Please help with question 5b. I already tried putting it in 8 which is wrong. (a) Calculate the firm's total profit.Instructions: Round your answer to the nearest whole number.Total profit: $4(b) If the firm operates at optimum efficiency, how much will its output be?Instructions: Round your answer to the nearest whole number.Optimum output: Using the data in the graph below, answer the following questions.17MC1615АТС141312D11MR100 246.8101214 16OutputPrice ($)

5 b. The firm will produce output at point where MR = MC (Profit maximizing condition). This point…

Answered: Please help with question 5b. I already…

Business

Economics

Please help with question 5b. I already tried putting it in 8 which is wrong.

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: 1. Chapter 11, 4.2, p.397 If the marginal product of labor is rising, is the marginal cost of…

A: The marginal product of labor refers to the change in output by employing one extra unit of labor.…

Q: (a) Suppose that both Ghana and Nigeria have the following production_function Y = f(K,L) = K©5L05…

A: Since you have posted a question with multiple parts, we will solve first three sub-parts for you.…

Q: Investor Matt has $643,000 to invest in bonds. Bond A yields an average of 6% and the bond B yields…

A: Bonds are defined as a type of debt issued by the business firms to raise capital for their business…

Q: STATUS QUO A's SHARE B's SHARE A BARGAINING RANGE VALUE OF WAR TO A COSTS TO A COSTS TO B VALUE OF…

A: Status quo: It refers to the matter or affairs that works in a state on the basis of military,…

Q: Question 19 ISO 9000 defines a set of internationally accepted standards for product quality. Thus,…

A: In the international market, ISO 9000 refers to an entity that is used to make rules and regulations…

Q: P22 1 2 3 4 5 6 7 8 。 9 10 11 Undo 12 13 14 15 A K 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Clipboard…

A: Perfect competition: A firm in the competitive market is a price taker because it has large number…

Q: ber Novelties ber Novelties is a direct sells company that sells small gadgets over the Internet.…

A: In order to determine a company's cost structure or the number of units that must be sold in order…

Q: 7. Total surplus TS' with the price ceiling is a. $96 b. $98 c. $100 d. $104 8. Based on your…

A: We have given Demand equation P=60-3Q .... (1) Supply equation P=4+4Q .... (2)…

Q: Morty is looking into buying an apartment. He checked out a few places recently, and it looks like…

A: At the marketplace, an individual haveto make purchase or sale decision based on various economic…

Q: The graph shows the supply curve of haircuts and the market price of a haircut. Price (dollars per…

A: In a perfect competitive market, the marginal cost of the firm is shown by its supply curve.…

Q: Which of the following is included in the expenditures approach to GDP? Select one: CA. expenditures…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The short-run quantity of output supplied by firms will fall short of the natural level of output…

A: The SW theory estimates that the worker's pay will in general answer to changes in organization…

Q: The following are national Income account data for a hypothetical economy In billions of dollars:…

A: Answer to the question is as follows:

Q: Given the following aggregate production function: Y = K0.25 (AL) 0.75, where technology A grows at…

A: Steady State equation - sy = (g + n +d )k (Taking delta as d ) Where , g = growth rate of…

Q: d. Suppose that there is an increase in government spending of $50 billion and individuals spend 75%…

A: To find out the impact on the economy of a $50 billion increase in government spending, where an…

Q: A local clothing store is having a sale in which if you purchase one men's suit at full price, you…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Producer surplus is the difference between the amount that suppliers in the market are willing to…

A: Producer surplus is the surplus earned by the producers.

Q: The city of St. John's is intalling a new swimming pool in the east end recreation centre. One…

A: Present worth, also known as present value, is a financial concept used in the field of time value…

Q: The creators of cryptocurrencies have often positioned themselves as the advocates of individuals…

A: Cryptocurrencies: These are the digital assets that are being used as a medium of exchange of change…

Q: 3. Use the elasticity formnula as you solve the following issue related to a prot OM-IP just over a…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: In the circular flow diagram model: 1) households receive income from businesses in exchange for…

A: The circular flow model's primary goal is to understand how money moves within an economy. It…

Q: In the pleasant city of Evanston there is only one butcher shop, Smithfield. It has the 'monopsony'…

A: According to the question, Revaluating the combinations of butchers that yield the highest profits,…

Q: Colorful Tile, Inc., is a rapidly growing chain of ceramic tile outlets that caters to the…

