Please help me in both questions, thank you very much :)
Homework Answers
1) Both 2 and 3 are correct.
5)
a. Average total cost
b. Total economic profit = Q x (P - ATC) = 170000 x 16 = $ 2.72 million
c. Yes (It would still make an economic profit because P = $ 60000 > ATC = $ 598000)
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Please help me in both questions, thank you very much :)
QUESTION 1 Alice owns a...
QUESTION 1 Alice owns a cafe in the Brisbane CBD. Due to the large number of...
QUESTION 1 Alice owns a cafe in the Brisbane CBD. Due to the large number of cafes in area, the market is highly competiti ve 1. If Alice experiences economic losses, she would definitely leave the market immediately. 2. Alice is a price taker. 3. If the market price is above the minimum ATC for the profit maximising quantity Alice produces, Alice is making an economic profit. Which of the above statements are true: Only 1 is true. Only 2...
Please help me in both questions, thank you very much :) QUESTION 3 Ben is a...
Please help me in both questions, thank you very much
:)
QUESTION 3 Ben is a musician who has just finished his degree in music technology. He is currently deciding whether or not to accept a job in Brisbane as a music teacher at a local school, or focus on being a touring musician. He ill earn a wage of $35,000/year as a teacher in Brisbane, and $25,000/year as a touring musician based in Melbourne. Rent is $10,000lyear in Brisbane,...
Please help me in both questions, thank you very much :) QUESTION 6 According to the...
Please help me in both questions, thank you very much :)
QUESTION 6 According to the Herald Sun Newspaper, a study by the Centre for International Finance found that Australian monopolies perform better compared to monopolies elsewhere. Surprisingly, the research found that companies with monopoly power in Australia were three times more likely to invest in research and development than companies in competitive markets Which of the following are valid explanations for the existence of monopolies? 1. They have exclusive...
QUESTION 5 Over the past few years, Australian residential properties have attracted considerable interest from foreign...
QUESTION 5 Over the past few years, Australian residential properties have attracted considerable interest from foreign investors. This has resulted in a significant increase in the number of new apartment developments, particularly in Fortitude Valley and Newstead Answer the following questions: a. Assume that the residential construction industry was earning normal profits prior to the increase in demand for residential properties from foreign investors. If no new construction firms enter the market, it is likely that the existing construction firms...
Please help me in both questions, thank you very much :) QUESTION 2 Helen runs a...
Please help me in both questions, thank you very much :)
QUESTION 2 Helen runs a restaurant in South Bank. During the Brisbane River Fire event, Southbank restaurants are in very high demand. To meet the demand on this night, Helen has to hire additional staff and hire additional tables and chairs. As a result, Helen offers a Special River Fire' menu that is more expensive than her usual menu, although contains the same food. Which of the following statements...
Could someone please help me with these questions! Thank in advance! Question 8 (1 point) Which...
Could someone please help me with these questions!
Thank in advance!
Question 8 (1 point) Which of the following statements is true for a perfectly competitive market in the short run? I. It is possible that existing firms make positive profit. II. It is possible that existing firms make negative profit. Both are false. Only II. is true. Only I. is true. Both are true. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk...
If you could, please explain a. and b. QUESTION 10 Every year at the Brisbane Exhibition...
If you could, please explain a. and b.
QUESTION 10 Every year at the Brisbane Exhibition (the 'Ekka), hundreds of vendors sell Showbags containing an assortment of goods. Assume the market for Ekka Showbags is perfectly competitive. Kelly is a producer in the Showbag market, selling her Showbags at the market price of $5.00. At the profit-maximising output level of 46 Showbags, Kelly's average total cost is $4.20 per Showbag. The minimum average variable cost is $3.70 per Showbag. Answer...
Please help me in both questions, thank you very much :) QUESTION 2 The UQ Union...
Please help me in both questions, thank you very much
:)
QUESTION 2 The UQ Union is considering two expenditure options. It can either buy 20,000 ice-creams (each costing $2.50) to distribute to UQ students or it can construct a skate park costing $50,000 for students to freely use. There are approximately 50,000 students at UQ and each student values an ice-cream (and every additional ice-cream) at $2.50 and the use of the skate park at $2.50 Which of the...
QUESTION 5 Australians are one of the highest per capita consumers of coffee in the world....
QUESTION 5 Australians are one of the highest per capita consumers of coffee in the world. Their coffee consumption has been increasing over the years. As a result, a large number of cafes have continued to open across Brisbane to cater for this increasing demand. Answer the following questions: a. Imagine the market is currently at long run equilibrium. Research has recently been published indicating coffee consumption may lead to increased incidents of cancer. This negative publicity about coffee would...
