Xavier opens up a lemonade stand for two hours.He spends $10 for ingredients and sells $60 worth of lemonade.In the same two hours,he could have mowed his neighbor's lawn for $40.Xavier has accounting profit of________and economic profit of ________.a.$50 $10 b.$90 $50 c.$10 $50 d.$50 $90
Q: 4. What is the total cost of producing 100 units of output? 5. How much profit was made?
A: Before calculating the total cost, the least cost combination of the inputs should be calculated.…
Q: a. Calculate Theo’s total monthly revenue.
A: Since you have asked multiple questions, we will solve the first question for you If you want any…
Q: 1. An entrepreneur is thinking of starting a firm. The firm will pay Tk. 320,000 in wages/salary,…
A: Accounting profit, also referred to as bookkeeping profit or financial profit, is net income earned…
Q: Here’s the table showing costs, and quantity. Find the profit. Quantity Total Cost Marginal…
A:
Q: Q1. Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table:…
A: As the total cost(TC) is already given in the question, we can estimate both variable(TVC) and fixed…
Q: 44. When Pizza Express is producing 200 boxes of large vegetable pizzas, which of the following…
A: Given, Price = RO 2.00 per pizza Quantity of boxes produced = 200 A profit maximizing firm…
Q: Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table:…
A: Total cost is defined as the sum of fixed cost and variable cost. The fixed cost is the cost that…
Q: 7. Suppose a Professor leaves his job at a university to open his own consulting firm. As a…
A: According to the given information, Implicit cost for Professor is $80,000 Explicit cost for…
Q: An economist left her $100,000-a-year teachingposition to work full-time in her own…
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: Explain the table Output (Units) Total Revenue (£) Total cost (£) Profit (£) Marginal…
A: Here, the giventBke shows the cost, revenue and profit information of a firm that helps to analyze…
Q: Description Given the following graph, please label the curves where asked and answer the…
A: Here ,we have to find profit - maximizing level of output.
Q: Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Caroline opens a lemonade stand for two hours. She spends $15 for ingredients and sells $50 worth…
A: In economics, the cost is divided into two types such that implicit and explicit according to which…
Q: 9. How to express economic loss. * O Price - Average Total Cost Price - Average Total Cost times…
A: Total cost is the sum of fixed and variable cost that are used in the production of goods and…
Q: Use the following information to answer Questions 11 and 12: Suppose a dentist is organized as a…
A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…
Q: When are you are you expecting companies to produce in the short run? A. costs equal equal revenue…
A: A firm tends to earn positive profits when its earned revenues can cover its total costs.
Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: The accounting profit is the difference between the revenue and the cost. The economic profit would…
Q: A man managing a restaurant for $20,000 per year decides to open his own diner. His revenue during…
A: Every business has two types of cost, implicit and explicit
Q: Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last…
A: Economic profit refers to the profit that obtained by deducting the implicit cost or opportunity…
Q: 1. With a new understanding of economic analysis, Corn Mart, wants your opinion on what to do.…
A: As given market price is $4. By using following formula to calculate missing values of table Total…
Q: Explain how Coca-Cola, Inc. takes advantage of economies of scope
A: Economies of scale is when a business takes advantage of the scale of its operation to reduce its…
Q: Subject: Business Economics Q7) Complete the table and show your calculations.…
A: Q7. Formulae for calculation are as follows : TC = TVC + TFC ATC = TC/Q AVC = TVC/Q AFC = TFC/Q MC =…
Q: Explain the difference between economic profit and accounting profit.
