Calculate the profit maximizing quantity

Q: The more inelastic the demand for a resource, the Multiple Choice more elastic its marginal revenue…

A: The marginal revenue product (MRP) curve represents the relationship between the quantity of a…

Q: How can a company have a competitive advantage without scale?

A: Differentiation Strategy.Being distinctive is a great approach for businesses to differentiate…

Q: f profit for the shoes firm is $400 and the cost is $800 Calculate total reven

A: Total revenue refers to price multiplied by quantity. Total revenue refers to total receipts from…

Q: Should the Marginal revenue exceed the marginal cost? Why?

A: The firm is said to be in equilibrium when it has no tendency to increase or decrease its output. If…

Q: If Jim’s Home Goods price elasticity of demand is −2, and its profit maximizing price is $6, then…

A: Price elasticity of demand: It is the responsiveness of the percentage change in the quantity…

Q: What is price taker meaning?

A: A price taker is a seller (or buyer) that has no influence on price. Price takers that are sellers…

Q: Marginal revenue is calculated: by finding the additional revenue earned from selling an extra unit…

A: Marginal revenue refers to an increase in revenue from selling an additional unit of goods and…

Q: The value of marginal revenue is $35 and the value of marginal cost is $30 Is the firm maximizing…

A: # The values of marginal revenue and the marginal cost helps us gain the idea whether the firm is…

Q: The total cost changes from 92 to 122 and the quantity changes from 1 to 2 Calculate the value of…

A: # change in total cost divided by the change in total quantity is referred to be as the marginal…

Q: How does the shape of the producer's supply function reflect price elasticity ? Does cost analysis…

A: The producer’s supply curve showing the price elasticity in the long and short run can be understood…

Q: Darla sells roses in a competitive market where the price of a rose is $20. Use this information to…

A: Revenue is the term used to describe the money that a business makes by selling a specific amount of…

Q: The total cost changes from 92 to 122 and the quantity changes from 1 to 2 Calculate the value of…

A: Marginal cost refers to the additional total cost derived from an additional quantity produced.…

Q: what are the maximum profits this firm can earn?

A: A competitive market is a typical market that answers the demands for goods and services. A…

Q: derive an expression for teddy's profit function

A: Profit can be defined as the difference between the revenue and costs of the products.

Q: What adjustments should be anticipated in the long run and how would you calculate the new optimal…

A: Perfectly competitive market is one type of market in which many buyers and sellers are there and…

Q: Two months after launching the 8 GB iPhone in 2007Applereduced its price from $599 to $399 Unit…

A: Price elasticity of demand The pricing of some items seems to be particularly inelastic, according…

Q: Use the table to find the required value:  Price $32 Quantity 400,000 Explicit Costs $3,500,000…

A: The economic cost is the sum of explicit cost and implicit cost.

Q: Find market price if factor cost is$10and NIT is $20?

A: According to question  Factor cost =$10 NIT=$20 market price has to be calculated

Q: The term “price taker” can apply to buyers as well as to sellers. A price-taking buyer is a buyer…

A: The goods which have no close substitutes available in the market for which a buyer is a price…

Q: A young Thomas Edison makes 20 light bulbs a week in his dorm room. The parts for each light bulb…

A: The selling price = 5.25 Costs per unit = 2.25 No. of units =20

Q: How do you find Profit maximization using total cost and total revenue curves in a price takers…

A: Profit refers to the difference margin between the total revenue and total cost which is the surplus…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.