If the firm produces 4 units of production at a price of 8 monetary units each, and the total fixed costs (TFC) are 10 monetary units, the total variable costs (TVC) are 42 monetary units. Calculate the total economic profit (or the loss).

Question 21 Average fixed cost decreases as quantity increases. True False

A cookie company can produce 500 cases of chocolate chip cookies a week at a total cost of $3,000 and 750 cases of chocolate chip cookies at $4250. Find the manufacturer's weekly fixed costs and marginal cost per case of chocolate chip cookies. Assume the marginal cost is constant.

What would be the profit of a firm who generates a total revenue of $3300 and the cost incurred is $2900

The explicit cost of the firm is $800, implicit cost is $550 and the total revenue is $3000 Calculate the economic profit

The Finger Lakes region in New York State produces wine. The climate favors white wines, but reds have been produced successfully in the past 15 years. Categorize the following costs incurred by one winery as either fixed or variable G. the wages of the wine expert who blends the wine in August and September, after the grapes have been picked

Classify the following milk bar short-run costs as fixed cost or variable cost  Milk truck Fruit freezer   Cost of milk sold each day ii) Assuming the following are the costs of your milk bar after the end of the second week answer the question below based on the following information. Fixed cost increased from 100 to 150 Variable cost increases from 220 to 300 Milk output increases from 450 to 620  a) What is the average total cost during the second week. Show your work  b) What is the marginal cost. Show your work

The Finger Lakes region in New York State produces wine. The climate favors white wines, but reds have been produced successfully in the past 15 years. Categorize the following costs incurred by one winery as either fixed or variable. Are the wages paid to the same workers who pick the grapes at the end of August or early September a variable or fixed cost?

A company produces very unusual CD's for which the variable cost is $ 9 per CD and the fixed costs are $ 50,000. They will sell the CD's for $ 57 each. Let x be the number of CD's produced and sold. a. Write the total cost TC as a function of the number of CD's produced and sold. TC = $ b. Write the total revenue TR as a function of the number of CD's produced and sold. TR = $ c. Write the total net income NI as a function of the number of CD's produced and sold. NI = $ d. Find the number of CD's which must be produced and sold to breakeven. The number of CD's which must be produced and sold to breakeven is Round UP to the nearest whole number of CDs. Submit Question

Question 1 Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 2 $18 $24 4 $32 5 $42 6 $54 7 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). (d) If the rent of the building the firm occupies increases, what will happen to the firm's profit-maximizing quantity of output in the short…