A: Economic Profit: In economic profit explicit cost is subtracted from revenue. It also include…
Q: Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of…
A:
Q: Frank is an engineer who had decided to leave his job making $150,000 per year to brew and sell…
A: Economics is the branch of knowledge in which we study scarce resources and unlimited wants. The…
Q: Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: Output…
A: The costs and the revenues are essential for the firms to look up to because without it the firms…
Q: C. Fill in the average revenue and marginal revenue in the table. Output (Q) Total Revenue (TR)…
A: The sum of money generated per unit of output is referred to as average revenue. In other words, it…
Q: Unit Marginal Cost $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Marginal Revenue $9.00 $9.00 $9.00 $9.00…
A: Marginal Cost : Marginal cost refer to the additional cost incurred to produce additional unit of…
Q: Amal quits his job and gives up a salary of $50,000 per year to start software company. During…
A: Economic Profit = Revenue- Cost = 300000-250000 =50000
Q: Table 1A: Costs and Total Production for a Competitive Firm Total Total Total Total Marginal Average…
A: Total cost is the sum of Fixed and variable cost. Marginal cost refers to change in total cost or…
Q: 3. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicydes.…
A: When long run average total cost declines as more output is produced, the firm tends to have…
Q: Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic.…
A: Accounting Profit=Total Revenue-Explicit costs.
Q: A firm is earning an accounting profit of $5,000. Its implicit costs are $3,000, explicit costs are…
A: Accounting profit = Total revenue - Explicit cost Economic profit = Total revenue - Explicit cost -…
Q: Use Table A below and calculate ATC, Profit, marginal revenue and marginal cost at each quantity of…
A: The table will look like this: Average total cost is the total cost divided by the total units…
Q: 1. When the business produce products at break-even point, it is said to be A. A loss for the…
A: Business: A business is characterized as an association or ambitious element occupied with business,…
Q: 1. Consider Jones Company that has the following cost schedule. Table 8-1 OutputTotal Total fixed…
A: The cost of production conveys or states the amount of dollars that a corporate firm must incur on…
Q: Aji Fatou is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: * ANSWER :- Given that , Aji Fatou is thinking about opening a hardware store she estimates that…
Q: Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal…
A: To maximise profits 6 units should be produced,because after that profit declines.
Q: Reggie owns and operates a cheese shop in the village of Somerset. Although Reggie has a degree in…
A: A firm maintains a record of its profit in two ways that are accounting profit and economic profit.…
Q: 4. (Table) Based on the table, what price does J Output Marginal Cost Total Revenue 1,200 1,300…
A: Total Revenue = Price * Output => Price = Total Revenue / Output From the given table…
Q: 7. Which of the following is a benefit to a business of reducing its production times? A. It will…
A: Competitive advantage: - Competitive advantage is the ability to produce goods or services more…
Q: What level of output does Greensons Organic maximize profit? Justify/explain your answer and show…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output…
Q: Bonnie decides to open a company and earns JD50,000 in accounting profit the first year. When…
A: Implicit costs are those costs which are not visible or tangible but incurred in process of…
Q: Explain the concepts of revenue, costs and profi
A: Economics: It relates to the production, consumption, and transfer of wealth.
Q: Price (dollars per packet of chips) Quantity demanded (millions of packets of chips per year)…
A: The equilibrium price and quantity in a market are determined by the forces of demand and supply.…
Q: Revenue and Cost Data for a Perfectly Competitive Firm Daily Output Price Total Revenue TFC TVC TC…
A: Profit of the firm is calculated as the difference between total revenue and the total cost. Total…
Q: Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The…
A: The Accounting profit is the profit earned by the firm. It is excess of the Revenue over the Cost of…
Xavier opens up a lemonade stand for two hours.He spends $10 for ingredients and sells $60 worth of lemonade.In the same two hours,he could have mowed his neighbor's lawn for $40.Xavier has accounting profit of________and economic profit of ________.a.$50 $10 b.$90 $50 c.$10 $50 d.$50 $90
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Amal quits his job and gives up a salary of $50,000 per year to start software company. During Amal's first year in business, total revenue is $300,000, and his explicit financial costs are $250,000. What is Amal's economic profit from his first year in business? Select one: a. $0 b. $250,000 c. $50,000 d. $300,000Caroline opens a lemonade stand for two hours. She spends $15 for ingredients and sells $50 worth of lemonade. In the same two hours, she could have mowed the neighbor's yard and earned $10. a. What are Caroline’s explicit and implicit costs? b. What is Caroline’s accounting profit? What is her economic profit? Show how you calculated each profit. The government imposes a $1,000 one-time license fee on all pizza restaurants. As a result, which of the following cost curves shift, and why or why not?a. Average total cost.b. Marginal Cost.c. Average Variable Cost.Caroline opens a lemonade stand for two hours. She spends $15 for ingredients and sells $50 worth of lemonade. In the same two hours, she could have mowed the neighbor's yard and earned $10. a. What are Caroline’s explicit and implicit costs? b. What is Caroline’s accounting profit? What is her economic profit? Show how you calculated each profit.
