The figure describes the cost and revenue structure of a perfectly competitive coffee farm, on a per-unit basis. What level of profit will firms in this market achieve in the short run? Dollars MC per sack (thousands) $380 Demand 304 ATC AVC 283 264 258 225 214 6 8 10 12 14 16 18 20 22 24 26 Quantity of coffee (sacks of 60 kilos) 2 4 $116 $97 $1624 $2134 O None of the above
Q: 8. In many developing nations, young women have historically had lower school enrollment rates than ...
A: Below are the points to be considered: *Growth of GDP depends on the resources of a country. *More e...
Q: ii. What is the slope of the budget constraint? Are the following combinations of goods in the affor...
A:
Q: PakMonoG’s inverse demand function is P = 100 – 2Q and cost function is TC = 10 + 2Q, where Q is qu...
A: Given; Demand function; P=100-2Q Cost function; TC=10+2Q where; Q= quantity in units P= price in PKR
Q: Table 1. The table below applies to an economy with only two goods- hamburgers and hot dogs. The fix...
A: Consumer price index is a measure to calculate change in cost of basket of goods. It fixes the marke...
Q: Problem: 1. Engr. Marie promised to pay Php 36,000 at the end of 90 days. He was offered at a 12 % d...
A: The rate of interest can be calculated from the simple interest formula which is given as follows: S...
Q: The average product is the greatest in the short run when the A) marginal product is greater than th...
A: In a market, average, marginal and total product have relationship with each other as they explain t...
Q: Which of the following is not characteristic of capitalist thought?a. Private individuals have a rig...
A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and s...
Q: n increasing-cost industry is so named because of the positive slope of which DA. Each firm's short-...
A: Long run average total cost curve is a curve that shows a relationship between Average total cost an...
Q: DARPA is planning to purchase a new machine.The initial investment required for this is $60000.The m...
A: Given Investment on machine = 60000 $ annual revenue = 1500 $ Annual expense = 500 $ Time = 6 years...
Q: Why are monopolies considered an abuse of power?
A: Pricing power is frequently restricted by rivals and the prospect of customers switching to alternat...
Q: Table showing Total Cost and Quantity of Output Quantity of Total Average Total Marginal Cost Output...
A: Average total cost of the total cost per unit of output. Marginal cost is the change in total cost w...
Q: surplus; 100 shortage; 140 surplus; 20 shortage; 160 surplus; 140
A:
Q: indeed support the collusive equilibrium. Now suppose that Firm 2’s marginal cost is $4, but Firm 1...
A: The correct answer is given in the second step.
Q: Write the expression for consumption per capita in the steady-state equilibrium, as a function of ca...
A: 1. Solow creates a long-run economic growth mathematical model. He assumes that both capital and lab...
Q: A company operates in a perfectly competitive market, selling each unit of output for a price of $20...
A:
Q: 6. Residents of a small town spend all of their income on corn, potatoes, and tomatoes. In 2020 the ...
A:
Q: What are the distinguishing characteristics of social-ist economies?
A: An economy is a large collection of interconnected production and consumption activities that help ...
Q: 1 Read her Majesty’s Treasury Report and answer the following questions. Let us assume that as a con...
A: If the UK has instantly begin importing US cars, then US would have more of the UK currency, there w...
Q: Explain why an increase in the interest rate reduces the amount of residential investment
A: Interest rates impact the level the residential investment.
Q: What is true about the relationships between unemployment, GDP and inflation? Okun's law states that...
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: 1. A man wants to invest in a manufacturing company with a capita of PHP 1.5M. The manufacturing com...
A: To find if the investment is desirable or not we can calculate both the present value of and Interna...
Q: (a) A firm produces two product brands, the quantities of which are x1 and X2. The demand for brand ...
A: Introduction Here given profit equation is π ( x1 , x2 ) = 30 x1 - 3 x12 + 5 x1 x2 - 2 x22 + 10 x2 H...
Q: We found that for every $1 increase in G there is a multiplied impact on output with, in the most pa...
A:
Q: A machine puts out 16 imperfect articles in a sample of 500. After the machine is overhauled, it put...