A: 3. Q = 4 - 5P + 2A + 0.2I + 0.25HF R2 = 0.93, standard error of the estimate (SEE) = 6 If the total…

Q: 9. Proponents of "three strikes" laws argued that, to reduce criminality one need only make it…

A: Goods are defined as commodities that provide satisfaction to humans on consumption. They hold a…

Q: Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its…

A: Hi, thanks for the question. Since there is multiple subparts, I will answer for the first question.…

Q: On June 1, 2021, Leo purchased and placed in service a new car that cost $72,000. The business use…

A: Because of use, obsolescence, and wear and tear, an asset's monetary worth declines with time.…

Q: Question 1.3 only

A: Given that the time period is short-run and we know that in the short-run not all factors of…

Q: Are federal purchases higher today as a percentage of GDP than they were in 1960?

A: Government purchases are one of the components of aggregate demand in an economy. Aggregate demand…

Q: Using the two text-box questions following this setup, answer two of the following four short answer…

A: As per the guidelines mentioned in the subject I would like to answer question numbered 3 & 4.…

Q: A monopolist with demand curve p = 1-q produces with a cost technology C(q) = 0.2q (constant…

A: Monopolist demand curve; p= 1−q Cost of technology; C(q)= 0.2q Equilibrium Quantity and Price At…

Q: What is your assessment of Pearson's work on efficacy so far? Are you impressed? What are the key…

A: Pearson's Assessment division is an important part of the company's overall portfolio. This services…

Q: Shift the demand curve, the supply curve, or both on the following graph to illustrate both the…

A: Demand curve represents quantity demanded corresponding to different price level. Demand curve is…

Q: Suppose there are two bakers in town: Sarah and Amy. Sarah can bake 4 loaves of bread or 8 pies in…

A: Opportunity cost - "Opportunity cost refers to the benefit that is forgone by choosing one…

Q: PLEASE ANSWER ALL PARTS OF QUESTIONS 2 and 3.

A: Hey, Thank you for the question. According to our policy we can only answer 3 sub-parts per…

Q: Quantity In the figure above, what is demand elasticity over the price range $40 to $60? -2.00

A: Elasticity of demand is a measure of how responsive the quantity demanded of a good or service is to…

Q: Could you answer parts D-F please?

A: Nash equilibrium given to us that: Q*1 = (0.5a - c1)/1.5b Q*2 = (0.5a - c2)/1.5b

Q: 7. We used to bele tat inoatin hapered randomly and we had no way o'ndue imovaton. The New Growth…

A: 7. The new growth theory is an economic concept that asserts that humans' insatiable desires and…

Q: • 1) The San Diego Zoo is contemplating a stuffed panda bear advertising promotion. Annualized sales…

A: 1) Quantity demanded in economics refers to the total measure of a service or item which consumers…

Q: Point x on a linear production possibilities curve represents a combination of 50 watches and 20…

A: A production possibility frontier indicates the production capacity of an economy. The model assumes…

Q: chat gpt answer not req

A: In the case of positive externality, the external benefits can be calculated by subtracting private…

Q: Question 18 Price ofX 40 If the price of good X increases from $20 to $30 the 30 20 30 90 Quainty…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 4. Suppose co = 0 and c1 = 70, 000. Is insurance at coverage level z > 0 fair insurance? What…

A: 4. For any z>0, the cost of insurance is C(z)=70000z The expected value of payout is given by…

Q: When using a supply-and-demand model to illustrate how land rents are set, economists typically draw…

A: Land is the type of factor pf production on which the business plant is built. It is one of the most…

Q: PLEASE ANSWER ALL PARTS OF QUESTIONS 1 AND 2.

A: Hey, Thank you for the question. According to our policy we can only answer up to 3 subparts per…

Q: 1. If scale economies are substantial over a large range of output irms arise in the industry, we…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Question

Please help with question 5b. I already tried putting it in 8 which is wrong.

(a) Calculate the firm's total profit.
Instructions: Round your answer to the nearest whole number.
Total profit: $
4
(b) If the firm operates at optimum efficiency, how much will its output be?
Instructions: Round your answer to the nearest whole number.
Optimum output:

Using the data in the graph below, answer the following questions.
17
MC
16
15
АТС
14
13
12
D
11
MR
10
0 2
4
6.
8
10
12
14 16
Output
Price ($)

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.