Explain why earning zero economic profit is not asbad as it sounds.

Approach to solving the question:Why Zero Economic Profit Isn't Necessarily BadWhile the term "zero…

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Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 7QP

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Can the firm's marginal revenue really be negative? Why?
Kristin runs a rare book store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $29,750 working for a security company and received an additional $5,000 if she had used the company's inputs in a different way. Calculate Kristin's economic profit. $
Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning. y 35,000 30,000 25,000 b. 20,000 15,000- 10,000 5,000 d. 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Graph a is the cost VX function. The number of units sold decreases as the price increases Graph b is the revenue function. This function increases linearly V with the number of units produced. Graph c is the demand x and graph d is the revenue A cost X function is less than a cost X function. Need Help? Read It Submit Answer LARAPCALC10 3.4.009.MI.SA. MY NOTES ASK YOUR TEACHER PRA
If marginal profit is $33 and marginal revenue is $80 What's the value of Marginal cost
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Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could eam is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Answer: Suppose the total cost function for a firm is given by: TC= 100 + 2q +0.5q2. Find the marginal cost function and then use that to determine the marginal cost of the 10th unit. (Do not include a $ sign in your response.) # Answer:
please do the last parts
The answers you provided is what I got for total profit. I believe marginal profit should be different...

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Explain why earning zero economic profit is not as bad as it sounds.