Big Top is the only circus in the nation. The graph shows its demand curve and marginal cost curve. Draw the marginal revenue curve Label it Draw a point at the firm's profit-maximizing output and price Draw a shape to show the consumer surplus Label it CS Draw a shape to show the producer surplus Label it PS Consumer surplus equals S and producer surplus equals s >>> Answer to 2 decimal places When the firm maximizes profit, the circus is OA. efficient marginal revenue equals marginal cost OB inefficient, marginal benefit exceeds marginal revenue OC. efficient, the marginal benefit from an additional ticket is greater than its marginal cost OD. inefficient, the marginal benefit from an additional ticket is greater than its marginal cost OE inefficient, marginal revenue equals marginal cost because 50- 45- 40- 35 30- 25 20 15- 104 Price and cost (dollars per ticket) D MC 54 0+ 0 100 200 300 400 500 600 700 800 900 Quantity (tickets per show) >>> Draw only the objects specified in the question o du Q

Big Top is the only circus in the nation. The graph shows its demand curve and marginal cost curve. Draw the marginal revenue curve Label it Draw a point at the firm's profit-maximizing output and price Draw a shape to show the consumer surplus Label it CS Draw a shape to show the producer surplus Label it PS Consumer surplus equals S and producer surplus equals s >>> Answer to 2 decimal places When the firm maximizes profit, the circus is OA. efficient marginal revenue equals marginal cost OB inefficient, marginal benefit exceeds marginal revenue OC. efficient, the marginal benefit from an additional ticket is greater than its marginal cost OD. inefficient, the marginal benefit from an additional ticket is greater than its marginal cost OE inefficient, marginal revenue equals marginal cost because 50- 45- 40- 35 30- 25 20 15- 104 Price and cost (dollars per ticket) D MC 54 0+ 0 100 200 300 400 500 600 700 800 900 Quantity (tickets per show) >>> Draw only the objects specified in the question o du Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The MR curve of a perfectly competitive firm is horizontal. The MR curve of a monopoly firm is: a. Horizontal, too. b. Upsloping. c. Downsloping. d. It depends.
Calculate marginal Revenue if it's given:- Change in total revenue = $350 Change in output = 20 units
If marginal revenue is $9, how much output will the firm produce, and how much profit will it make? Show your calculations.
Sub : EconomicsPls answer very faast.I ll upvote. Thank You
6. A-One bakery in Brampton sells 350 fruit cakes slices each month for $3.25 each. They are looking for help to come up with a strategy to increase revenue. A student from our school who works their part time conducts a survey. The results of the survey indicate that sales of the fruit cake slices would increase by 80 per month for each $0.10 decrease in price. c. Determine the marginal revenue from the sales of 200 slices of fruit cake. d. The cost of producing x fruit cake slices is C(x) = -0.0005x² + 1.5x + 300. Determine the marginal cost of producing 200 fruit cake slices.
When there is an excess demand of a product in an unregulated market, the tendency is for quantity demanded to increase. O price to decrease. O price to rise. O quantity supplied to decrease.
Wilbur's is the only septic service in a remote village. The firm's total fixed cost is $125 a day and marginal cost is zero. The table gives the demand schedule for service calls. Price (dollars per service call) 500 400 300 200 100 0 Quantity (service calls per day) 0 2 4 Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw the firm's marginal cost curve. Label it MC. Draw a point at the profit-maximizing price and output. Wilbur's economic profit is $ a dav. 689 10
Complete the sentence. With competitive rent seeking, a single-price monopoly's O A. output exceeds that of a competitive industry O B. deadweight loss increases C. producer surplus increases D. economic profit increases