each market & what will total profits be?Microeconomics 1. Burger King Senior Discount drinks 10% off (60+) plus discounts on coffee and soft drinks. This is an example of PRICE _________________________ 2. Walmart sold toys below cost. FAO Scharwtz, a rival toy store could not match the prices and went out of business. Wal mart was using _____________________________ Pricing.