Plz help me fill the the AVC row in this chart. also can you tell me...
Plz help me fill the the AVC row in this chart. also can you
tell me what’s suppose to be hightlighted for question 7? And
explain question 8 to me?
The talde below represents the output and cost structure for a tim. The market is perfectly petitive, and the market price is $10. Total costs include all implicit opportunity costs y Marginal Maral Cost Revenue Total Average Total Cost Average Variable Cost een Profi 1. Calculate the firm's profit at...
QUESTION 1 Alice owns a cafe in the Brisbane CBD. Due to the large number of cafes in area, the market is highly competiti ve 1. If Alice experiences economic losses, she would definitely leave the market immediately. 2. Alice is a price taker. 3. If the market price is above the minimum ATC for the profit maximising quantity Alice produces, Alice is making an economic profit. Which of the above statements are true: Only 1 is true. Only 2...
Please help me in both questions, thank you very much
:)
QUESTION 3 Ben is a musician who has just finished his degree in music technology. He is currently deciding whether or not to accept a job in Brisbane as a music teacher at a local school, or focus on being a touring musician. He ill earn a wage of $35,000/year as a teacher in Brisbane, and $25,000/year as a touring musician based in Melbourne. Rent is $10,000lyear in Brisbane,...
Please help me in both questions, thank you very much :)
QUESTION 6 According to the Herald Sun Newspaper, a study by the Centre for International Finance found that Australian monopolies perform better compared to monopolies elsewhere. Surprisingly, the research found that companies with monopoly power in Australia were three times more likely to invest in research and development than companies in competitive markets Which of the following are valid explanations for the existence of monopolies? 1. They have exclusive...
QUESTION 5 Over the past few years, Australian residential properties have attracted considerable interest from foreign investors. This has resulted in a significant increase in the number of new apartment developments, particularly in Fortitude Valley and Newstead Answer the following questions: a. Assume that the residential construction industry was earning normal profits prior to the increase in demand for residential properties from foreign investors. If no new construction firms enter the market, it is likely that the existing construction firms...
Please help me in both questions, thank you very much :)
QUESTION 2 Helen runs a restaurant in South Bank. During the Brisbane River Fire event, Southbank restaurants are in very high demand. To meet the demand on this night, Helen has to hire additional staff and hire additional tables and chairs. As a result, Helen offers a Special River Fire' menu that is more expensive than her usual menu, although contains the same food. Which of the following statements...
Could someone please help me with these questions!
Thank in advance!
Question 8 (1 point) Which of the following statements is true for a perfectly competitive market in the short run? I. It is possible that existing firms make positive profit. II. It is possible that existing firms make negative profit. Both are false. Only II. is true. Only I. is true. Both are true. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk...
If you could, please explain a. and b.
QUESTION 10 Every year at the Brisbane Exhibition (the 'Ekka), hundreds of vendors sell Showbags containing an assortment of goods. Assume the market for Ekka Showbags is perfectly competitive. Kelly is a producer in the Showbag market, selling her Showbags at the market price of $5.00. At the profit-maximising output level of 46 Showbags, Kelly's average total cost is $4.20 per Showbag. The minimum average variable cost is $3.70 per Showbag. Answer...
Please help me in both questions, thank you very much
:)
QUESTION 2 The UQ Union is considering two expenditure options. It can either buy 20,000 ice-creams (each costing $2.50) to distribute to UQ students or it can construct a skate park costing $50,000 for students to freely use. There are approximately 50,000 students at UQ and each student values an ice-cream (and every additional ice-cream) at $2.50 and the use of the skate park at $2.50 Which of the...
QUESTION 5 Australians are one of the highest per capita consumers of coffee in the world. Their coffee consumption has been increasing over the years. As a result, a large number of cafes have continued to open across Brisbane to cater for this increasing demand. Answer the following questions: a. Imagine the market is currently at long run equilibrium. Research has recently been published indicating coffee consumption may lead to increased incidents of cancer. This negative publicity about coffee would...
Plz help me fill the the AVC row in this chart. also can you
tell me what’s suppose to be hightlighted for question 7? And
explain question 8 to me?
The talde below represents the output and cost structure for a tim. The market is perfectly petitive, and the market price is $10. Total costs include all implicit opportunity costs y Marginal Maral Cost Revenue Total Average Total Cost Average Variable Cost een Profi 1. Calculate the firm's profit at...
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