A firm will earn economic profits whenever   Question 29 options:   A)  average revenue exceeds average total costs.   B)  marginal revenue exceeds marginal costs.   C)  marginal revenue exceeds variable costs.   D)  average revenue exceeds average variable costs.

Full explanations would be appreciated! 25) In a short-run production process, the marginal cost is rising and the average variable cost is falling as output is increased. Thus, A) marginal cost is below average fixed cost. C) average fixed cost is constant. B) marginal cost is below average variable cost. D) marginal cost is above average variable cost. 26) A firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital at a rate of $21 per hour. The marginal product of labor is 3, and the marginal product of capital is 5. The firm A) could reduce the cost of producing its current output level by employing more labor and less capital. B) could reduce the cost of producing its current output level by employing more capital and less labor. C) could increase its output at no extra cost by employing more capital and less labor. D) is producing its current output level at the minimum cost. E) Both B and D are true.

7. If the Marginal Cost for a product is found to be MC = 10e0.5%, and the Marginal Revenue is given as MR = 1300 and the cost of 10 units is found to be $4000, what are: a. the Total Cost Function? b. the Fixed Cost value? c. the Total Profit Function? d. the production level, x, that yields Maximum Profit? e. the corresponding Maximum Profit value?

The fixed cost per unit is equal to: Multiple choice question. average variable cost. average total cost. average fixed cost. marginal cost.

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For each lettered space in the following table, determine the appropriate dollar amount.