A furniture producer sells a chair for $95. The marginal cost to produce that chair is $95. The furniture producer is operating at ______. Group of answer choices distiributive efficiency productive efficiency allocative efficiency consumer's efficiency

Q: How do you calculate the revenue of a firm that produces only one good?

A: ANS TR is the value of the total number of goods sold by a firm in monetary terms. It is the product…

Q: Marginal cost equals A) all the opportunity cost of producing the amount of output. B) the…

A: Marginal cost is calculated by differentiating total cost or total variable cost with respect to…

Q: The online shopping market is perfectly competitive. Profit-maximizing firms in the market are…

A: Perfect competition is observed when all firms sell homogenous goods, market share does not…

Q: t substitute

A: The marginal rate of substitution is defined as how many units of good x have to be given up for…

Q: A bookstore sells 90 textbooks at a price of $70 a book. The average total cost is $50 per textbook.…

A: Given that : Number of textbooks = 90 Price of a book = $ 70 Average total cost = $ 50

Q: Output TFC TVC 1 2 3 4 5 4 20 20 TC TC AFC AVC ATC MC 5 11 ??? 5 Refer to the following table. What…

A: Determine then TVC at 2nd output TVC at 2nd output = TC - TFC = 11 - 4 = 7Based on the given MC for…

Q: Define the economic efficiency. Explain in detail.

A: When every scarce resource in an economy is utilized and divided among producers and consumers in a…

Q: Give typing answer with explanation and conclusion  Jack scalps lawns in the neighborhood for $36…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: If the marginal revenue is greater than the marginal cost at a certain level of production, then the…

A: Marginal revenue is the amount of extra revenue that might be made by selling just one more unit of…

Q: Refer to the figure and table to answer three questions. Price or Cort (dollars per bushel) 1 18 16…

A: Microeconomics refers to the branch of economics that deals with/studies the behavior of individuals…

Q: 1. CityGas is the only supplier of heating gas in Country K. It has a total cost function of C = 240…

A: a) C= 240 +15Q Marginal cost =dC/dQ = d(240+15Q)/dQ = 15 b)

Q: The value of marginal revenue is $35 and the value of marginal cost is $30 Is the firm maximizing…

A: # The values of marginal revenue and the marginal cost helps us gain the idea whether the firm is…

Q: To find the firm’s profits from the sales figures, assume that the price is $30, that the marginal…

A: Apple / Google Advertise Don't Advertise 700, 700 900, 600 Don't 600, 900 800, 800

Q: Opal & Co. produced and sold 500 dog beds. The average cost of production per bed was $50. Each dog…

A: Total profit of a firm refers to the amount of income earned by a firm after accounting for all the…

Q: for each price in the following table, calculate the firm's optimal quantity of units to produce,…

A: Profit maximization refers to raising profits by utilizing an appropriate approach by commercial…

Q: "Costs do not affect the market price" is this statement right or wrong? Show your work

A: Answer: According to a prior research of price determination in the market age, production expenses…

Q: Table 7-3 Cost $1500 $1300 Denise $1000 Catherine $950 Jackson $600 Seller Dale Jill Refer to Table…

A: Total cost is the sum of fixed cost and variable cost. Total cost is the cost of producing all the…

Q: Market-based prices are least likely to be influenced by. A. The cost to produce the product B.…

A: Price refers to the monetary value of goods or services that a individual or entity pays for buying…

Q: Answer only 6 and 9

A: 6)A large firm can not only produce a wide range of products,but can supply wide range of market…

Q: The efficient market quantity is the quantity where Obenefit; cost minimum cost; marginal cost…

A: The efficient quantity is where the marginal benefit curve intersects the marginal cost curve. The…

Q: Jack scalps lawns in the neighborhood for $36 per house. He does ten houses per day. He is incurring…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: a. What is its profit?b. What is its marginal cost?c. What is its average variable cost?d. Is the…

A: Given: Average Revenue (AR) = $10Average Total Cost (ATC) = $8Fixed Cost (F) = $200Quantity (Q) =…

Q: Marcy owns a photography business in Mobile, Alabama. The market for photography is very…

A: The objective of the question is to determine the best course of action for Marcy to maximize her…

Q: Price, cost of bushel MC $18 16 ATC AVC 14 12 ...... B. 10 1. 2. 3. 4. 5. Quantity of tomatoes…

A: Firms in perfect competition are price takers that is they accept the market price as given.

