Use the table below to answer questions about Benny: Total Revenue Cost of Lemonade Wages Interest $300,000 $11,000 $2,000 $6,000 Benny the Lemonade Guy's forgone wages $80,000 Benny the Lemonade Guy's forgone interest $15,000 Economic depreciation $2,400 Please use dollar signs when answering: What is Benny's economic profit? What are Benny's total explict costs? Which profit is greater, accounting or economic profit?
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- JYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)bo Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Macmillan Learning Total revenue Costs Apples Utilities Lease Abner's forgone wages Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? What is Abner's Apple Art's economic profit? Amount $220 $30 $20 $20 $70 Accounting profit = $ Economic profit = $ thousand thousandUse the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Amount Total revenue $250 Costs Apples $30 Utilities $20 Lease $21 Abner's forgone wages $80 Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? Accounting profit = $ thousand What is Abner's Apple Art's economic profit? Economic profit = $ thousand
- 3. Suppose that ABC company plans to build a subway train to provide better alternatives for Filipino commuters to avoid heavy traffic and delay during rush hour. Apparently, the subway can last up to 50 years only that its cost $ 5.5 million to build it. Assuming that it cost nothing for its maintenance. Consider the table below that shows potential demand of the subway train of the ABC company. For now, disregard the potential variety of the passenger's demographic.Apps M Gmail YouTube Maps G 2 years bachelor in... http://afi.lezage.co... https://reportbucke... R Download LockDo... * Question Completion Status: 3,000 2,500 Marginal cost 2,000 1,500 Tolal profit 1,000 Average cost 500 Demand Marginal revenue -200 1 31 4. 5. 6. 8 9. Quantity In the diagram above the profit maximizing output is (give a numerical value not in the words given to fill in the blanks), and the lighter shaded box represents The diagram shows that the price is than the average cost, so the firm is earning positive to society (as measured by P) If P> MC, then the Following the rule P=MC ensures than marginal is greater than the marginal cost to society of producing additional units. In monopoly, price is always cost at the profit-maximizing. Close Window Save and Submit Save All Answers all answers. Click Save and Submit to save and submit. Click Save All Answers to save 10:41 PM 80°F 7/12/2021 W P Type here to search Dollars ($)Table 15-7 Sally owns the only shoe store in town. She has the following cost and revenue information. COSTS REVENUES Quantity Produced (S) (pairs) Marginal Cost Мarginal Revenue Total Cost Quantity Demanded Price (S/unit) Total Revenue 100 170 1 140 1 160 184 150 230 3 140 280 4 130 335 5 120 395 110 475 7 100 565 90 Refer to Table 15-7. What is the marginal revenue from selling the 4th pair of shoes? O a. $100 O b. $600 C. $625 O d. S660 2. 2. 4)
- 3. Suppose that ABC company plans to build a subway train to provide better alternatives for Filipino commuters to avoid heavy traffic and delay during rush hour. Apparently, the subway can last up to 50 years only that its cost $ 5.5 million to build it. Assuming that it cost nothing for its maintenance. Consider the table below that shows potential demand of the subway train of the ABC company. For now, disregard the potential variety of the passenger's demographic.< The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. Units of Labour Total Output (per day) (per day) 100 20 40 60 80 100 120 140 40 60 300 80 800 1370 1570 1630 1670 300 800 TFC $2000 1370 $ 2000 $ 2000 TVC $2000 Complete the last four columns of the table. Units of Labour (per day) Total Output (per day) 20 100 $ 4000 $ 6000 $ 2000 $ 8000 $2000 $10000 TFC TC $ 4000 $6000 TVC $ 8000 2000 $12000 $14000 $10000 $2000 $14000 $16000 $12000 TC MC MC $10 4 $3.50 $10 4 AFC AFC $20 $2.5 AVC $6.67 $ 13.33 $ 1.46 AVC $20 $7.5 $5.84 ATC ATC $40…Quantity TR MR TC MC 0 0 - 5 - 1 10 2 2 20 15 3 30 10 4 10 37 Complete the following table and identify the quantity that maximize profit
- What is the cost revenue? Explain with example?Microeconomics The table below represents a firm's profit for producing and selling candles. Assume that if a firm would have the same profit at two different levels of output, then the firm would choose the greater level of output. Assume that the only levels of output that the firm can produce are the levels of output given in the table. At what level of output does the firm maximize profits? Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue 0 $20 - $0 - 15 $60 $2.67 $75 $5 30 $110 $3.33 $150 $5 45 $170 $4.00 $225 $5 60 $245 $5.00 $300 $5 75 $340 $6.33 $375 $53. Answer the following questions about the figure below: eliqu Price $20 $18 $16 $14 $12 $10 $8. $6 $4 $2 0 MR D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Quantity MC a. What is the profit-maximizing level of output? iliw tailogonom off 010 +115d0-(899 moitiba T wilmM) loods.P b. What price with the monopolist charge to maximize profits?