. A firm's total profit is generally at a maximum when totalcost is at a minimum.a. TrueO b. False

Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Answered: A firm's total profit is generally at a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The company XYZ produces chairs and its costs are given in the table below. Variable Quantity Total Costs Variable Costs Fixed Costs Value 30 $3,600 $2,400 $1,200 In the short run, should this company shut down if the price of the chair is $95/unit? a. Yes, because the average total cost is higher than the price. b. Yes, because the average variable cost is higher than the price. O c. No, because the average total cost is higher than the price. d. No, because the average variable cost is lower than the price.
Question 4 Charlie Co. sells pastries and its production and cost table is given below. A worker costs $100 a day, the firm has fixed costs of $200. L MP MC TC АТС 1 20 2 50 3 90 4 120 5 140 6 150 155 a. Complete the table above b. Compare the average total cost and the marginal cost and explain the relationship c. Describe the methuds that can be used to determine where profit is maximized? IN
QUESTION 1 When diseconomies of scale occur: CA. the long-run average total cost O B. marginal cost intersects average OC the long-run average total cost O D. average fixed costs curve falls total cost curve rises will rise
You learn that a firm's average total costs (ATC) and average variable costs (AVC) are exactly equal. What does that mean? O Marginal cost is zero O ATC and AVC must be equal to zero O Average fixed costs (AFC) are zero O Economic profit is positive O Economic profit is negative
QUESTION 2 When the article said that Bird was making 19% gross margin profit, this is O A. Accounting profit O B. Economic Profit O C. Neither accounting nor economic profit. D. Cannot tell from the article what kind of profit с
8. Consider a firm's short run and long run average costs depicted below: 300 270 240 210 180+ Wunt 150 120+ 90 60 30 ---- W X AC LRAC 200 400 600 800 1000 1200 1400 1600 1800 2000 # of units Suppose this firm has been producing 400 units per month for a long time. If it decides to increase its output to 800 units per month, then its average cost will O A. fall from $300/unit to $150/unit initially, then rise to $240/unit eventually. O B. fall from $300/unit to $60/unit initially, then rise to $240/unit eventually. O C. fall from $300/unit to $60/unit and remain there. O D. fall from $300/unit to $240/unit and remain there. O E. rise from $150/unit to $240/unit initially, then fall to $60/unit eventually. OF. rise from $150/unit to $300/unit initially, then fall to $60/unit eventually. O G. fall from $150/unit to $60/unit and remain there. OH. rise from $150/unit to $240/unit and remain there.
Under which of the folowing examples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Menican food instead of talian food. OR It you use a diamond mine as a touriet atraction instead of using it for mining. Oc Opering a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic profit is negafive, is not possibie.
answer quickly
S 90 70 40 30 50 MC 100 ATC AVC Figure shows a firm's marginal cost, average total cost, and average variable cost curves. When Q = 50, the total cost will be: O A. $2,800. O B. $4,500. O C. $6.300. O D. $2,100.
I need the answer as soon as possible
f production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the aver ecimal places.) Output (q) VC C MC AFC AVC AC 1 $100 $64 112 $164 $64 48 $100.00 $64.00 $164.00 50.00 56 00 106.00 2 100 212 3. 100 144 244 32 33.33 48.00 4. 100 160 16 25.00 40.00 65.00 100 192 292 -32 20.00 58 40 9. 100 340 48 16.67 40.00 56.67 7. 100 -304 404 14.29 4343 57.71 100 -384 484 80 48.00 60.50 53.33 59.20 9. 100 480 580 96 11.11 64.44 10 100 592 112 10.00 F.
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A firm's total profit is generally at a maximum when total cost is at a minimum. a. True O b. False