For a plastic material firm, the total revenue generated for the month of November was $5800 and the explicit cost incurred by the firm was $1250 What would be the value of accounting profit of the firm

For a plastic material firm, the total revenue generated for the month of November was $5800 and the explicit cost incurred by the firm was $1250 What would be the value of accounting profit of the firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Assume the following hours of cleaning work and the total cleaning cost (mixed cost) for the six…

A: Since you have asked multiple question, I am solving first question if you want other question to be…

Q: A lawn service company has fixed monthly costs of $500 and variable costs (labor, gasoline, and…

A: The total cost refers to the market value of inputs used by the firm in the production of goods and…

Q: Suppose a company has fixed costs of $40,800 and variable cost per unit of x+222 dollars, where x is…

A: The fixed cost is given as $40800The variable cost per unit is The selling price of the product is

Q: Suppose a company has fixed costs of $36,000 and variable cost per unit of +222 dollars, where x is…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: A shoe company manufactures and sells a pair of shoes with the following cost and revenue data:…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A firm has the following information on production Q.6 and costs from past data: Output Total Cost…

A: The total cost function is an aggregate function of total fixed cost and total variable cost where…

Q: A company has established that the relationship between the sales price for one of its products and…

A: Profit maximizing level of output for a firm is at the point where marginal revenue (MR) equals…

Q: If the firm has a total cost function of: TC = 144 + 3Q Explain what this means in terms of…

Q: The cost, in dollars, of producing x yards of a certain fabric is C(x) = 900 + 12x-0.1x² + 0.0005x³…

A: Cost: Cost refers to the expenses or expenditures incurred by a business or individual to produce…

Q: Question: The total annual fixed costs of PAKEL Incorporated Company that manufactures and sells…

A: We are going to solve for breakeven point to answer this question.

Q: What will be the value of explicit cost of Rajan if the total revenue generated by him is $1300 and…

A: The information being given is :- We are given with the total revenue and accounting profit values…

Q: Your boss is the director of reporting for the Athens County Construction Agency (ACCA). It has…

A: An index number, also known as an index, is a statistical measure designed to track changes over…

Q: See the cost information in the table below. The marginal cost of the 6th unit is Quantity…

A: The marginal cost of a good refers to the increment in the total cost when an additional unit of a…

Q: Explain which cost concept should be used in decision making and why. The explanation should include…

A: The amount of revenue received by the business after all costs have been deducted is referred to as…

Q: The fixed cost of a firm is $4000 and variable cost is $2000 what would be the total cost of the…

A: The total cost of a firm is all costs that a firm bears whether it is fixed cost or variable cost.…

Q: Suppose a company has fixed costs of $600 and variable costs per unit of x + 1130 dollars, where x…

A: Answer: Given, Fixed cost = $600 Variable cost per unit=78x+1130Price per unit=1200-18x (a).…

Q: A company manufacturers and sells x electric drills per month. The monthly cost and price-demand…

Q: True or False Total cost can increase as a result of an increase in variable cost.

A: Total cost It refers to all of the costs and expenses incurred throughout the manufacturing process.…

Q: Company XYZ projects their revenues for the given quarter to be modeled by the function R(z) = 12z -…

A: Breakeven is achieved at the output level where total revenue equals total cost.

Q: Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per…

A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…

Q: A musical Disc is being produced by a music recording studio, and the company estimates that it will…

A: Answer: Given, Fixed cost (FC)=$100,000Variable cost per unit (VC)=$6.75 per unitPrice of disc…

Q: The Jones Company has the following cost schedule: Output Total Cost (Units) (OMR) 0…

A: Table Output(1) TC(2) MC(3) FC(4) AFC(5) VC(6) ATC(7) AVC(8) 0 3000 -…

Q: 1. The firm's fixed costs are $2,000, and the firm's total costs of producing 100 units is $4,000.…

A: Total cost is the sum total of fixed cost and variable cost.

Q: John uses funds from a savings account to pay off his equipment loan the interest rate Mary pays on…

A: Accounting profit is the one which is the explicit profit or the profit one shows on the balance…

Q: Christ Embassy Complete the hollowing coA schedules LoutPutTodalcostlAverage coA Marginal cost LCA…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Question 4: Compute the total mixing cost (fixed and variable) from the following graphical…

A: Given: Total Fixed Cost : a=$25000 Variable cost per unit of activity : b=$3.0430 Activity level of…

Q: swered Costs per Unit (dollars) 1000 900 800 700 600 500 400 300 200 100 0 4 Average total cost B…

A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Q: A company sells one of the items in its product line for $8.90 each. The variable costs per unit is…

A: Given The price of output is $8.90 per unit. Average variable cost =$3.90 per unit. Fixed cost…

Q: Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost remains constant and does not…

