Costs Revenue Price P = AR = MR 0 Profit Profit maximization is MC achieved where MC-MR E F Q to maximize profits ATC Quantity Show answer choices The yellow shaded area refers to accounting profits B) The yellow shaded area refers to economic profits C) The firm is making a profit (D) The firm is making a loss This firm is in a perfectly competitive market F This firm is in a oligopolistic or monopolistic market (otherwise how would they be earning profits?) Feedback incorrect
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- 1. ThedemandfunctionforagoodisgivenbytheequationP=a−bQwhilethetotalcost function is TC = dQ2 + eQ + f, where a, b, d, e and f are positive constants. (a) Derive the equation for profit.(b) Derive an expression for the value of Q for which profit is maximised.Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980Sdue prdolems the OPTIMI2AION the commodity is given by p=41-0.339 aned in verse demand function for a the cost of thot commodity is ecq) = -0.02 q² +10qt80 - Find the autput level that Find the maximum potit as wet. producing maximizes protit andd verity this indeeed yields a mowimum.
- Are ordeing costs and carying couts cconomic ording quantily of mathial?Sunpose fnduce x and y The outut uf mo prucduct of frm preducung hoo C = 250x2 +120y². AsSummg 4144.wing Lag rangjar a joint CUrt funchon given as %3D U resmcted at mulhplier Fechnique- ind he amount X and y That will minimnel. Cost and Compute i Ihs of changng thi Optimal combinahon amount Uf boin puelucts Cast MSO examme he cost implcahors Jo as w prduce equal 2800 50The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
- Times New Rom 12 A A Aa A == -=- E E T AaBbCcDc AaBbC AaBbCcC AaB AaBbCcD Аав O Find Replace BIU ab x, x A A- 目三==|m。 T Normal Heading 1 Heading 2 Title Subtitle Select Font Paragraph Styles Editing 1. 2. 4. 9. True or False 1.→Profit can-be calculated without including fixed costs. 2.→All costs can be categorized as either fixed or variable costs.T 3.→Total revenue accounts for all costs. 4.→One time-legal fees that move as services are rendered are considered variable costs. 5.→An-application fee and a fixed cost are basically the same. 6.→AVC+ AFC=TC. 7.→Short run costs are more associated with fixed costs rather than variable costs 8.→All average costs can be calculated by deriving the perunit costs 182 words MI DFocusBO e to searchHere's the table showing quantity and total cost Q - 0, 1, 2, 3, 4, 5 TC - 8, 9, 10, 11, 13, 19 Calculate MC.Is it cost of production or utility that governs? What is Marshalls responce? What is the argumetn he makes and how can we see this today?