19. Normal profit is A. O Part of total cost B. O Part of economic profit C. O Total revenue minus total cost D. O Total revenue minus implicit cost
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- Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costsWhat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
- Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.Marginal cost is average variable cost when O a. equal to; average variable cost is minimized. O b. greater than; average fixed cost is minimized O c. equal to; average total cost is minimized O d. less than; total cost is maximized If Mark produces five pairs of earrings, his total costs are Number of TVC MC AVC TFC TC Earnings 100 1 50 2 3 46.67 4 300 5 270 O a. $320. O b. $370. O c. $400. O d. $360.
- Under which of the folowing examples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Menican food instead of talian food. OR It you use a diamond mine as a touriet atraction instead of using it for mining. Oc Opering a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic profit is negafive, is not possibie.Isit possible for accounting profit to be positive and economic profit to be negative? OA Na, economic profit and accounting profit will always end up being the same. OB. No, economic profit must always be larger than accounting profit. OC Yes, this could ocour if axplicit costs were modest and implict costs were high. OD. Yos, this could occur if impiot costs were modest and explict costs were high.What is the difference between accounting profit and economic profi? OA Economic profit subtracts both explicit and implicit costs from total revenue, while accounting proft only subtracts explicit costs. OB. Accounting profit only subtracts implicit costs from total revenue, while economic profit only subtracts explicit costs. OC Economic profit only subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting profit suberacts both explicit and implicit costs from total revenue, while economic profR only subtracts explicit costs
- The Production Process and Costs 6. A firm's fixed costs for 0 units of output and its average total cost of produc- ing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, aver- age variable cost, and marginal cost at all relevant levels of output. Q 0 100 200 300 400 500 600 FC $10,000 VC TC AFC AVC ATC $200 125 133 1/3 150 200 250 193 MCThe difference between accounting profit and economic profit total revenue. O marginal product. O explicit costs. O implicit costs.What is the law of diminishing returns? Why does marginal product eventuallydiminish?b. Explain the relationship between marginal product and average product. Lin’s makes fortune cookies. Anyone can make and sell fortune cookies, so thereare dozens of producers. All fortune cookies are the same and buyers and sellersknow this fact. In what type of market does Lin’s operate? What determines theprice of fortune cookies? What determines Lin’s marginal revenue?d. What is the shape of the AFC curve and why does it have this shape?