OutputPriceTotal Cost010005001600520250058034007004300100052001500What is the profit maximizing profit?

The revenue is the amount of money earned from selling the units of output. The cost is the cost of…

Answered: What is the profit maximizing profit?

Business

Economics

What is the profit maximizing profit?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.2: Two Sides To Every Business Firm

Problem 4ST

See similar textbooks

Related questions

Q: Refer to the following table. If the market price of the good is $150, the firm will in the short…

A: The marginal cost (MC) curve at and above the shutdown point is the short-run supply curve for a…

Q: Find marginal cost of the firm given:- Marginal profit = $800 Marginal revenue = $1200

A: Marginal profit = $800 Marginal revenue = $1200

Q: 10 Average cost Profit or loss Marginal cost 8 7 4 Demand 2 1 Marginal revenue 10 20 30 40 50 60 70…

A: The profit is maximized where MC=MR At this pointP=6Q=40ATC=4Profit=(P-ATC)*Q=(6-4)*40=80 At the…

Q: The value of marginal revenue is $35 and the value of marginal cost is $30 Is the firm maximizing…

A: # The values of marginal revenue and the marginal cost helps us gain the idea whether the firm is…

Q: Which software should you purchase in order to save money in the long run, X or M? Not Satisfied…

A: Given:- Two Softwares X and M with their values being $6000 and $12000. To determine:- which…

Q: The firm has total revenue $100 and producing total 10 cell phone. How would I calculate average…

A: Total revenue (TR) = $100 Total quantity (Q) = 10 units Average revenue (AR) = ?

Q: Price and Cost MC ATC AVC $40 $30 $28 $20 $12 500 600 700 1000 Quantity 1. If the market price is…

A: The MC will represent the marginal cost. The ATC will represent the average total cost. The AVC…

Q: If marginal cost is $37 and marginal profit is $8 Calculate marginal revenue

A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: (a) The production department of a fim reported the following information for the month of January…

A: Answer

Q: It is given that the value of marginal Revenue is $110 and tha marginal cost is $66 Calculate the…

A: Marginal revenue is the addition to total revenue when one one more output unit gets sold. Marginal…

Q: A computer company produces affordable, easy-touse home computer systems and has fixed costs of…

A: "Since you have asked multiple questions, we will answer only first three parts for you. If you have…

Q: (1) Price (2) (3) (4) Quantity Sold Total Cost Marginal Cost (=MC) (5) Profit (=TR-TC) $10 $10 $10…

A: The marginal cost (MC) is the cost incurred for every extra output unit produced. Profit is the…

Q: 5. Competition Bob's lawn-mowing service is a profit-maximizing, competitive firm. fixxed cost. He…

A: Given that, Price = $30 Total cost per day = 320 Fixed cost = $70 Lawns per day = 10 Total variable…

Q: Find marginal cost given :- Marginal profit = $300 Marginal revenue = $1200

A: The data presented in the question above is:- Marginal profit = $300 Marginal revenue = $1200…

Q: Price Customers Total Total Cost Marginal Revenue Marginal Cost ATC (000) Revenue ($000) ($000)…

A: We are going to calculate Marginal Revenue and Marginal Cost values. We need to find the expression…

Q: Quantity Total Price Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000…

A: Profit maximization occurs when the Marginal Revenue is equal to the Marginal cost. This is because…

Q: The relationship between the firm's average variable, average total, and marginal cost curves above:…

A: The market is a perfectly competitive market structure, due to which the firm has a horizontal…

Q: Price = $20, quantity = 400 units, unit cost = $15,implicit costs $ = 4,000. What does economic…

A: Given: Price = $20, Quantity = 400 units, Unit cost = $15, Implicit costs $ = 4,000 To find: econom

Q: he market for calculators in the city of Lefke is competitive and has the following demand chedule:…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: a b. C. Determine each of the following (show all your work): explicit costs implicit costs…

A: An explicit cost is a direct payment made to others in the course of running a business, such as…

Q: Ariana Grande has just finished recording her latestCD. Her record company’s marketing…

A: Total revenue is equal to the price of the commodity times its quantity. Marginal revenue refers to…

Q: Angie's Bake Shop makes birthday chocolate chip cookies that cost $2 each. Angie expects that 10% of…

A: Price per cookie can be calculated by using the following formula.

Q: A. Define marginal revenue and marginal cost.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year,…

A: Option (c).

