EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 9780100605930
Author: Blinder
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 4TY
To determine
The profit refused by the firm.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What will be the marginal revenue of the firm if the firm has gained marginal profit of $45 and the marginal cost is $100
A competitive firm is maximizing its profit by selling 150 units of output. The firm’s marginal cost is $8 and its average total cost is $6. The firm’s profit amounts to what?
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.
What is its profit? What is its marginal cost? What is its average variable cost?
Chapter 8 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
Knowledge Booster
Similar questions
- p= 130 - 2Q. The firm's cost curve is C(Q) = 20 + 6Q. What is the profit-maximizing solution? The profit-maximizing quantity is O. (Round your answer to two decimal places.) The profit-maximizing price is $. (round your answer to two decimal places.) What is the firm's economic profit? The firm earns a profit of $]. (round your answer to two decimal places.) How does your answer change if C(Q) = 100 + 6Q? The increase in fixed cost O A. causes the firm to increase both the price and quantity, and profit increases. O B. has no effect on the equilibrium price and quantity, but profit will decrease. OC. has no effect on the equilibrium quantity, but the equilibrium price increases and profit increases. OD. has no effect on the equilibrium quantity, but the equilibrium price increases and profit decreases.arrow_forwardShould a company produce more goods when marginal revenue is greater than marginal costs? Explain.arrow_forwardCalculate the value of marginal profit when marginal revenue Is $400 and the marginal cost is $230arrow_forward
- Calculate the marginal profit when marginal revenue is $84,000 and marginal cost is $77,000arrow_forwardIf the marginal revenue is 45 and the marginal cost is 45 also. What can you say about the firm's profit? Should they produce more?arrow_forwardSuppose a firm is able to sell their product for a price of $3. You have the following information on the firm's output and cost. Output Implicit Costs Explicit Costs 700 $70 $100 Instructions: Enter amounts as a whole number. If the firm is earning a loss indicate with a negative sign (-). What is the firm's economic profit? $arrow_forward
- Draw the cost curves for a typical firm. For a given price, explain how the firm chooses the level of output that maximizes profit. At that level of output, show on your graph the total revenue of the firm. Show its total costs.arrow_forwardCalculate marginal revenue if Marginal cost is $300 and marginal profit is also $300arrow_forwardHow do you calculate the revenue of a firm that produces only one good?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education