Q: A company manufactures and sells book-cases .The selling price is $54.90 per book case.The total…

A: a. For total q units sold, Total Revenue (TR) is given by, TR=54.90q b. Given total cost (TC) is…

Q: ATC, AAC, AVC, MC ( 270.00 24000 210.00 180.00 150.00 120 00 90.00 6000 30:00 000 Unit Cost Curves…

A: Perfect competition is a theoretical market structure in which there are so many firms selling…

Q: What will be the accounting profit of the firm if the total revenue is $1020 and the explicit cost…

A: The information being given is :- Total revenue of the firm = $1020 Explicit cost = $350 We have to…

Q: Consider a power system with three generators. Each generator has a piecewise linear cost function…

A: The concept of S can be described as the amount of a commodity or service that producers are willing…

Q: The table below sets out cost information for a company. Some values are missing. Which of the…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: A company has established that the relationship between the sales price for one of its products and…

A: Given the cost and the prices, the breakeven level of quantity would be determined.

Question

For a plastic material firm, the total revenue generated for the month of November was $5800 and the explicit cost incurred by the firm was $1250

What would be the value of accounting profit of the firm

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the accounting profit in an economy is $42 billion and the implicit cost is $29 billion find the economic profit.
Find the value of explicit cost of the firm if the revenue generated is $8000 and the accounting profit is $5500
Three production processes - A, B, and C - have the following cost structure: the selling price is 5.26 per unit Process Fixed Cost per Year Variable Cost per Unit A 119164 2.54 B 80631 4.52 C 70617 5.27 1. What is the cost of process A for a volume of 7104 units? (round to the nearest cent).
A certain company has a selling price of for their product of 1500-3/4x dollars per unit and fixed costs of $800 and variable costs of 1/4x+1210 dollars per unit, where x is the total number of units produced. A.) FInd the Break even point? B.) When will the company make profit? C.) What is the make profit and the corresponding production level?
The cost, in millions of dollars, of building a three-story high school in NewYork State was estimated to be:   2C x x x x      1.7 0.14 0.0001 20 400where x is the number of thousands of square feet. Suppose that you arecontemplating building a for-profit three-story high school and estimate thatyour total revenue will be $0.2 million dollars per thousand square feet.(a) What is minimum area for a three-story high school in New YorkState, that this model covers? (b) What is the variable cost of building a three-story high school in NewYork State? (c) What is the fixed cost of building a three-story high school in NewYork State? (d) Determine the profit function,P x( ), for building a three-story highschool in New York State? . (e) Determine,P(250) , for building a three-story high school in New YorkState, and interpret the result. (f) How many thousands of square feet should a three-story high schoolbuilding in New York State be in order to break even?
A small business produces and sells balls. The fixed costs are $20 and each ball costs $2.92 to produce. Each ball sells for $7.92. Write the equations for the total cost, C, and the revenue, R, then use the graphing method to determine how many balls must be sold to break even.
2. The total design and construction cost for a digester to handle a flow rate of o.5 million gallons per day (MGD) was $1.7 million in 2o0o. Estimate the cost today fora flow rate of 2.0 MGD. The exponent for the MGD range of 0.2 to 40 is o.14. The cost index in 2000 of 131 has been updated to this year. 225 for
If total revenue is $550 and price per unit is $55 What is the value of output sold?
Find the level of the accounting profit Explicit cost is given as = $ 130 Total revenue = $ 190
Mirtha owns an online jewelry store that specializes in earrings. In March, she sells 50 pairs of earrings priced at $15. The cost of materials to create the 50 pairs of earrings was $100. The website she uses to sell her wares costs her $10 a month, and she is also charged 4% on each sale by the company that processes debit/credit card purchases. Which of the following best represents Mirth’s total cost? Group of answer choices A)The $750 Mirtha earned from earring sales minus the materials ($100), online website charge ($10), and payment processing charge (4%) B)The sum of the materials ($100), website charge ($10), and 4% payment processing charge (4%) C)The cost of all the materials used to create the earrings, $100 D)The costs of materials minus the costs it takes to run her business through the online store, in this case the $10 website charges and the 4% payment processing charge
Classify the following costs into either being product cost or period cost:(a) Raw material costs(b) Income taxes paid(c) Interest expenses on borrowed funds(d) Wages incurred in producing products(e) Fire insurance premium paid on factory buildings(f) Electric bill for the warehouse operation(g) Salary paid for engineers(h) Material handling cost related to production(i) Salary paid for plant managerU) Leasing expense for forklift trucks in warehouse operation(k) Mortgage payments on factory buildings
8 The cost of lumber per million board feet (MBF) in January 2007 was $464.49 when the value of the ENR materials cost index (MCI) was 2583.52. If the cost of lumber increased in proportion to the MCI, what was the value of the index when the cost of lumber was $400 per MBF?