1. A firm sells 150 units of output at a price of $8 each. The economic cost of producing the 150 units of output is $1,000. Calculate the firm's level of economic profit.
Q: A local magic shop has a monopoly on the production of magic wands. Each customer war wand, and the…
A: A monopoly is what is happening where there is a solitary merchant on the lookout. In the…
Q: 1. On her thirty-first birthday, Jean invests $1,000 into her employer's retirement plan, and she…
A: Jean on my 31st bday invested 1000 in the retirement fund. Annuity payment of 1000 for 10 years and…
Q: Important of capital
A: Factors of production are the main components used in the process of production which are Capital ,…
Q: Using the value marginal product concept, what do you expect if the price of the product sold falls?…
A: Marginal Product The marginal product of an input is the additional output that results from adding…
Q: When economy has recovered from deep recession from zero-lower-bound, there is no risk of using…
A: Zero-bound is an expansionary monetary policy instrument where a national bank brings transient…
Q: Exercise 1: There are two firms in the economy of Venus Firm A produces wheat and Firm B produces…
A: The term GDP means the aggregate total output produced by a country in the current year. This…
Q: ince the birth of her daughter, 16 years ago, Anika has deposited $75 at the beginning of every…
A: Future value (FV) is the value of an ongoing asset at a future date in light of an expected pace of…
Q: The sugar market has a supply curve with formula: Ps= 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd…
A: Given information: The sugar market has following supply and demand curve equation: Ps = 5 + 0.1Qs…
Q: Question 12 Scenario 4 B Suppose the supply curve of workers is given by w 14+ 6Es, while the demand…
A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…
Q: A vaccinated individual cannot catch a cold nor spread their virus to someone else. Therefore, the…
A: "Marginal social benefit from consumption of a product represents the benefits experienced by buyers…
Q: At which point would the government be most likely to try to stimulate the economy
A: Government: It refers to the people who focus on the growth of the economy. The government helps…
Q: 26) Larry's Carpet Cleaners can influence demand by advertising. Larry charges $50 per carpet, and…
A: Given: Larry charges = $50 per cent Larry cleans = 150 carpets per month The price elasticity of…
Q: When a pure pubic good is consumed Penggunaan sesuatu barang awam tulen a. this excludes other…
A: Public goods and the problem of free riders are related. Under the free rider problem, some people…
Q: 2. Consider a monopolist who has a cost function of c(Q) = 5Q. This monopolist faces two consumers,…
A: Given, Cost function = c(Q) = 5Q Demand q1(P1)=80-2PDemand q2(P2)=50-P2
Q: The equation for the marginal cost of reductions is P=1+R*2 The equation for the marginal benefit of…
A: Marginal cost of reductions: PC =1+2R Marginal benefit of reductions: PB =33-2R where; R = Rate of…
Q: Vusi Mkhabela, the owner of Black Rose, sold food at weekend markets and did catering. He lived…
A: All those elements or forces that have an indirect impact on business operations and working…
Q: If the price of a DVD decreases by 50 percent, the quantity demanded increases by 75 percent. The…
A: "The price elasticity of demand is a concept of micro-economics and it helps in measuring how much…
Q: Jane loves risk; her Bernoulli utility function is given by u(w) = w². She participates in a ottery…
A: Given information: Jane is a risk lover and its utility function is given below: u = w2 where 'w' is…
Q: The following information is for the Jeffries Corporation: Product A: Revenue $14.00 Variable Cost…
A: Breakeven point is the point where firm at least cover their variable cost , so at this point firm…
Q: C = 600 + 0.8Yd , Yd = Y – T, Tg = 100, I= 200, R = 50, G = 350, X = 250 and M = 200 + 0.1Y. How…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Which of the following statements is/are correct? I. Because aggregate variables are essentially the…
A: While macroeconomics examines choices made by nations and governments, microeconomics analyses…
Q: buyer and seller are haggling over what price will be paid. If the seller is the better negotiator,…
A: 1. Equilibrium is the point where demand is equal to supply. When both buyer and sellers agree on…
Q: If the reserve ratio is 50%, what is the deposit multiplier?
A: Deposit multiplier is a factor by which maximum money supply changes when there is a change in…
Q: quantity traded is lower options , quantity traded is lower price or quantity
A: *Answer: A price ceiling is a price fixed by the government to protect the consumer, this price…
Q: Describe how the poverty line is estimated in India?
A: The lowest income deemed suitable in a given country is known as the poverty threshold, poverty…
Q: Modern farming methods require more inputs which are manufactured inIndustry.Do you agree.? No 2 How…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose you're in charge of economic policy. Today's unemployment rate is 3.6%, and you estimate…
A: The natural rate of unemployment is regarded as the full employment. There is presence of frictional…
Q: how are rules and governance important to economic Development and growth?