Q: Fixed cost is $100 per day. Suppose that the price at which Katie can sell catered meals is $21 per…

A: FC=100TC=FC+VCAVC=VCQATC=TCQMC=∆TC∆Q By using the above equation and information in the table, the…

Q: Price and cost (dollars) 50 40 .ATC 10 MC MR 10 Quantity (thousands of households) 20 30 40 50 The…

A: A sole provide of cable television and having downward sloping ATC meaning that it is natural…

Q: One more question is,  A profit maximizing firm faces market price of p2. What are their profits?

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Use the table to find the required value:  Price $32 Quantity 400,000 Explicit Costs $3,500,000…

A: The economic cost is the sum of explicit cost and implicit cost.

Q: A subsidy is defined as O a payment that must be made to the government whenever a good or service…

A: Answer: D ( a payment to either the buyer or seller of a good or service, usually on a per-unit…

Q: 15 IGAGE | Homework PRICE (Thousands of dollars per fire engine) 250 225 200 175 150 125 100 + 75 50…

A: Demand curve shows an inverse relationship between price and quantity demanded. The price decrease…

Q: A customer requests one additional item to be produced by a manufacturer. The manufacturer must…

A: The objective of the question is to identify the economic term that refers to the additional cost…

Q: Price per unit of good is $15 and the output is 200 units  Calculate total revenue

A: The information being given is:- Price per unit of good = $15  Output sold = 200 units   Total…

Q: The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed…

A: We know; MC = Change in TC / Change in Q So; Change in TC = MC x Change in Q Average Cost = Total…

Q: 00-250

A: Marketers tend to provide a range of product or services choices for meeting the diverse consumer…

Q: 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 D 33-1 E What is the profit if the price is…

A: In perfectly competitive market, firms are price takers so they take the market price as given.…

Q: Table 15-4 Price per Dose $80 77645648 40 32 72 Quantity Demanded (dose) 0 24 1 2 3 4 5 6 7 16 8…

A: Profit refers to an excess income that a company earns, over the revenue from the sale of its…

Q: If a firm's profit margin is negative,   this means that:   a. The average cost is above the price.…

A: If price exceeds average cost, then a firm generates an economic profit. However, if price falls…

Q: $2.40 $2.00 $1.30 $1.00 5 7 C 10 A Show Transcribed Text Match the lines designated by letters on…

A: Average variable cost is the variable cost divided by the quantity.AVC is U shaped curve.Average…

Q: If Soltani factory produces 1000 pieces of products, its total cost is equal to 50,000 monetary…

A: Answer: Given, Quantity (Q) Total Cost (TC) (in monetary units) 1,000 pieces 50,000  2,000…

Q: e. Repeat parts b-d for 12 million hours instead of 8 million hours. f. What is the efficient…

A: e. Consumer surplus = 1/2×(20-16)×12 = 24 Producer surplus = 1/2×(16-10)×12= 36 So total economic…

Q: Define the excess capacity and calculate it from a graph. Define a mark-up and calculate it from a…

A: Solution: Capacity Excess:  It refers to the difference between optimum output and the output…

Q: What is the marketing and economics for the cotton production in arizona

A: A market is a place where the buyers and sellers interacts with each other and the exchange of goods…

Q: Mindy's salon is a small business that acts as a price taker (MR=P). The prevailing market price for…

A: Total cost(TC) is the cost a firm incurs during the production process. It includes both fixed cost…

Q: when marginal cost is less than average total cost is falling true False

A: Answer (21). True, Explanation: When the marginal cost is less than the average total cost, the…

Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).