Q: Price Quantity Marginal Cost 60 1 30 55 2 30 50 30 45 4 30 40 30 35 30
A: A profit maximizing firm should produce up to that level of output where price = marginal cost. If…
Q: Alex runs a snowboard rental business that charges $12 per snowboard and averages 36 rentals per…
A: A firm incurs two types of costs:-Fixed costs and variable cost. In case of fixed costs like land,…
Q: for the profit of a firm to be maximum?
A: To find : First order condition.
Q: Answer the questions and define the phrases/terms and explain the relationship between them when…
A: Answer -
Q: optimal number of units that should be produced and sold each month and at a profit occurs (instead…
A: ANSWER: a. Profit = Total Revenue (TR) - Total Cost (TC) Profit should be greater than zero, if the…
Q: (d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit…
A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost. Total…
Q: The table provides daily data on Marla's Smoothie Shop. Use these data to answer the question. What…
A: Given, Total revenue = $1,400 Total cost = $900 Quantity = 200
Q: What is the goal of a firm?
A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…
Q: Write a description of mechanic commodities include copper, car, ect market in supply and demand…
A: Demand is the total quantity of commodities that the consumers are willing to purchase at different…
Q: What is the profit motive
A: Profit Motive: It is the firm's motivation that persuades the firm to earn more profit. The profit…
Q: Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does…
A: Explicit Costs are the actual monetary payments made in cash while conducting the business…
Q: Explain "Greater production is not tantamount to greater profit"
A: Economics is the branch of social science that deals with the production, distribution, and…
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: If demand is greater than the order quantity, i.e., D > Q, what is the profit formula?
A: Demand is the quantity of a good or a service that consumers are willing and able to purchase at…
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: Soft drink industry has been historically profitable why? compare the economies of the concentrate…
A: Soft drink Industries are profitable because:- These industries needed lower investments. This can…
Q: Morgan took $400 000 out of their savings account to start an ice cream stand. The savings account…
A: Given:Implicit cost:=4,00,000*5%=$20,000Explicit cost=Incurred cost=$12,000Total…
Q: profi
A: Profit maximization is the process which maybe used in short or long run which helps a firm in…
Q: What quantity should the firm produce to maximize profits? 400 units BO 800 units CO 600 units 200…
A: The Condition of Profit maximization in a monopoly Market is where the Marginal cost is equal to the…
Q: If the firm is minimizing cost it must also be maximizing profit. Agree or Disagree? Why?
A: Firms operating in a market incurs fixed costs and variable costs. Fixed costs do not change when…
Q: Definition of Perfect market
A: A firm in any kind of market structure works with the objective of maximizing its profit and a firm…
Q: How equalibrum of the frim is useful for the consumers and what does it mean that " By curves of…
A:
Q: Describe the procedure of Gauging Product Cost and Price?
A: The cost of production of a good or service is the aggregate value of the investment made by a…
Q: Services are products people buy. O True O False
A: Goods are the things that are tangible goods usually not always. For example: books, clothes, food…
Q: Here are the expenses for your silk-screened T-shirt business: $5 for each plain T-shirt and $3 per…
A: The cost of the plain T-shirt and the other required items are already given. The cost of the plain…
Q: What is meant by normal profit?
A: The total revenue earned by a firm operating in a market is the sum of payments received from the…
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: 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: Patricia is researching venues for a restaurant business. She is evaluating three major attributes…
A: Since, you have asked multiple question, we'll solve the first question for you. If you want any…
Q: If Fernando can produce pizzas at a constant cost of $5 per pizza, how many pizzas does he produce,…
A:
Q: Number of Sellers: In a large city, two taxi companies own all the licenses that the city will grant…
A: The number of firms within the market shows the competition level in the market. If there are many…
Q: How many units should the firm produce to maximize profit?
A: Profit is maximized at the output level, for for which MR = MC.
Q: Michael Scott's recently founded paper company, aptly named "Michael Scott Paper Company" sets the…
A: Given Information Total Cost = 3q +10Price = $5.5/reamTotal Revenue = $34,100
Q: How do you determine if a firm is profit maximizing?
A: A firm is profit maximizing if the firms total cost is less than is total revenue(TR = TC). We can…
Q: What is profit maximizing output?
A: The profit maximizing output is determined by equating marginal revenue with marginal cost.The…
Q: How do we measure the Profit Margin on Sales?
A: Profit margin is a type of profitability ratio that represents the percentage of sales that have…
Q: . Which is the other name that is given to the average revenue curve?
A: The average revenue curve represents the revenue per unit for different quantities of output.
Q: Price S,
A: To secure the interest of the customers the public authority forces price ceiling or greatest cost…
Q: What is Product Expansion?
A: Product Expansion -It is the expansion of economic activity as well as the production levels from…
Q: Draw a AD/AS graph that shows businesses being shortstaffed. Must have three curves.
A: In an economy, any change in the factors affecting aggregate supply or aggregate demand will lead to…
Q: In the realm of business, how should a Paulinian businessman conduct his business? What must he/she…
A: Paulinian businessman conducts his business he/she must do:- Get Organized. To gain business…
Q: Find the value of total revenue if output is 60 units and average revenue is $10
A: The information being given to us is:- Total revenue = ? Output = 60 units Average revenue = $10
Q: How do you calculate a firm's total cost and total revenue?
A: Total cost (TC) refers to the cost of all inputs needed to produce with the given unit of output. It…
Q: What is the goal of the Multitasking machine?
A: Multitask machining is the ability to conduct specific unattended manufacturing operations, without…
Q: e. Find the number of candies that will produce maximum or minimum profit f. Will the number of…
A: We have given Price of saltwater taffy =$45 Cost function: C(x)=0.001x3+0.045x2-175x ....…
Q: The average profit is the difference between
A: To find : What is average profit.
Q: When a firm takes the short-down decision?
A: Shut down is a situation when it is better for the firm not to produce instead of producing.
Q: e total profit im
A: The revenue generated by the sales all of goods and services depicts the total revenue (TR). The…
Why do more sales in not equal more profit
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