Q: When a firm is earning normal profit from the production of a good, it is true that O total revenues…
A: The firms, businesses, or producers are those who are involved in the production process of goods,…
Q: How much the Price for a perfectly competitive firm? O a. $20 O b. $15 O c. $25 O d. $10
A: The perfectly competitive market would result in the number of buyers and sellers in the market. The…
Q: Lisa quit her $40,000- per- year job to start her own economics consulting firm. At the end of her…
A: Explicit cost is the actual monetary spending. Implicit cost is the opportunity cost of doing a…
Q: Ali is the managerial accountant in charge of Company A, which sells water bottles. He previously…
A: Given: Fixed cost (FC) = $200,000 Variable cost (VC) = $5 per unit Selling price (P) = $10
Q: A firm will at the output where marginal cost increases O a. begin to experience diminishing returns…
A: Marginal cost refers to the Change in total cost with respect to change in quantity.
Q: Cost and de mand conditions ATC $ MC AVC Ad =MR 15 13 ンンズ」 11 9 -1 7-- 41. II || 3 6 9 12 16 17 q…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: firm's fixed cost is $ What is each firm's variable cost? O 50 + 9 -/1
A: Total cost : Total cost in economics is meant to be the summation of total fixed cost and variable…
Q: QUESTION 3 What is the optimal amount of output for Firm 1? O a. y" = 1.14 O b. None of the answers…
A: Answer: Correct option: option (a) Calculation: To solve for optimum level of output, the…
Q: Question 30 Output Total Fixed Cost Total Variatle Cost 12 12 2. 12 12 14 12 21 12 31 44 12 6. How…
A: Total cost is the cost of all activities conducted to produce goods. It is the sum of variable cost…
Q: Please complete the following sentence. One difference between a monopoly and a perfectly…
A: A firm structure where there are lots of little businesses producing the same kinds of goods, but…
Q: Situation 21-1 Diane's Donuts will begin selling donuts next week. Diane figures that the average…
A: Given: Average variable cost=$0.30 Amount paid for machinery=$20000
Q: Andrea starts her own business, which earns $75,000 in accounting profit in the first year. When…
A: Here we calculate the economic Profit of the Andrea's from this business and choose the correct…
Q: Which of the following is a condition that would cause a profit maximizing firm to exit? O A. Price…
A: A profit maximizing form is a firm that operates where Marginal Revenue is equal to the Marginal…
Q: TOTAL REVENUE at the profit maximizing level of production is: O 420 O 450 O 315 O600
A: A perfect competitive market refers to the market in which the profit is maximum at the price is…
Q: Use the revenue and cost functions below, to answer parts (A). (B). and (C). (C) Choose the best…
A: Profit is the difference between total revenue and total cost. Total revenue is calculated by…
Q: Marginal cost is given by 12 e5Q Fixed cost is 56. What is the total cost? O A. 24e0.5Q + 32 O B.…
A: MC=12e0.5QNow,TC=∫12e0.5QdQ=12∫e0.5QdQTC=12×e0.5Q0.5+FCTC=24e0.5Q+56
Q: A firm's production is as follows: Q = 12K/²L1/3, where Lis number of workers and K is number of…
A: Q= 12K1/2L1/3 Cost of capital (R) = $100,000 Quantity of capital (K) = 81 units Per unit capital…
Q: If You are the owner and only employee of a company that writes computer software that is used by…
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: Question 5 If a firm earns an accounting profit of $20 million and has implicit costs of $6 million,…
A:
Q: MC 50 ATCAVC 40 30 20 10 10 20 30 40 50 Quantity Figure 9.6 At a market price of $9, this perfectly…
A: In perfectly competitive market, the price is constant which means it is same at all levels of…
Q: Gooble Pay is a pay-per-view movie provider that has zero marginal cost and faces the following…
A: Given; Demand function; P=20-0.4Q Marginal Cost; MC=0 At optimal pricing:-…
Q: wo firms with the same (constant) marginal costs are engaging in Bertrand competition. One of the…
A:
Q: 7. If a firm's MR exceeds its MC, then: A. this firm should produce less, since its revenue will…
A: Marginal revenue is given by the derivative of total revenue or we can say that it is ratio of…
Q: 3. Suppose the doll company American Girl has an inverse demand curve of P = 150 - 0.25Q, where Q…
A: Answer;
Q: What is the elasticity of substitution for the production function f(K, L) = K2 + L2? O b. o = %3D O…
A: In a perfectly competitive market there are large number of firms producing similar and identical…
Q: QUESTION 10 DeShawn's Detailing is a service that details cars at the customers' homes or places of…
A: DeShawn's Detailing is a service that details cars at the customers' homes or places of work.…
Q: QUESTION 18 Suppose the short-run production function is q= 2LO5. If the marginal cost of producing…
A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…
Q: are likely a fixed cost of a firm. O a. The payments for supplies O b. Travel expenses to meet with…
A: Costs which are fixed in short run is called fixed cost.
