ples of Microeconomics || Fall20Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000donutshas two costs. First he pays $16.000 in annual rental payments for its five-year lease on itsstore. Second Homer incurs an additional cost of $5,000 for ingredients. Should Homer'sshut down in the short run?per year. Homer's earns $12,000 in revenue from the sale of those donuts. Homer'sofSelect one:O a. Yes, because he cannot cover all of his fixed costs.O b. No, because he can cover all of his variable costs,O c. Yes, because he is incurring an economic loss.O d No, because is making positive economic profit,Next page00HUAWEI Nova 3AI CAMERA

Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000 donuts per year. Homer's earns $12,000 in revenue from the sale of those donuts. Homer's has two costs. First he pays $16,000 in annual rental payments for its five-year lease on its store. Second Homer incurs an additional cost of $5,000 for ingredients. Should Homer's shut down in the short run? Select one: O a. Yes, because he cannot cover all of his fixed costs. O b. No, because he can cover all of his variable costs. O c. Yes, because he is incurring an economic loss. O d. No, because is making positive economic profit.

Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000 donuts per year. Homer's earns $12,000 in revenue from the sale of those donuts. Homer's has two costs. First he pays $16,000 in annual rental payments for its five-year lease on its store. Second Homer incurs an additional cost of $5,000 for ingredients. Should Homer's shut down in the short run? Select one: O a. Yes, because he cannot cover all of his fixed costs. O b. No, because he can cover all of his variable costs. O c. Yes, because he is incurring an economic loss. O d. No, because is making positive economic profit.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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Figure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut down
Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.
Using the figure above, what is the total revenue for the firm?
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Typed plz Maintain accuracy and quality in your answer take care of plagiarism Answer completely both parts I will upvote for sure
Jeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a bookstore inhis neighborhood. He now pays $500 in rent, $80 in utilities and $120 in wages every month. He also paysthe publisher $5 per book sold. This month Jeremy sold 100 books at the price of $30 per book.a. What was the total revenue this month? Calculate this month’s explicit fixed cost, the variable costand the total cost.b. How much accounting profit did Jeremy make?c. How much economic profit did Jeremy make?d. If Jeremy had not quit his job at the bank, he could have been promoted and got a pay raise of 30percent. How would this affect his accounting profit and his economic profit?
Price and cost $4.00 3.20 2.40 1.60 0 Questraq; not sugamon Isnigiem sunsven lang jam neris MC ITAALS 25006 DMC Sorberg in ATC AVC HONDE SOM= 15152 850 1,700 MR 2,550 D Quantity a. If Elijah produces at the profit-maximizing level of output, how much is his total revenue? How much is his total cost? Briefly explain your calculations. a. How much economic profit is Elijah earning? Briefly explain your calculation.
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Round your answeis LU 2 UCUNTial plats. Output 1 3 4 5 6 www. Average Variable Cost 30 a. Complete above the table. Quantity: Break-even $ Average Total Cost 1 O Loss 140 80 63.33 56 56 57 65.43 ✔ $ Marginal Cost 110 30 20 30 34 Prev 56 62 116 b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall's Meats produce? What will be its ✓:$ Total Cost $110 140 6 of 13 160 Quantity: d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its pre # 190 224 280 342 458 Next >
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