A:
Q: Write your own definition of globalization?
A: International trade refers to the export and import of goods and services between different countrie...
Q: Question A company wishes to make an investment of $ 20,000 in a machine with a useful life of five ...
A: Introduction Initial investment of company = $20,000 Life = 5 years Scrap value = $10,000 Maintenanc...
Q: 4. If a certain machine undergoes a major overhaul now, its output can be increased by 20%, which ...
A:
Q: Your company sells Beyonce concert DVDS. Total fixed costs for your operation are $10,000 a year. Th...
A: Shut down When a corporation chooses to shut down, it means that production will be put on hold for ...
Q: A man has purchased a new automobile. He wishes to set aside enough money in a bank account to pay t...
A: We have given that Year Maintenance cost ( at the year-end) 1 120 2 150 3 180 4 210 5 ...
Q: When the slope of the total product curve is steep, the marginal product is O A) low. B) negative. C...
A: Total product is the output produced using the given unit of input.
Q: 1. Consider the production functions for good X and good Y: X = K? +L ; Y = 20/KL A. Show and discus...
A: The marginal product of labor is the ratio of change in output to the change in labor. It means as l...
Q: 8. A dealer makes a net profit of 40% based on when he sells a computer for RM 1350. If the operatin...
A: Breakeven price "it is amount of money or change in value for which an asset must be sold to cover ...
Q: Use the figure to answer the following questions. Assume that the economy initially is operating at ...
A: Assume that the economy initially is operating at price level 120 and real output level $870. The ou...
Q: Set-E4. What is the effective annual interest rate if a credit union pays 4.125% interest (a) compou...
A:
Q: Suppose the central bank announces that it will increase the money supply in the future, but it does...
A: When the central bank announces to increase the money supply in the coming future but does not raise...
Q: What happens to interest rates in the market if the stock brokerage commission declines? Explain the...
A: In the stock market, interest rate is influenced by various market variables, such as demand, supply...
Q: Geal The gal of is etudy youlle Madal Madelinglv prelar bih Ywilling varible- been done for yo You w...
A: Introduction Here demand and supply price for the shirt has given. Table of demand and supply price:...
Q: How is profit defined under the Marxian and Neoclassical Schools of thought?
A: Marxian economics is a school of thinking based on Karl Marx's ideas, as the name indicates.Marx pub...
Q: Question 15 Kurt B. is searching for a job that suits his tastes about where to live. Autumn E. is l...
A: Frictional unemployment is the unemployment that is generally for the short period while structural ...
Q: High unemployment rate will ruin the economic growth and performance. Apply the measures that been u...
A: The relationship between economic growth and unemployment shows that there is a very high relationsh...
Q: To produce more output in the short run, a firm must employ more of O A) its fixed resources. B) all...
A: Short run refers to the period of time in which at least one factor of production that firm uses is ...
Q: Consider the following open economy model: C = CO + cYD YD= Y I= I0. br NX = No - n¡Y + n2Yf + n3R M...
A: since you have asked multiple questions and according to policy we can solve only 1 question and for...
Q: )Solve all three parts correctly explanation Part a) Firms have market power in: Select one: A.m...
A: 1. D) market power is when a firm has the ability to change or influence the price in the market. th...
Q: The following graph depicts the daily labour supply curve for Jake, a worker in the construction ind...
A: Labour supply curve shows a positive relationship between wage rates and labour hours. It shows at a...
Q: Set-E8. A newspaper reports that in the last 5 years, prices have increased a total of 80%. This is ...
A: Let the annual inflation rate = r 80% increase in value means 1.8 time of original value. That means...
Q: Following our discussions of "bargaining" between transnational enterprises and host country governm...
A: Any procedure in which the participants attempt to achieve an agreement is referred to as bargaining...
Q: 2. The above figure shows the payoff matrix for two firms. A chemical firm must choose between a low...
A: A game is an abstract model of a strategic situation in which players make a strategic decision. Str...
Q: Han Qing-Jao is exporting from Taiwan to the United States for the first time and she is concerned a...
A: In international trade, there exists the currency risk. It refers to the change in the exchange rate...