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: A company needs to acquire a machine to increase its production. To do so, you will need to make an…
A: If we draw the cash flow of given investment then the following cash flow is obtained We…
Q: A researcher wants to assess the impact of school location on CSEC performances in Guyana. Suppose…
A: Dummy variables are used to include categorical variables int the model. The number of dummy…
Q: or each year are given as: (Enter your responses rounded to two decimal places.) 1 2 4 5 Rate 2.00%…
A: The liquidity premium is an unexpected return expected by investors for instruments that are not…
Q: Which of the following examples describe the "adverse selection problem"? ntara contoh berikut, yang…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: A: In a two-period model, suppose the optimal extraction in period 2 is 20, MC=20, MB-71-2Q, r=10%.…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…
Q: If the free market price would be higher than a price ceiling, the effect on the actual trades is:
A: A price ceiling is a price fixed by the government to protect the consumer, this price will always…
Q: Suppose the supply of money, measured by M1, is $3.0 trillion, output, measured by real GDP, is…
A: Velocity of money refers that it is the tool which measure the rate at which money is exchanged in a…
Q: 1: The short-run demand curve slopes downward because: A: The labour supply curve slopes upward…
A: Since you have posted multiple questions, we will solve the first one for you. If you want any…
Q: (a) Consider the choice between the following two options: take a sure $1 or participate in a…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: What is the equation for determining the price elasticity of a demand turve? Select the correct…
A: Price elasticity of demand is a measurement of the change in consumption of a product in relation to…
Q: We know that in antiquity, China exported silk because no one in any other country knew how to…
A: We know that when one country produces a good which no other country can produce, then that country…
Q: When you purchase and eat a pisang goreng, no one else can eat the same pisang goreng. When yo…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…
Q: Determine which, if any, of Properties 4-1 through 4-4 are violated by the indifference curves show…
A: Indifference curves or IC curves represents combinations of two goods represented on the axis of the…
Q: as Canada benefited from NAFTA? If yes, how? Kindly support with references. 300 to 400 words
A: Answer is given below
Q: Lottery A gives $2 million with 10%, $1 million with 80%, and $0 with 10%. ⚫ Lottery B gives $2…
A: Given information Case 1: Lottery A gives $2 million with 10%, $1 million with 80%, and $0 with 10%.…
Q: Suppose that Fiona likes cashews better than almonds and likes almonds better than walnuts. She…
A: Preferences and utility are inter-related to each other. Now this preferences are depending upon…
Q: If you deposit $5,000 at the end of each month, then it will take you Blank 1 months of saving…
A: Deposit each Year = 5000 FV = 90,500 r = 10%/12 = 0.8333%
Q: If the VMP of the last worker hired is $45 and the wage rate is $40, the firm should O lower the…
A: The situation that depicts when people are able and capable to work but are not able to find jobs in…
Q: The model of competitive markets relies on these three core assumptions: 1. There must be many…
A: Perfectly competitive market: This is the market situation where a large number of firms or sellers…
Q: assume the required Reserve ratio is 12 for scientific Commercial Bank has actual reserves of 15,000…
A: Given, Required reserve ratio (rr) =12% Actual total reserve = 15,000 Loans =85000 Total check…
Q: Explain why the Reserve Supply is perfectly elastic at Discount Window
A: A central bank lending tool called the discount window was created to assist commercial banks in…
Q: Economists refer to "market failure" as Pakar ekonomi merujuk kepada "kegagalan pasaran" sebagai. a.…
A: Market failure is the situation where a market fail to allocate the resources Efficiently and…
5
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What two lines on a cost curve diagram intersect at the shutdown point?Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:1. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?2. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?3. Comment on your answers to parts (1) and (2).1. A firm sells 150 units of output at a price of $8 each. The economic cost of producing the 150 units of output is $1,000. Calculate the firm's level of economic profit.
- Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?Universal Shampo0 is a price taker firm. Its costs are: Output (Shampoo per hour) Total Cost ($ per hour) 10 21 30 41 4 54 69 a. Calculate Universal's profit-maximizing output and economic profit if the market price is () $14 a shampoo. (i) $12 a shampoo (i) $10 a shampoo b. What is Universal's shutdown point and its economic profit if it shuts down temporarily? C. At what price will irms with costs identical to Universal's exit the Shampoo market in the long run? id. At what price willfirms with costs identical to Universal's enter the Shampoo market in the long run? 2.
- help me please1. The following table has information on the revenues and costs for Tom's tennis ball manufacturing which operates in a perfecetly competitive market. a) Complete the table that corresponds to Tom's production when price is $3. What is MR? b) What is Tom's profit maximization output? What is the shutdown price, entry and exit price? c) What is the economic profit or loss? No of baseballs Total Variable Costs Total Fixed Total Cost $ Cost $ 1.00 2.00 4,00 2. 7.00 4. 11.00 16.00Calculate the amount of profit or loss made by this firm at the equilibrium output. State the type of profit.
- 3. Profit maximization using total cost and total revenue curves Suppose Ana runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Ana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Ana produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) Total Revenue A 125 100 Total Cost ☐ Profit 200 175 150 75 50 ༔་ཎྜ་ ྴ་སྐྱ ིི་ཐྭ་8་མ་° 1 2 3 4 5 6 7 8 QUANTITY OF OUTPUT (Shirts) (?) Calculate Ana's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Note: Be sure to plot marginal values between the appropriate whole unit values. For instance, plot…Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 ATC 10 8 7 4 1 3 4 5 6 7 8 9 10 QUANTITY Refer to Figure 14-2. If the market price is $10, what is the firm's total revenue? a. $35 b. $30 C. $15 d. $50 PRICE1) The cost curves for a firm in a perfectly competitive industry are given below. Complete the table. If the firm operates in a perfectly competitive market, and the market price is $25 per unit, what Quantity should this firm produce at? TFC TC TVC AVC ATC MC TR S100 S100 1 S100 S130 2 S100 S150 S100 S160 S100 S172 5 S100 S185 6 S100 $210 S100 $240 S100 $280 S100 $330 10 S100 $390 Table 9.1