Homework Answers
Ans. B. Increase output
When there is Marginal Revenue higher than marginal cost it shows that with per unit production of the good gives more revenue than the cost. Hence the firm will earn higher profits, by increasing its production levels along with keeping its cost of production low.
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At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing...
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A...
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A profit- maximizing firm will decrease prices. increase output O decrease output. shut down.
Afirm's marginal revenue of MR = 200-24, and marginal cost of MC = 50. The profit-maximizing...
Afirm's marginal revenue of MR = 200-24, and marginal cost of MC = 50. The profit-maximizing level of output is O 50 O 75 200 O 150
A profit maximizing monopolist faces the following information: P = $4, MR = $2, MC =...
A profit maximizing monopolist faces the following information: P = $4, MR = $2, MC = $1.50. The firm should a) shut down b) increase output c) decrease output d) stay at its current level of output
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
If a firm's marginal cost exceeds its marginal revenue, then a. profit is negative b. the...
If a firm's marginal cost exceeds its marginal revenue, then a. profit is negative b. the firm should shut down c. cutting back production will increase profits d. the firm should reduce its per-unit cost by increasing its output
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
The graph shows a monopolist's demand (D), marginal revenue (MR), marginal cost (MC), and average total...
The graph shows a monopolist's demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Despite having the market all to itself, the firm has struggled to make money. Suppose that the firm is sold,and the new owner is initially less intent on maximizing profits than on simply making a profit. What range of production quantities will low the frm to operate while earning a profit? Give your answer by those limits dragging the Qmin to...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
Exhibit 8-9 A firm's cost and marginal revenue curves In Exhibit 8-9, product price in this...
Exhibit 8-9 A firm's cost and marginal revenue curves In Exhibit 8-9, product price in this market is fixed at $14. This firm is currently operating where MR = MC. What do you advise this firm to do? Group of answer choices A. This firm should shut down. B. This firm could increase profits by increasing output. C. This firm could increase profits by decreasing output. D. This firm should continue to operate at its current output. E. This firm...
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A profit- maximizing firm will decrease prices. increase output O decrease output. shut down.
Afirm's marginal revenue of MR = 200-24, and marginal cost of MC = 50. The profit-maximizing level of output is O 50 O 75 200 O 150
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
The graph shows a monopolist's demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Despite having the market all to itself, the firm has struggled to make money. Suppose that the firm is sold,and the new owner is initially less intent on maximizing profits than on simply making a profit. What range of production quantities will low the frm to operate while earning a profit? Give your answer by those limits dragging the Qmin to...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
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