Q: What is the profit for lqmal? O 195,000 180,000 160,000 O 150,000 100,000 O 270,000 300,000 20,000
A: Since lqman motive is to maximise sales without any loss so he will produce at the point where AC =…
Q: According to the law of one price O A. price discrimination based on race and ethnicity is illegal.…
A: Law of one price states that the price of a commodity/product should be the same at anywhere…
Q: MC Costs, P Find Q where MR = MC P₁ = $20 MR, ATC ATC, = $15 Q Q₁ = 7 (bushels of apples) Refer to…
A: In the given graph, MR curve is horizontal, which explains that the market is perfectly competitive…
Q: Output (Q) Total Revenue Total Cost $0 $10 30 40 2 60 60 3 90 70 4 120 75 150 85 180 110 7 210 140 8…
A: Output TR TC MR MC 0 $0 $10 - - 1 30 40 30 30 2 60 60 30 20 3 90 70 30 10 4 120 75 30 5…
Q: For April 2021, the actual cost per ASM (available seat mile) for Southwest Airlines was 12.39 (from…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The Profit Maximizing Production Level for this firm at the given market price will be: O 45 O 15 O…
A: In perfect competition, The firm is a price taker. The Profit maximizing condition is where Price =…
Q: LO 11.2: I can calculate marginal cost, revenue, and profit and distinguish between marginal cost…
A: When 100 puppets are produced the average cost per puppet is $110 dollars and the marginal cost when…
Q: The marginal product of labor curve shows the change in total product resulting from a: O a. change…
A: The marginal product of the labor curve shows the change in the total product resulting from a…
Q: 3. The marginal cost (MC) when output increases from 4 to 9 units equals: * O a. $4.25 O b. $4.00 O…
A: Marginal cost refers to the additional cost of production incurred in the process of increasing…
Q: You are the owner and only employee of a company that sets odds for sporting events. Last year you…
A: economic profit is calculated by deducting explicit and implicit cost from revenue. Hence, economic…
Q: Suppose a pure monopolist is faced with the demand schedule shown below and the same cost data as…
A: Monopolist: A monopolist is a price maker and he can determine the price of the product and that he…
Q: QUESTION 2 The average total cost to produce 100 cookies is S0.35 per cookie. The marginal cost is…
A: ATC(average total cost) is the ratio of TC(total cost) and quantity. ATC=TC/Q MC(marginal cost) is…
Q: a. The profit-maximizing output level is O 3 units. O4 units. O 2.5 units. O 4.5 units. b. The…
A: At profit maximization, MR = MC and price is determined by the demand curve.
Q: Market demand is Qd = 100 - p. Market supply is Qs = 4p. A competitive firm has MC = 2Q. How many…
A: In perfectly competitive market, firms are price takers which shows firms do not have control over…
Q: A competitive firm produces a product using the function f(x1,22) = 8 ,". The factor prices are p1 =…
A:
Q: estion 18 Suppose the market price is $5, marginal cost is $4, and average total cost is $2. The…
A: A perfectly competitive firm is one of many firms in the industry producing identical goods.
Q: P MC ATC 20 -MR 16 5 14 22 Firm 30 40 What is the profit maximizing quantity in the above graph? O…
A: A market is a place that facilitates the interaction between the producers and the consumers in the…
Q: If You are the owner and only employee of a company that writes computer software that is used by…
A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…
Q: Assume that marginal revenue equals rising marginal cost at 100 units of output. At this output…
A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…
Q: Refer to Figure 9.2. If demand for wheat is D2, then a profit-maximizing firm will produce units and…
A: With Demand at D2, the price is 7 $, and the profit maximizing firm will produce where Price = MC ie…
Q: The following table contains information for a price taking competitive firm. Complete the table to…
A: These are the important formulas to complete the table TC = TVC + TFC At Q = 0, TC = TFC AC = TC/Q…
Q: It is less important for firms that sell commodities to have a competitive advantage. O a. True, a…
A: In a perfectly competitive market, the firms minimize the prices equal to marginal cost to use…
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