What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources? What happens to the value of resources when losses are present? If a firm making losses goes out of business, is this bad? Why or why not?

How would you calculate the marginal cost of your firm's output? (think of a single product, not an industry).

Define and explain the differences between accounting profit and economic profit.

Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advance

A firms total profit equals?

Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?

Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the stu- dent recreation center, which pay $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year a. What are fixed costs?b. What are variable costs? c. What is the marginal cost?

What are the advantages of scale in capitalist competition?

If a technological advance lowers a firm's production costs, why do prices typically fall?Shouldn't the firm maintain the same price and earn economic profit?

What is the difference between economic profit and accounting profit? What is a normal rate of return and how does normal, less than normal, greater than normal inform resource allocation?