Q: marginal profit is $30 and marginal revenue is $84 Calculate marginal cost
A: The given information is as follows:- Marginal profit= $30 Marginal revenue = $84 We need to find…
Q: Suppose it costs c(x) = x³ – 6x? + 15x dollars to produce x radiators when 8 to 10 radiators are…
A: Marginal revenue is the additional revenue earned from the sale of an extra unit of output. Marginal…
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: Should the Marginal revenue exceed the marginal cost? Why?
A: The firm is said to be in equilibrium when it has no tendency to increase or decrease its output. If…
Q: What is price taker meaning?
A: A price taker is a seller (or buyer) that has no influence on price. Price takers that are sellers…
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: If marginal revenue is $45 and the change In output is 4 units What will be the change in total…
A: The information given to us is:- Marginal revenue = $45 Change in the output = 4 units We have to…
Q: (a) The revenue from selling q items is R(q) = 50q - q 2 and the total cost is C(q) = 15 + 10q i.…
A: Given: R(q) = 50q - q2C(q) = 15 + 10q (i) Fixed cost is that component of total cost function that…
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: The marginal profit is $20 and marginal cost is $100 Calculate Marginal revenue
A: The Information being given is:- Marginal profit = $20 Marginal cost = $100 We have to calculate…
Q: is the measure of the way suppliers respond to a change in price. * The marginal product of labor…
A: The supply curve is upward sloping curve representing the positive relationship between the price…
Q: Calculate marginal revenue if Marginal cost is $300 and marginal profit is also $300
A: Given : Marginal Cost = $300 Marginal Profit = $300
Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 4x; R(x) = x³ + 5x +…
A: Marginal cost is the additional cost incurred by a firm by producing one extra unit and the…
Q: ________ is the cost of using resources to produce another unit of a good. a ) Price. b )…
A: Price refers to the cost of a good at which consumers buy goods and services. This is the value of…
Q: If the intersection where MR (Marginal Revenue) = MC (Marginal Cost) occurs BELOW the TPC at that…
A: Marginal Revenue: Marginal revenue is a central concept in microeconomics that describes the…
Q: A manager makes the statement that output should be expanded as long as average revenue exceeds…
A: Average revenue: Total revenue per unit of output = Price/OutputAverage cost: Total cost / output =…
Q: what are the maximum profits this firm can earn?
A: A competitive market is a typical market that answers the demands for goods and services. A…
Q: is the difference between total revenue derived from sale of a firms output and opportunity costs…
A: Profit is the difference between the total revenue and the total cost over a specified time period…
Q: At profit-max quantity, the firm earns _________________economic profit on the last unit sold. Why?
A: The profit is the excess revenue made after deducting the total cost of production from the total…
Q: Consider the following graph to answer questions 1) Find the total cost when the firm maximizes…
A: 1.The quantity that maximizes the profit which satisfies the condition: Marginal…
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: The change in revenue is $120 and the change in unit sold is 3 Calculate the marginal revenue
A: The given information is :- Change in total revenue = $120 Change in units sold = 3 units
Q: The value of Marginal revenue is $40 and the value of marginal cost is $30. Is the firm maximizing…
A: Given : The value of Marginal revenue is $40 and the value of marginal cost is $30.
Q: If marginal revenue is $30 and marginal cost is $15 Calculate marginal profit
A: The information being given is:- Marginal revenue = $30 Marginal cost = $15 We have to calculate the…
Q: What is relationship between total revenue (TR) and cost (TC) if the price is greater than ATC (is…
A: If the price is greater than ATC, the total revenue (TR) is greater than the total cost (TC). The…
Q: Profit equals to a) Revenue minus price b) Price multiplied by quantity Oc) Revenue Od) The…
A: Any revenue left over after all of the business's expenses have been paid is referred to as profit.…
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: The marginal revenue (MR) the individual producer receives when it maximizes its profit is $…
A: Marginal cost is the additional cost of producing one more unit of a good. Marginal revenue is 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: If marginal profit is $17 and marginal revenue is $41 Find the value of Marginal cost
A: The given information is as follows:- Marginal profit = $17 Marginal revenue = $41 We have to…
Q: Write a word or term that governs the following 1. are benefits given to the firm that originate…
A: 1)External economies are benefits given to the firm that originate from outside the firm.…
Q: A competitive firm is selling the product for Rs. 30. Is it possible that he sells the product on…
A: Under perfect competition, there are a large number of firms who sell identical products. The size…
Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56
A: The data presented in the question above is:- Marginal cost = $33 Marginal revenue = $56 Marginal…
Q: If every comptitive firm earns abnormal profits in the short run, what do you expect will happen in…
A: Perfect competition is the market structure in which there are large number of sellers who sell the…
Q: Calculate Marginal profit if the value of marginal revenue is 105 and marginal cost is 60
A: # Marginal profit is calculated by the formula:- Marginal profit = Marginal revenue - Marginal cost…
Q: Marginal revenue product describes the:
A: Marginal revenue is equal to the additional revenue generated when one more unit of output is sold.
Q: The profit function for a certain commodity is P(x) - 190x - x - 1000. Find the level of production…
A: In the production function, different inputs are used to produce the final output. Each input has…
Q: Calculate the value of marginal profit when marginal revenue Is $400 and the marginal cost is $230
A: # The marginal revenue and marginal cost helps us gain the idea about the marginal profit. The…
Q: When you calculate marginal costs, they should include: SELECT THE CORRECT ANSWER A.the market…
A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…
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: The value of marginal revenue is $64 and the change in output is 5 units. Calculate the change in…
A: The information given to us is:- Marginal revenue = $64 Change in output = 5 units
Q: The average profit is the difference between
A: To find : What is average profit.
Q: Can the firm's marginal revenue really be negative? Why?
A: Marginal revenue is the additional revenue that occurs from the sale of one additional unit of the…
Q: Marginal cost= 2x+3 Average variable cost= x+3 Variable cost=x^2 + 3x x is the daily output.…
A: The main aim of every firm is to maximize its profits. profits are the excess of revenue receipts…
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- The profit when the firm is profit maximizing is _______Nicole purchased a new printing machine and started a small printing shop. As per her calculations, to earn revenue of $6,000 per month, she needs to sell printouts of 27,000 sheets per month. The printing machine has a capacity of printing 35,300 sheets per month, the variable costs are $0.03 per sheet, and the fixed costs are $2,200 per month. a. Calculate the selling price of each printout. Round to the nearest cent b. If they reduce fixed costs by $310 per month, calculate the new break-even volume per month. Round up to the next whole number c. Calculate the new break-even volume as a percent of capacity. ↑ % →Calculate economic and accounting profit, and explain the importanceof the difference.
- The firm producing 6 units iPhone in a hour and selling it at $500. What is firm total revenue.Question 4Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a day, the firm has fixed costs of $200.L Q MP MC TC ATC0 01 202 503 904 1205 1406 1507 155a. Complete the table above b. Compare the average total cost and the marginal cost and explain therelationship c. Describe the methods that can be used to determine where profit is maximized?What is Economic Profit as compared to the Financial Profit? To compute Economic Profits, which costs are used? Give example
- Calculate marginal revenue if Marginal cost is $300 and marginal profit is also $300How do you calculate whether your business has an economic profit using marginal approach to profit maximization? and what does an economic profit means?Calculate the marginal revenue when marginal profit is $23 and the marginal cost is $78
