Rhonda's Salmon Farm produced 1,000 fish last week. The marginal cost was $5 a fish, average...
Homework Answers
Ans) the correct option is B. not maximizing; increase
Since market price exceeds marginal revenue so the firm is not profit maximizing. To maximize profit Rhonda will increase its output
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Rhonda's Salmon Farm produced 1,000 fish last week.
The marginal cost was $5 a fish, average...
Please indicate the right answer and explain why. Thank you! Walt's Salmon Farm produced 1,300 fish...
Please indicate the right answer and explain why. Thank you!
Walt's Salmon Farm produced 1,300 fish last week. The marginal cost was $10 a fish, average variable cost was $19 a fish, and the market price was $21 a fish. Walt is__profit, so if nothing changes he will__the number of fish he produces to maximize his profit this week. O A. maximizing; increase O B. maximizing; not change O C. not maximizing; increase O D. not maximizing: decrease E. maximizing;...
Tina bakes delicious cookies. The total fixed cost is $40 a day, and her average variable...
Tina bakes delicious cookies. The total fixed cost is $40 a day, and her average variable cost is $1 a bag. Few people know about Tina’s Cookies, and she is maximizing her profit by selling 10 bags a day for $5 a bag. Tina thinks that if she spends $50 a day on advertising, she can increase her market share and sell 25 bags a day for $5 a bag. a. If Tina’s advertising works as she experts, can she...
Please fill in the graph and state the (x,y) axis aswell please. Fill in the blanks please aswell.
Please fill in the graph and state the (x,y) axis aswell please.
Fill in the blanks please aswell.
Suppose Yvette runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan The following graph shows Yvette's total cost curve Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero...
1. Profit maximization using total cost and total revenue curves Suppose Alyssa runs a small business that manufactures...
1. Profit maximization using total cost and total revenue curvesSuppose Alyssa runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt.The following graph shows Alyssa's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Alyssa produces.Calculate Alyssa's marginal revenue and marginal cost for the first...
Quantity Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 1,000 - - -...
Quantity Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 1,000 - - - 10 1,600 60 160 60 20 2,100 50 105 55 30 2,500 40 83.33 50 40 2,800 30 70 45 50 3,200 40 64 44 60 3,700 50 61.67 45 70 4,300 60 61.43 47.14 80 5,000 70 62.50 50 90 5,800 80 62.44 53.33 Consider the above costs of a purely competitive firm. Calculate this firm's profit maximizing quantity and profit (or loss)...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
1. Profit maximization using total cost and total revenue curves Suppose Juanita runs a small business...
1. Profit maximization using total cost and total revenue curvesSuppose Juanita runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a competitive market, and the market price is $20 per teddy bear.The following graph shows Juanita's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for teddy bears quantities zero through seven (inclusive) that Juanita produces.Calculate Juanita's marginal revenue and marginal...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies,...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Profit maximization using total cost and total revenue curves Suppose Kate runs a small business that...
Profit maximization using total cost and total revenue
curves
Suppose Kate runs a small business that manufactures shirts.
Assume that the market for shirts is a competitive market, and the
market price is $20 per shirt.
The following graph shows Kate's total cost curve.
Use the blue points (circle symbol) to plot total revenue and
the green points (triangle symbol) to plot profit for the first
seven shirts that Kate produces, including zero shirts.
Calculate Kate's marginal revenue and marginal...
Please indicate the right answer and explain why. Thank you!
Walt's Salmon Farm produced 1,300 fish last week. The marginal cost was $10 a fish, average variable cost was $19 a fish, and the market price was $21 a fish. Walt is__profit, so if nothing changes he will__the number of fish he produces to maximize his profit this week. O A. maximizing; increase O B. maximizing; not change O C. not maximizing; increase O D. not maximizing: decrease E. maximizing;...
Please fill in the graph and state the (x,y) axis aswell please.
Fill in the blanks please aswell.
Suppose Yvette runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan The following graph shows Yvette's total cost curve Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero...
1. Profit maximization using total cost and total revenue curvesSuppose Alyssa runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt.The following graph shows Alyssa's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for shirts quantities zero through seven (inclusive) that Alyssa produces.Calculate Alyssa's marginal revenue and marginal cost for the first...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Profit maximization using total cost and total revenue
curves
Suppose Kate runs a small business that manufactures shirts.
Assume that the market for shirts is a competitive market, and the
market price is $20 per shirt.
The following graph shows Kate's total cost curve.
Use the blue points (circle symbol) to plot total revenue and
the green points (triangle symbol) to plot profit for the first
seven shirts that Kate produces, including zero shirts.
Calculate Kate's marginal revenue and marginal...
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