Have you ever walked into a restaurant for lunch and found it almost empty? Why, you might ask, does the restaurant even bother to stay open? It might seem that the revenue from so few customers could possible cover the cost of running the restaurant. Provide an opinion using the concepts of sunk costs, marginal cost and marginal revenue.

Jeb owns a small marketing company, which he operates from a home office. Jeb’s home office is an example of which of the following? Fixed cost Marginal cost Implicit cost Explicit cost

If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost

When would a profit-maximizing firm shut down in the short run?

Explain why a company would shut down in the short run.

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Microeconomics

Analyze Perfect Competitive Market - In terms of cost, price, and profit   write a paragraph in your own words plzz. No plagiarism. Provide unique solution

I. A company produces at an output level where marginal cost is equal to marginal revenue and has the following revenue and cost levels: Total revenue = $1,450 Total cost = $1,500 Total variable cost = $1,300 What would you suggest? a. Shut down. b. Continue to produce because the loss is less than the total fixed cost. c. Increase production to lower the marginal cost. e. Raise the price. II. At current long-run production levels, the marginal revenue of a competitive firm is $15 and the marginal cost of the firm is $15. If the market is perfectly competitive, the firm should a. cut back on production. b. stop production all together. c. produce more. d. continue producing at current levels.

Price Average total cost AVC Demand Marginal cost Marginal revenue Q Quantity Discuss the firm plotted on the figure. What type of firm do you see?is the firm operating at the optimal point of production? is the firm making a proht? s the firm operating in the short or in the long run?