This firm's zero economic profit output is ? • This firm's profit maximising output will be ? Dollars/Unit d a 0 Show Transcribed Text 0-f. 0-g. 0-h. O-k. all of the above. none of the above. f 3 MR g Ċ h MC ATC Quantity D k
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- What is die difference between accounting and economic profit?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costsWould independent trucking fit the characteristics of a perfectly competitive industry?
- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?Why will profits for films in a perfectly competitive industry tend to vanish in the long run?
- WHat happens when a company does not follow economic heory and charges prices below the marginal revenue point or whenit does not realize the economies of scales????Curious. Please explain. Not a graded question. I need an explanation35. If a firm triples inputs and produces twice the output, then there are constant returns to scale. no returns to scale. decreasing returns to scale. increasing returns to scale. Don't answer by pen paper and don't use chatgpt otherwise we will give dounvoteAn economist left her $100,000-a-year teachingposition to work full-time in her own consultingbusiness. In the first year, she had total revenueof $200,000 and business expenses of $150,000.She made ana. implicit profit.b. economic loss.c. economic profit.d. accounting loss but not an economic loss.
- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is as indicated below. Output Fixed Cost Variable Cost Total Cost Marginal Cost Average Cost Average Variable Cost 1 $250 $700 $950 $700 2 $250 $925 $1175 $225 3 $250 $315 4 $250 $360 5 $250 $400 6 $250 $450 7 $250 $550 If the company sells the computers for $550, is it making a profit or a loss? How big is the profit or loss? If the firm sells the computers for $315, is it making a profit or a loss? How big is the profit or loss? We expect the marginal cost to increase as this firm produces more computers. But when the firm shifts from producing 1 to 2 computers, marginal cost falls. What might explain this?Does the firm can also earn zero profit or even loss where MC=MR? a. maybe b. yes c. sometimes d. noYour aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise * If your aunt thought she could sell $510,000 worth of merchandise in a year, what is your aunt’s accounting profit? *$10,000-$40,000$460,000$0Given the above situation, what is your aunt’s economic profit? *$10,000-$40,000$460,000$0