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True/False
Firms maximize profits when MR> MC
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- Pharmed Caplets is an antibiotic product with monthly revenues and Pharmed Caplets is an antibiotic product with monthly revenues and costs of:TR = $900Q – $0.1Q2 ………… TC = $36,000 + $200Q + $0.4Q2MR = ∂TR/∂Q = $900 – $0.2Q ……. MC = ∂TC/∂Q = $200 + $0.8QA. Set up a spreadsheet for output (Q), price (P), total revenue (TR), marginal revenue (MR), total cost (TC), marginal cost (MC), average cost (AC), total profit (π), and marginal profit (Mπ). Establish a range for Q from 0 to 1,000 in increments of 100 (i.e., 0, 100, 200, …, 1,000).B. Using the spreadsheet to, create a graph with MR, MC, and AC as dependent variables and units of output (Q) as the independent variable. At what price/output combination is total profit maximized? Why? At what price/output combination is average cost minimized? Why?C. Determine these profit-maximizing and average-cost minimizing price/output…Explain well. Step by step.asapHow does Nokia's wrong strategic response to changing market conditions cope with economic decision's concepts, such as rational-actor paradigm, fail to create value, sunk cost/hidden cost fallacy, adverse selection, extent decision, elasticity, etc.?
- Have you ever driven by a poorly maintained business facility and wondered why the owner either fix up the property or go out of business? Consider the story of the Still There Motel on Old Highway North, Anytown, USA. a. Which of the following cases might apply to this motel?i. P > ATC making positive profitii. P = ATC making zero profit (Break-even point)iii. P > AVC and P < ATC covering AVC and some of AFCiv. P = AVC cover only AVC and none of AFCv. P < AVC (shut-down point) b. Explain why?what is the profitability of the current top 5 companies on the gartner list 2023Tlite and Brite produce lamps which they sell for $40.Tlite has fixed cost of $8000 less than Brite and average variable cost of $33, which is 10% more than Brite. Tlite has a break even output which is 15% less than Brite, and produces 25% less revenue than Brite. Tlite also makes $12000 less profit then Brite. Calculate the outputs of both the firms Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Show clear and detailed solutionsWhere does the profit/loss rectangle go? Also, the price and drop downs. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Explain without graph and no answer from Chat GPT please. Hand written solutions are strictly prohibited.