Q: What is the difference between the CMS-1500 form and UB-04 form? Why is it important to complete the...
A: There are notable differences between both the forms and it is also important that these forms are c...
Q: From the following which is NOT one of the primary goals of the Affordable Care Act (2010)? Question...
A: Affordable care act (2010) was signed by Obama in 2010 with the aim of increasing coverage of health...
8.7
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The diagram shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. What is the total revenue of the profit maximising firm in the short run? a) R720 b) R800 c) R960 d) R2 000 20 2 Cost, price (Rand) MC I 100 60 80 Output per day AC AVC PriceRefer to the table below: Quantity (Bushels) (Q) 0 1 2 DEEL AWN 6 10 Total Revenue (TR) $0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00 Total Cost (TC) $1.00 4.00 6.00 7.50 9.50 12.00 15.00 19.50 25.50 32.50 40.50 Profit (TR-TC) -$1.00 0.00 2.00 4.50 6.50 8.00 9.00 8.50 6.50 3.50 - 0.50 Marginal Revenue (MR) $4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Marginal Cost (MC) $3.00 2.00 1.50 2.00 2.50 3.00 4.50 6.00 7.00 8.00 bushels of wheat (enter a whole number). Farmer Parker will maximize profits by producing Suppose that the marginal cost of wheat increases by $0.50 for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $6.50. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? How much profit will Farmer Parker make now? $ (round your answer to the nearest penny).ework 71 B Saved Help Save & Exit Subm Assume the price of basic white t-shirts in a perfectly competitive market is $21 and that the typical firm confronts the following costs: Quantity (t-shirts per day) Total Cost 0 $10 1 17 2 26 Print 3 37 4 50 5 65 6 82 7 101 8 122 9 145 10 170 aw Search ^ C
- 12 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0Price per unit 19 333 a b C A d MC Uhits of output Figure 9.7 This firm will earn positive profits when price is above point ATC AVC 9Interpret in below diagram and determine at what point the short rus firm will shut down their production and why? $300 190 MC ATC $74 100 P=$71 50 Cost and revenue 1 6 Output For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph v Arial 7 8 9 10pt AVC 10 MR =P > !!! V AV 2 I.
- competitive market. If the market price is $30 and if the fitm is producing output, what is the amount of its total vanable cost? 15. The ngure below shows the cost curves for a profit-maxintizing firm in a periecuy Price TVC and cost TC.FTC AY83 MC ATC AVC TVに $40 50 36.00 30.00 MR 22.00 20.00Price and costs (dollars per unit) 25 820 15 10 5 O PER A MR The restaurant capacity output is 12 16 20 24 Quantity (units per day) MC ATC meals, the restaurant produces profit, therefore the restaurant capacity is underutilized by. a) 8, 4, $60, 4 meals b) around 12, 8, $80, 4 meals c) 16, 8, normal profit, 8 meals d) 20, 8, $80, 12 meals meals and earns meals.ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $
- a. ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level. b. Calculate Economic profit and Accounting profit from the figures given below for ABC Company. Total revenue $ 500,000 Wages and salaries $ 40,0000 Forgone salary $ 80,000 Interest paid $ 10,000 Forgone rent $ 10,000 Raw materials $ 50,000 Other payments $ 20,000 Forgone interest $7000Time left 0:3301 The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of M02020, a luxury car manufactured by MQ Motors Assume that MQ Motors currently chooses to operate at Point E. Which statement correctly describes the market of MQ20207 10,000 Price, marginal cost (5) P-55,440 Select one 0 0 10 20 Q-32 Q₂ Quantity of cars, Q Marginal cost hoprofit curve $150,000 Ropret ove $63.360 Demand turve 120 Oa Total surplus is not being masmedi Ob. Deadweight loss is the loss incurred by MQ Motors for not selling more cars Oc All possible gains from trade are being achieved as MG Motors operates at its profit maximising output and price Od. The amount of consumer surplus is the area ADP O Pareto efficient allocation is currently being achievedOutput TFC TVC TC MC ATC A 25 25 В 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 25 110 33.75 F 5 25 160 50 What is the marginal cost of the 4th unit of output? 40 25 50 Cannot be determined.