Calculate the profits of the first if it is given that the total revenue generated is $60,000 and the total cost is $55,000

Q: Describe the four steps taken to obtain a unit profit?

A: Profit: Profit is the portion of total revenue that remains after deducting the total cost. Below is…

Q: What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total…

A: The data presented in the question above is:- Explicit cost of the firm = $200 Implicit cost of firm…

Q: Marginal Cost 3 6. 7. 8 QUANTITY (Shirts) s profit is maximized when she produces shirts. When she…

A: Formula: . Total revenue = Price * quantity  Profit = total revenue - total cost Marginal revenue =…

Q: A firm's total cost (TC) equals the sum of its fixed cost plus its Group of answer choices marginal…

A: Sunk cost is the cost which is incurred already and this cost can not be recovered.

Q: Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does…

A: Explicit Costs are the actual monetary payments made in cash while conducting the business…

Q: 26. Many of the people living with incomes below the global poverty line (around $500/person) are…

A: Since you have posted multiple question. As per answering guidelines, I will solve only first…

Q: Find the marginal profit function if cost and revenue are given by C(x) = 183 + 0.3x and R(x) = 9x -…

A: Marginal profit function measures how much the profit changes when there is a unit change in the…

Q: Give the area that represents the following Total Cost Total Variable Cost Total Fixed Cost Total…

A: Total cost is the total expenditure incurred to produce goods and services during a specific period…

Q: What is the relationship between a firm’s total revenue, profit, and total cost?

A: Total revenue (TR) is the amount earned by the firm by selling its goods. Total Cost (TC) is the…

Q: Assume you have decided to buy an advertisement in the local newspaper to publicize your new pet…

A: It is given that, the total cost of ad is $1, 000, the total fixed cost for each dog is $40, and the…

Q: Use the information in the graph to the right to find the values for the following at an output…

A: Total cost refers to the total amount of money that a producer pays to the factors for production…

Q: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold for…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: Francis wants to buy some paintings for their store to make it feel more classy. Francis would need…

A: Answer: Correct option: option (a) Explanation: Francis would count this as an explicit cost of…

Q: Q1.It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: The rise or fall in the cost of producing/providing one more product is referred to as marginal…

Q: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold for…

A: It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold for…

Q: A firm's total cost function is c(y) = y² + (a +ß)y + 100ß. p = $50. Find the best output level, y*.

A: Given  Cost function: c(y)=y2+(α+β)y+100β           ..... (1) Price p =$50 We have to find the best…

Q: Normal profit is called normal because

A: To find : Why normal profit is called as normal.

Q: What is average profit margin means?

A: Profit margin is calculated by dividing income by sales to determine how profitable a firm or…

Q: is the firm's total cost function? TC = 20,000 + (1,000q). TC = 1,000q. TC = 20,000. 20,000 +…

A: A firm has a fixed production cost of $20000 and a constant marginal cost of production of $1000 per…

Q: Starting with the generalized profit function, derive the condition for profit maximizing level of…

A: Total cost is the expenditure incurred in the production of goods and services. The total cost is…

Q: efficient scale is houses.

A: Efficient scale is the scale at which firm can produce its output at minimum average cost.…

Q: A company has cost and revenue functions, in dollars, given by C(q) = 6000 + 10g and R(q) – 12q .…

A:

Q: When x gallons of olive oil are produced, the profit function is given by P(x) = 2x – 1000 (i) Find…

A: According to the question, profit function is given as P(x) = 2x – 1000 – x^2/5000 i) For the…

Q: Differentiate economies of scale and economies of scope

A: Meaning of Economics of Scale: The term economics of scale refers to the situation under which the…

Q: It costs a baker a fixed cost of $420 and a variable cost of $2.10 per cupcake. A cupcake is sold…

A: According to guidelines, the first 3 subparts needs to be done.     Marginal cost is u shaped and…

Q: A company charting its profits notices that the relationship between the number of units sold, x,…

A: If the relationship between the number of units and profit is linear it can be expressed by the…

Q: 11.2 The cost of producing x teddy bears per day at the Cuddly Companion Co. is calculated by their…

A:

Q: A manufacturer of nne pens produces in two plants. The total cost of producing in the nrst plant is…

A: Cost refers to the expenditure occur in the process of production by a firm. Given that, Total cost…

Q: When we know that the firms are earning just normal profits.

A: To find : When do firm earn normal profit.

Q: Michael Scott's recently founded paper company, aptly named "Michael Scott Paper Company" sets the…

A: Given Information Total Cost = 3q +10Price = $5.5/reamTotal Revenue = $34,100

Q: Total Revenue $5,000 per Week $2,600 per Week $2,400 per Week Total Variable Cost Total Fixed Cost…

A: Total revenue = 5000 $ Total cost = Total variable cost + Fixed cost = 2600 + 2400 = 5000 $ As the…

Q: Using the figure above, what is the total cost for the firm?

A: Total cost is the summation of total fixed cost and total variable cost. The average total cost to…

Q: a company's marginal revenue is greater than its marginal cost, then the company should

A: Marginal revenue is the additional revenue earned when an extra unit is sold.

Q: Zero profit does not mean that the entrepreneur does not get anything for his efforts.   a. maybe…

A: Economic profit is not identical to accounting profit. It is the difference between accounting…

Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56

A: The data presented in the question above is:- Marginal cost = $33  Marginal revenue = $56  Marginal…

Q: You are managing a restaurant establishment earning net of Php800,000.00 per year decides to open…

A: Introduction The expenditure incurred on these inputs is called cost of production. Opportunity cost…

Q: The 8th graders are volunteering to make and sell organic pesticides, called Sweet4Bees, that will…

A: Club's overall profit per ounce of pesticide solution, when 26 bottles have been donated to the…

Q: Why is a normal profit considered an economic cost?

A: Why is a normal profit considered an economic cost?  Normal profit is an economic term, refers to a…

Q: How profit is different from the incorporating normal profit and when the normal profit is into…

A:

Q: Why does INCREASING COST CONDITION is the best while DECREASING COST CONDITION is worst?

A: Total cost: The term total cost encompasses fixed costs and variable costs. here, the fixed cost…

Q: Calculate the value of average cost when total cost is 600 and quantity is 15

A: # Given the total cost we can easily calculate the value of average cost as it is simply the average…

Q: "XYZ" is a company that produces shoes. if the cost of production of one unit it 12$, Do you believe…

A: Here, it is given that a company "XYZ" manufactures shoes at a cost of $12 per unit.

Q: The average profit is the difference between

A: To find : What is average profit.

Q: Q1 It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold…

A: Since posted multiple sub-part, we will answer first three sub-parts.

Q: The weekly total cost of baking pies at Tasty Tortes is given by TC = 0.01 Q 1.5. Tasty's marginal…

A: marginal cost is the change in the total cost that arises when the quantity produced is incremented,…