Herriott's is the only veterinary clinic in a remote village. The firm's total fixed cost is $200 a day and marginal cost is zero. The table gives the demand schedule for visits. Price (dollars per visit) 100 80 60 40 20 0 Quantity (visits per day) 0 8 16 24 32 40 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Elixir's economic profit is $ a day. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm makes an economic profit, do not include a plus sign. 120 100- 80- 60- 40- 20- to Price and cost (dollars per visit) 0 16 24 32 Quantity (visits per day) >>> Draw only the objects specified in the question 40 48

Herriott's is the only veterinary clinic in a remote village. The firm's total fixed cost is $200 a day and marginal cost is zero. The table gives the demand schedule for visits. Price (dollars per visit) 100 80 60 40 20 0 Quantity (visits per day) 0 8 16 24 32 40 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Elixir's economic profit is $ a day. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm makes an economic profit, do not include a plus sign. 120 100- 80- 60- 40- 20- to Price and cost (dollars per visit) 0 16 24 32 Quantity (visits per day) >>> Draw only the objects specified in the question 40 48

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 1.9CE: How many shuts do you recommend selling per color per day? What then is your recommended dollar...

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Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $150 a day and marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call) 500 400 300 200 100 0 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Quantity (service calls per day) 0 2 4 6 8 10 Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a day. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm earns an economic profit, do not include a plus sign. 600 500- 400- 300- 200- 100- 04 Price and cost (dollars per service call) 4 10 Quantity (service calls per day) >>> Draw only the objects specified in the question 0 12
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How do you calculate a firm's total cost and total revenue?
Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $125 a day and its marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call) 500 400 300 200 100 0 Quantity (service calls per day) 0 4 8 12 16 20 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. What is Wilbur's economic profit? Wilbur's economic profit is $ a day. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm makes an economic profit, do not include a plus sign. C 600- 500- 400- 300- 200- 100- 0- Price and cost (dollars per service call) 20 8 12 16 Quantity (service calls per day) >>> Draw only the objects specified in the question 24 ( [
Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $125 a day and marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call) 500 400 300 200 100 0 Quantity (service calls per day) 0 2 4 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a dav. 689 10
The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.
Humana hospitals in 1991 charged very high prices relative to their marginal costs. For example, Humana's Suburban Hospital in Louisville charged patients $103.65 for a pair of crutches that cost the hospital $8.35 (Douglas Frantz, "Congress Probes Hospital Costs-S$9 Tylenols, $118 Heat Pads," San Francisco Chronicle, October 18, 1991: A2). Calculate the hospital's price/marginal cost ratio, its Lerner Index, and the demand elasticity, e, that it faces for a pair of crutches (assuming that it maximizes its profit). What is Humana's price/marginal cost ratio? The price to marginal cost ratio is 12.41. (round your answer to two decimal places) What is its Lerner Index? Its Lerner Index is (round your answer to two decimal places) ter Assu tv MacBook Air DII esc F7 F3 F1 F2 F4 F6 @ #3 $ % & 1 4 7 Q W E Y tab A S D H K caps lock V N M shift fn control option command
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Price Total Cost Hour (Q) (P) (TC) $6.00 $1.50 1 5.50 5.00 2 5.00 7.50 3 4.50 9.50 4 4.00 11.00 3.50 12.00 6 3.00 12.50 7 2.50 13.50 8 2.00 15.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.)
Here’s the table showing costs, and quantity. Find the total revenue at $8. Quantity Total Cost 0 $ 8 1 9 2 10 3 11 4 13 5 19 6 27 7 37
Humana hospitals in 1991 charged very high prices relative to their marginal costs. For example, Humana's Suburban Hospital in Louisville charged patients $103.6 for a pair of crutches that cost the hospital $8.35 (Douglas Frantz, "Congress Probes Hospital Costs-$9 Tylenols, $118 Heat Pads," San Francisco Chronicle, Octob 18, 1991: A2). Calculate the hospital's price/marginal cost ratio, its Lerner Index, and the demand elasticity, e, that it faces for a pair of crutches (assuming that it maximizes its profit). What is Humana's price/marginal cost ratio? The price to marginal cost ratio is. (round your answer to two decimal places) tv 13 DII 80 F2 F3 F4 F5 E1 ! 23 & 1 2 5 7 8. Q W T Y tab S G つ K caps lock V shift fn control option command つエ CI リ

Table 15-4 Price per Dose $80 72 Quantity Demanded (dose) 0 1 2 3 4 5 6 24 7 16 8 Shakti Inc. has been granted a patent for its Arnica toothache balm. Table 15-4 shows the demand and the total cost schedule for the firm. 64 56 48 40 32 Total Cost of Production (dollars) $80 Refer to Table 15-4. What is the amount of Shakti's profit? $68 $72 $124 $192 82 88 100 124 164 208 268 340
Suppose a resturant in a city making above normal profit in the short run. How will the market behave inthe long run? Can the said restuarant continue to make above normal profit in the long run too. explain using illustration