What is the quantity produced for each firm? Round your answer to the nearest 1 decimal places.

Q: Explain why firms face different costs in the long run than in theshort run.

A: The firm is operated under Short-run means its production is for a short period of time for e.g. One…

Q: Definite revenue. Write the relationship between MR and AR.

A: Revenue: The term revenue is the money that is received by the seller by selling its commodity. For…

Q: 19,) In the short run, when the firm produces zero units of output, which of the following is always…

A: The firms, and businesses are considered to be one of the most important entities in the economy.…

Q: how does the production theory and concepts affect revenue

A: Production is the process of transformation of inputs into output with use of services of  factors…

Q: What do you mean by product variation?

A: # In markets such as oligopoly and monopolistic competition where there is high competition, in such…

Q: Explain the meaning of the terms push manufacturing and pull manufacturing.

A: The business organizations have several activities and events that might involve in considerable…

Q: Which is NOTa cause of shift in cost curves of a firm?

A: To find : Which is not cause of shift in cost curves of a firm.

Q: Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item…

A: The above-given values are all in thousands.

Q: Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm's…

A: Marginal product of labor refers to an addition to the total product when the firm employing one…

Q: Marginal product curve, mathematically is the slope of which curve?

A: # Marginal product is referred to be as the change in total inputs used divided by the change in…

Q: A garment factory’s production function is provided in the table.The gross profit per unit…

A: The marginal product can be calculated by using the following formula: MP=TPn-TPn-1 The marginal…

Q: What is the short run

A: In Economics there are shortrun, long run  and very long run concepts  short run in economics…

Q: Let the hourly production function for Fred's Fountains be the following: .251.5 The rental rate of…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: O The sole gas station in a small town O Avocados at a farmers' market O Lowe's and Home Depot O A…

A: An oligopoly is a market arrangement in which a small number of enterprises can exert significant…

Q: What is the definition of Marginal Revenue Product? Give an example

A: Answer: Marginal revenue product (MRP): marginal revenue product refers to the additional revenue…

Q: C. What is Karol's fixed cost per lobster at an output level of 60,000? D. At an output level of…

A: In the given question, the cost curves of Karol's Lobsters Inc is given. We know that: Total Cost =…

Q: hat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why…

A: Marginal product refers to an addition to the total production by producing an extra unit of output.…

Q: (dollars) 0 MC MR 40 45 50 Quantity is currently producing 40 units of output. What would you advise…

A: Firm maximizes its profit where the MR is equal to the MC. Condition : MR = MC.

Q: What is the marginal cost for this product?

A: A cost function refers to the formula that is used to predict the cost that the firm will incur at a…

Q: What level of output does a firm produce?

A: The quantity of products and services produced in a particular time period is referred to as output…

Q: Many countries are predominantly agricultural. how would changes in the supply of fertilizer affect…

A: Fertilizers in general are used to increase productivity, particularly in the agricultural sector.…

Q: Σ 市 T F. apter 12 Saved Help Assume that the most efficient production technology available for…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Why must the marginal revenue be equal to the marginal cost for a producer? Explain.

A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…

Q: represents average MC H,AC C Current Price (in the Short Run) %3D %3D %3D .3. %3D M LK Quantity If…

A: In perfectly competitive market, price is constant so it is equal to marginal revenue.

Q: A firm’s marginal cost is the increase in its total cost divided by the increase in its ( A Average…

A: Total cost is the overall cost incurred in the course of production.

Q: What is the firms profit or loss?

A: Since the marginal revenue of the firm is above the average total cost and the marginal cost the…

Q: Show the three stages of production (c) Suppose the market price of the output Rs. 150 and the wage…

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

Q: 4. Fill in the table below. Assume that the firm uses 5 machines that have a price of $200 each per…

A: Total fixed costs (TFC) are the total obligations of the firm per time period for all fixed inputs.…

Q: a) Explain what is meant by the terms marginal cost and sunk cost in production theory, and give…

A: In economics, the marginal cost of production is the adjustment of complete production cost that…

Q: Table: Lilly's Apple Orchard Quantity of Apples (bushels) VC 40 2 70 80 130 190 260 7 340 430 Use…

A: Profit is  maximized at a point where the gap between total revenue and total cost is maximized. In…

Q: Mention some of the important advantages and disadvantages of the small scale production?

A:

Q: In the following table, fill in the price and the total and marginal revenue Vesoro earns when it…

A: In a perfect competitive market, the equilibrium price and quantity of the commodity are determined…

Q: QUESTION 7 · 1 POINT The following chart shows the number of workers and hourly wage rate required…

A: Answer: Cost=units of workers at 9 output level×Wage rate per hourCost=4.97×15.46Cost=76.84

Q: nsider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s…

A: a. The marginal revenue product of labor is the additional revenue generated by hiring one extra…

Q: What is economics of scale

A: Economies of scale: - Economies of scale is the ability of a firm to produce goods and services at…

Q: A garment factory’s production function is provided in the table. The gross profit per unit…

A: The factory will hire a worker until the value of the marginal product (VMPL) becomes equal to the…

Q: A firms total profit equals?

A: The amount of money a company makes by selling its goods or services at a specific price is revenue.…

Q: calculate the profit at the production level.

A: Profit is the difference between Total Revenue and Total Cost. The assumption is the total cost…

Q: Why mu Ist the margina equal to the marginal cost for a producer? Explain. ue be

A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…

Q: Explain the situation in the market when a cost of grouper fingers is $7 per plate

A: When Price = $7, Quantity demanded (Qd) = 1,400 Quantity supplied (Qs) = 1,700

Q: Which is most hikely to be a constant cost industry? Oa Widgits do not require specialized equipment…

A: The constant cost industries are those industries whose average cost of production (AC) remains the…