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- 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.Danilo and his wife operate a restaurant where they sell all their meals for $14.00 each. The markup on each meal is $5.00 and overhead expenses are 19.00% of cost. a. How much does it cost them to make each meal? $0.00 Round to the nearest cent b. What is their operating profit per meal? 50.00 Round to the nearest cent c. Calculate the break-even price. Round lo the nerert rent
- When large retailers like Costco offer products at a discounted price because they are able to negotiate cheaper rates with their suppliers compared to smaller competitors, they benefit from O Availability of compliments. O Learning-curve effects. O Experience-curve effects. Economies of scale.R, C 700 500 500 Profita TC 5 10 15 20 25 TR Ø 05/10 15 20 20 811. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer
- Compare the average total cost and the marginal cost and explain the relationship Describe the methods that can be used to dertermine where profit is maximized L Q MP MC TC ATC 0 0 200 1 20 20 5.00 300 15 2 50 30 3.33 400 8 3 90 40 2.50 500 5.56 4 120 30 3.33 600 5.00 5 140 20 5.00 700 5.00 6 150 10 10.00 800 5.33 7 155 5 20.00 900 5.81Don'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?What two lines on a cost curve diagram intersect at the zero-profit point?
- 18. New firms will exit aheriesty.competinve mzrket when: 1 average variable costs are less han average total costs b. price is greate: than average variable costs e maginal revenue is greater than average total costs in the short run O price is less than average total cests in the long rua4. A firm's cost curves are given in the following table. TC TFC TVC AVC ATC MC Revenue Profit RO100 RO100 -100 1 140 100 40 40 140 40 60 -80 160 100 60 30 80 20 120 -40 3 170 100 70 23.33 56.66 10 180 10 4 182 100 82 20.5 45.5 12 240 58 5 195 100 95 19 39 13 300 105 6 220 100 120 20 36.66 25 360 140 7 250 100 150 21.42 35.71 30 420 170 8 290 100 190 23.75 36.25 40 480 190 340 240 26.6 37 50 54 200 10 400 100 300 30 40 60 600 200 a. Complete the table. b. Graph AVC, ATC and MC on the same graph. What is the relationship between the MC curve and the ATC and between MC and AVC? c. Suppose the market price is RO 60, how much will the firm products in the short run? How much are the total profits?4. Alset produces electric cars, which have short range or long range. There are 100 drivers who are "Commuters" and 100 who are “Travelers." Their reservation prices are as follows: Short Range Long Range 49,000 Commuters 30,000 Travelers 40,000 95,000 Marginal cost is equal to 10,000 for cars with short and long range both. Alset knows the distribution of reservation prices but does not know the reservation prices of any individual driver. (i) Suppose that Alset sells one type of car and employs linear pricing. Which type will it sell and what will the price be. (ii) Find the optimal prices under second-degree price discrimination. (iii) Is profit higher in (i) or (ii)? Is social surplus higher in (i) or (ii)?
