What specific data must a firm examine to decide the quantity of product it should produce to make maximum profit? How will the firm know if it should produce at all? How will the firm know if it mak a an economic profit?

Q: Suppose a farmer in Georgia begins to grow peaches He uses $1,000,000 in savings to purchase land,…

A:

Q: Lt a product price of $56 Vill this firm produce in the short run? ii) If it is preferable to…

A: Short run is defined as the time period in which atleast one of the factors used is fixed and others…

Q: Based on the given graph: a. If this firm profit-maximizes, how much output will it produce and…

A: Given;

Q: The table below represents a firm's profit for producing and selling candles.  Assume that if a firm…

A: Total revenue is price multiplied by quantity. Marginal revenue is change in total revenue with…

Q: How does publishing the hardback and paperback edition affects profits and quantities compared to…

A: Hardback is meant to target the public who is committed to buying those hardback books while…

Q: customers there while you golf. Why do you think a miniature golf course would stay open during the…

A: *answer:

Q: During the recent auto sales slump, GM, Ford, and Chrysler decided it was cheaper to sell cars to…

A: The article mentions anout selling cars at a loss. It is referring to economic cost.

Q: Fill in the columns in the following table. What quantity should a profit-maximizing firm produce?…

A: Formula used for completing the table below: TC = TFC + TVC MC = TCn - TCn-1 TR = P*Q Profit = TR -…

Q: Dr. D. is a critic of standard microeconomic analysis. In one of his frequent tirades, he was heard…

A: A supply curve is a line representing the level of goods and services that can be supplied in an…

Q: Explain why a firm might want to produce its good even after diminishing marginal returns have set…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

Q: What can we say a firm receives if the price exceeds the marginal cost?  Group of answer choices A…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A firm is defined as a a president, some vice presidents, and some employees. b. any organization…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Explain the counter-intuitive proof of diminishing marginal productivity: if the law of diminishing…

A: Total product refers to the output amount that can be produced by a given amount of variable factor,…

Q: What is the definite rule to maximize profit?

A: Profit is the difference between total revenue and total cost and profit is maximized where the…

Q: WHY SOME FIRMS MIGHT BE ABLE TO CONTINUE TO MAKE AN ACONOMIC PROFIT IN THE LONG RUN?

A: A monopoly occurs when a single person or corporation serves as the exclusive supply of a certain…

Q: Why would a firm that incurs losses choose to produce rather than shut down? Why could this choice…

A: In short run firm exhibits return to factor where only one factor is variable and another factor is…

Q: hat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why…

A: Marginal product refers to an addition to the total production by producing an extra unit of output.…

Q: 15. Explain the following: a) Why would a U-shaped Average Cost (AC) curve result from a Total Cost…

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Q: Complete the following table (6 points):     Quantity/Output   Total Fixed Cost   Average…

A: A cost function is an element of info costs and yield amount whose worth is the expense of making…

Q: What level of output does a firm produce?

A: The quantity of products and services produced in a particular time period is referred to as output…

Q: possible. 3.- If the marginal income is greater than the marginal cost, the competitive company…

A: 3.  If the marginal income is greater than marginal cost, then it gives out a positive output.

Q: What stage of production is efficient region of production in short run?

A: There are three stage of production. The law of variable proportion can be divided into three…

Q: What are the short-run and long-run costs of the production of Walmar

A: There are various costs incurred by a firm during its production process and even in the pre and…

Q: A firm is defined as a. a president, some vice presidents, and some employees. b. any organization…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: you assume that a firm has a U-shaped average cost curve, why would large and small firms have…

A: The economies and diseconomies of scale lead to the U shaped average cost curve.

Q: table below shows the cost of production for Coca-cola 200 ml. please answer the table and explain…

A: TC = FC + VC MC = change in TC ATC = TC / output AVC = VC / output

Q: B. The table below shows the cost structure of a hypothetical firm, ClementAddae Enterprise.…

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Q: Part I Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the…

A: Answer - "Thank you for submitting the questions .But, we are authorized to solve one question at a…

Q: Calculate the marginal cost, marginal revenue and profit for each unit of production.  ii. How many…

A: MC = TCn -TCn-1    Profit = TR - TC

Q: Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2…

A: Answer: (b). From part (a) it is known that the profit-maximizing quantity of corn is 16 dozen ears…

Q: Do you think that the taxicab industry in large cities would be subject to significant economies of…

A: The economies of scale arise when a firm produces a large quantity because as the production…

Q: Complete the sentences to illustrate how economists and accountants view profit differently.…

A: We have to find following given questions.

Q: Please don't copy ans                      Economics You are the owner of a motorbike company that…

A: Production function of old firm : f(o) = mL0.5 Of new firm : f(n) = nL0.5 Cost functions are the…

Q: In the realm of business, how should a Paulinian businessman conduct his business? What must he/she…

A: Paulinian businessman conducts his business he/she must do:- Get Organized. To gain business…

Q: 4.4 Older oil wells that produce fewer than 10 barrels of oil a day are called “stripper" wells.…

A: * Answer :-

Q: What economic principle explains why average variable costs and marginal costs initialy decrease as…

A: A U-shaped curve represents the average variable cost function. Initially, as output increases, the…

Q: Economic profit is:

A: Economists and Accountants measure profit differently.

Q: I was wondering what the answer to this problem in Krugman´s microeconomics book is: A benefit…

A: In the short as well as long run they should close the business.

Q: How much will the firm produce in order to maximise profits at a price of £8 per unit and  What…

A: With price of 8$, the profit maximizing firm in perfectly competitive market will produce 70 units…

Q: se the graph above to answer these questions: What is the profit-maximizing level of output? What…

A: This is a perfectly competitive market as price is independent of output produced. Thus 1 represents…

Q: Explain the idea behind diminishing marginal returns and give a real-life example.

A: Diminishing Marginal Returns happen while expanding one unit of creation, while holding different…