Q: Find marginal profit if:- Marginal revenue =33 Marginal cost = 12

A: The data presented in the question above is:- Marginal revenue =33 Marginal cost = 12 We have to…

Q: Draw , label , and briefly explain the following diagrams. You are welcome to write any accompanying…

A: Profit maximization is the main aim of the firms to run the business . profit is equal to total…

Q: SETTINGS Cost Structure Low Cost Quantity 40 Quantity ($) Price, Average/Marginal Cost 225 200 175…

A: Monopoly is the form of market where single seller sale the product at high cost. There is entry…

Q: Price Quantity (Dollars per shirt) (Shirts) Produce or Shut Down? Profit or Loss? 10 Shut down Loss…

A: please find the answer below.

Q: Price Mayert cost Marginl Cost 75 Averaye Totuw Cost 70 Averaye Uarindle cost 52 40 35 Demand 100…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: (a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700…

A: # we know that the difference between the marginal revenue and the marginal cost always gives the…

Q: If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost

A: The data presented in the question is:- Marginal profit of the firm = $33 Marginal revenue = $80…

Q: Calculate marginal revenue for Q7. Quantity Total Revenue Marginal Revenue (Q) (TR (MR) 200 500 900…

A: Revenue is the amount received by the sellers they sell the commodities in the market at particular…

Q: No.4) The Profit of Firm GG is uu= -2q² + 280q .What is the profit maximizing quantity? What is the…

A: We have the profit function, π = -2q2+ 280q In order to find the profit-maximizing level quantity,…

Q: In a business where, fixed costs are very high (i.e. the production of a new Music CD, or the…

A: Marginal cost refers to the additional cost of production incurred in the process of increasing…

Q: Degree of competition and define it's types.

A: There are four degrees of competition. Monopoly : in monopoly there is only one seller and hence…

Q: Find the graph for short run economic loss for the firm. Find the graph for short run economic…

A: (1) Find the graph for short-run economic loss for the firm. In a perfectly competitive market,…

Q: MC ATC -AVC 12 D. AR 200 300 360 Number of Balduen High School yearboolos igure 10.5 The short-run…

A: A monopoly is a sole producer of a good in the market thus acting as a price maker whereas in a…

Q: The value of marginal profit is $30 and marginal cost is $100 Calculate the value of marginal…

A: We are given that:- Marginal profit = $30 Marginal cost = $100 We need to calculate the value of…

Q: Kevin owns a personal training gymnasium in Orlar his profit and will DA. maximize; earn an economic…

A: In a monopolistic competitive market, there are a large number of firms producing similar but not…

Q: Its cost is C = 100 – 5Q + Q² and Demand - is P = 55 – 2Q a. What is profit max price and quantity.…

A: A deadweight loss is a cost to society created by market inefficiency, which occurs when supply and…

Q: 1Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 15492 Quantity f the above firm chose to…

A: The monopolistically competitive market is a mixture of monopoly market and perfectly competitive…

Q: To produce x units of t-shirts costs C(x) = 7.50x + 1200. The revenue is R(x) = 16x. a) Find the…

A: At break even, total revenue is equals to total cost.

Q: Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a…

A: Marginal cost measures the additional cost incurred in order to produce one additional unit of…

Q: Calculate marginal profit if:- Marginal revenue = $50 Marginal cost = $22

A: The data presented in the question above is:- Marginal revenue = $50 Marginal cost = $22…

Question

Output	Price	Total Cost
0	1000	500
1	600	520
2	500	580
3	400	700
4	300	1000
5	200	1500

What is the profit maximizing profit?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Wall Street Journal Article Answers 1-3 Asap Please!
Describe the Trial and Error Process?
Calculate total revenue given:- Profit = $500 Total cost = $1100
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…
___________ is the amount or subjective value that is forgone in choosing one activity over the next best alternative.A. Historical costB. Sunk costC. Opportunity costD. Explicit Cost
Calculate explicit cost given:- Accounting profit = $6600 Total revenue= $10,000
Tyeped plz and asap please provide a quality solution for better ratings and take Care of plagiarism
Typed plz and asap wrong answer not accepted provide a quality solution if I get wrong answer I will down vote and from other friends also take care of pilgrisim
Write an essay on "Role and impact of technology on new-age leadership." essay should be of 1200-1400 words.
You just received your midterm exam results andyour professor wrote the following note: “Youreceived a 70 on this exam, the average score. Ifyou want to improve your grade, you should studymore.” Evaluate your professor’s note
Firm’s Cost Schedule
There is an economic impact to losing a customer. Describe 4 ways it can impact a company and if they are ever justified.