- 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)QUESTION 17 Whenever marginal revenues are higher than marginal costs, a. a firm should stop its production in order to maximize profits. b. a firm should decrease its production in order to maximize profits. c. a firm should increase its production in order to maximize profits. d. none of them are correct.Maria's Pizza Shop incurs $800,000 per year in explicit costs and $120,000 in implicit costs. The shop has $1 million in revenues and has $2 million in net worth. Based on this information, what is the economic profit for Maria's Pizza Shop? A. $200,000 B. $80,000 C. $400,000 D. $3 million
- 10. Read this excerpt from the October 18, 2022, Wall Street Journal. KINDERHOOK, N.Y.—Golden Harvest Farms has grown from a small apple-growing operation when Doug Grout’s grandfather opened it after World War II, to a multipronged business that includes a retail stand, cider press, distillery, tasting room and barbecue restaurant. But Mr. Grout said he sees a cloudier future for the business due to new state regulations that will require him to increasingly pay more overtime to the farmworkers who pick his apples in the coming years, raising one of his primary costs. “We were looking to buy another orchard, and that whole thing is tabled,” said Mr. Grout, 52 years old, who co-owns Golden Harvest with his father, as he drove between rows of Honeycrisp trees. “We’re stepping away. You’re going to see farms go out of business. This is very shortsighted.” For the apple market in New York, the new regulations will: Cause supply to shift to the left, leading to higher prices and a…1. The Abner Corporation, a retail seller of television sets, wants to determine how many television sets it must sell in order to earn a profit of $10,000 per month. The price of each television set is $300, the average variable cost is $100, and the fixed costs are $5,000 per month. a. What is the required sales volume for Abner Corporation to earn a profit of $10,000 per month? b. If the corporation were to sell each television set at $350 rather than $300, what would be the required sales volume? c. If the price is $350 but the average variable cost decreased to $85 rather than $100, what would be the required sales volume now?#38 Use the data in the table to find the marginal cost of producing the 6th units of output. Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Question 38 options: a) $6.00 b) 4.$30.00 c) $27.00 d) $5.00
- 5. El Sol Inc. produces beach towels. The cost of each towel is $ 4.00 and it sells for $ 10.00 after the markup on its cost. Similar towels sell for $ 8.00. How much should each towel cost you to be able to adjust to the market price and keep your profit margin?QUESTION 8 When the marginal-cost curve lies below the marginal-revenue curve a. the firm cannot improve its profit since revenue is already greater than cost. b. marginal revenue is greater than marginal cost, and the firm should therefore increase production to increase profits. c. marginal revenue is greater than marginal cost, and the firm should therefore decrease production to increase profits. d. marginal revenue is less than marginal cost, and the firm should therefore decrease production to increase profits. e. it is not possible for this firm to increase profits since it is failing to operate at an efficient point.Proctoring Enabled: Quiz 3 Fall 2022 for May Ann C. 8 00:05:57 ! Required information The data are for a firm operating in perfect competition. Output 1 2 3 4 5 6 7 8 Multiple Choice Marginal Costs Average Variable Costs 70 65 60 70 60 50 60 70 80 100 120 60 62 64.3 Saved 70 76.25 Average Costs 200 130 103.3 92.5 88 86 88.6 92.5 Help Save & Exit Submit Use the table above to answer this question. If the market price is $80, what is the profit-maximizing output and will be the firm profit or loss?
