When the market price is equal to the minimum value of the average variable cost curve: a) the firm covers its fixed costs of production  b) marginal cost is greater than average variable cost  c) average cost is less than average variable cost  d) marginal revenue equals average variable cost

Consider a firm with the following cost function:   C (q) = 4q^2 + 100   Find the long-run supply and the short-run supply of the firm, under the assumptions that the total cost function is the same in the long and in the short run, but the xed cost is sunk in the short run.

If a perfectly competitive firm's average total cost is less than the price, then the firm A) incurs an economic loss. B) makes an economic profit. C) makes zero economic profit. D) makes either zero economic profit or an economic profit depending on whether the marginal revenue is equal to or greater than the price. E) None of these answers is correct because the relationship between the price and average total cost has nothing to do with the firm's profit.

On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results.   Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________.   Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.

A profit-seeking firm should expand its output so long as: marginal revenue exceeds marginal cost price exceeds average total cost marginal cost is not rising average total cost is not rising

Let's consider a company that produces a good Z, in a perfectly competitive market. The expression for the total cost of this undertaking is as follows: C( q) = 72 + 2q2 Graph the marginal cost, average cost, and average variable cost curves of this company. Your chart should be accurate. Also include the break - even point (SR) and closing point (SF).

What is the term for the minimum level of output a firm must produce to cover its variable costs in the short run? a) Shutdown point b) Marginal cost point c) Average cost point d) Total cost point

Variable costs are Multiple Choice costs that remain to be paid even if the firm shuts down temporarily. costs that change every day or every month. costs that change with the level of production. changes in total cost due to the production of an additional unit of output.

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?

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