What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total revenue is $800

Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 7x²; R(x) = x³ + 11x + 15 marginal cost marginal revenue marginal profit Find all values of x for which the marginal profit is zero. Interpret your answer. (Enter your answers as a comma-separated list.) X =

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

Use the table below to answer the following question. Units Total Fixed Cost Total Variable of Output (dollars) Cost (dollars) 1 150 25 2 150 48 3 150 70 150 100 What is the marginal cost (MC) of producing the fourth unit of output?

Economists define profit a bit differently than in accounting. In addition to explicit costs, we also subtract out implicit costs—what you could have earned from the next best alternative.  For example, suppose that you are making $60,000 as an accountant.  You decide to quit your job and open up your own accounting business.  You end up making a profit of $50,000.  How have you done?  Accountants would call this a profit of $50,000 while economists would say that you just lost $10,000 (relative to what you were making before).  So, economists define profits as being equal to total revenues minus total costs, where costs include the opportunity cost. Suppose that a firm had sales revenue of $1 million last year.  It spent $600,000 on labor, $150,000 on capital, and $200,000 on materials.  Calculate the firm’s accounting profit?  If the firm’s factory sits on land owned by the firm that it could rent for $30,000 per year, calculate economic profits.

Which of the following graphs shows average fixed cost?

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?

A company produces very unusual CD's for which the variable cost is $ 11 per CD and the fixed costs are $ 30000. They will sell the CD's for $ 89 each. Let x be the number of CD's produced. a. Write the total cost C as a function of the number of CD's produced. C = $ b. Write the total revenue R as a function of the number of CD's produced. $ R = c. Write the total profit P as a function of the number of CD's produced. $ P = d. Find the number of CD's which must be produced to break even. The number of CD's which must be produced to break even is Round to the nearest number of CDs.

How does fixed cost affect marginal cost? Why is this relationship important?

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?