At a market price of $5 your artisanal pencil business maximizes profits by producing 484 pencils per day. When you produce this quantity of pencils per day, your average cost per unit is $4. What is your total revenue per day? $ What is your total cost per day? $ What is your daily profit? $

A young Thomas Edison makes 20 light bulbs a week in his dorm room. The parts for each light bulb cost $2.25. He sells each light bulb for $5.25. General Electric offers Thomas an executive job that pays $55.00 a week. Thomas’s weekly economic profit from making light bulbs is equal to:   Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.   $

The graph shows the Cost curves for a profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximum quantity, what is the amount of the total fix cost

suppose the average variable cost of production is $15 when output equals 110 haircuts and $17.26 when output equals 140 haircuts. If the firm wants to maximize profit how many haircuts will it produce at what cost? explain your answer.

What is the firm’s total variable cost at this level of output?   $    e. What is the firm’s fixed cost at this level of output?   $    f. What is the firm’s profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (−) profits.   $    g. What is the firm’s profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (−) profits.   $    h. In the short run, should this firm continue to operate or shut down?

The following graph plots the marginal cost (MC) curve, average total cost (ATC) curve, and average variable cost (AVC) curve for a firm operating in the competitive market for sun lamps.

The following incomplete table describes the costs faced by a firm as it produces an increasing quantity of output. All costs are in dollars. Many cells are left blank and you may need to fill some of them in to answer the question: Average Average Total Quantity Total Cost Marginal Cost Variable Cost Cost 1 45 10 8 3 59 4 16 In dollars, what is this firm's marginal cost of producing its fourth unit of output?

In what way does an economist's measurement of profit differ from an accountant's? Accountants calculate total revenue differently. Accountants do NOT always include all of the opportunity costs when calculating total production costs. Economists calculate higher profits for firms as economic profit generally exceeds accounting profit. Economists do NOT always include all of the opportunity costs when calculating total production costs.

Bob the Builder is currently producing 20 bookshelves at à total cost of $2,000. His average variable cost is $90. What are Bob's fixed costs? Bob's fixed costs must be $

Total Cost Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Fixed Cost Variable Cost Average Total Cost (Dollars per pair) Quantity (Pairs) (Dollars) (Dollars) (Dollars) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them…