Q = E^2/3 * E^ 1/3 MPE = 2/3 (K/E)^1/3 WAGE = 10 PRICE = 50 CAPITAL = 1000 R = 25 A. HOW MANY LABORERS SHOULS FIRM HAV 3. HOW MUCH PROFIT (POS OR NEG) IS THIS FIRM MAKING?
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![Q = E^2/3 * E^ 1/3 MPE = 2/3 (K/E)^1/3
WAGE = 10 PRICE = 50 CAPITAL = 1000 R = 25
%3D
A. HOW MANY LABORERS SHOULS FIRM HAVE ?
B. HOW MUCH PROFIT (POS OR NEG) IS THIS
FIRM MAKING?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedb0ab98-bee3-4565-bf28-358f9970c3ee%2F24b0898c-3ebb-430e-9d4f-fd8ee5d8ec76%2Febe00g9_processed.jpeg&w=3840&q=75)
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- What is die difference between accounting and economic profit?What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
- Small Mom and Pop firms, like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this?Why will profits for films in a perfectly competitive industry tend to vanish in the long run?Son 5 Marginal cost is given by 30 + 20Q - 12Q2. Fixed cost is 100. What is the average cost? Henüz 30 OA3Q? + 10Q + 70 + cevaplanmad 16,00 azennden aretlenmis 100 O B. 3Q? + 20Q + 30 + Sonyu aretle 100 OC 40 + 10Q + 30 + 30 O D. 4Q? + 10Q + 70 +
- A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.Charlie Co. sells pastries and its production and cost table is given below. A workercosts $100 a day, the firm has fixed costs of $200.L Q MP MC TC ATC0 01 202 503 904 1205 1406 1507 155a. Complete the table above b. Compare the average total cost and the marginal cost and explain therelationship c. Describe the methods that can be used to determine where profit is maximized?Marginal cost is given by 20 + 10Q- 12Q2. Fixed cost is 100. What is the average cost? O A. 100 -3Q2 + 20Q + 20 + 20 O B.402 + 5Q+80 + 20 OC3Q2 + 10Q+ 80 + 100 4Q2 + 5Q +20 + Type here to search ASUS VivoBook SC 图 prt sc insert (3 ) f7 f9 home f11 Pgup f12 Pgdn fo f10 end & 7 4 %$4 5. 1/2 #3 of 3.
- Under which of the folowing axamples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Mexican food instead of Italian food. B. If you use a damond mine as a touriet attraction instead of using it for mining. C. Opening a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic proft is negative, is not possible.Cost LRAC 40 30 20 10 100 200 Output 400 800 a. What is the cost per unit when the firm produces: i. 100 units ii. 200 units II, 400 unitsCharlie Co. sells pastries and its production and cost table is given below. A workercosts $100 a day, the firm has fixed costs of $200.L Q MP MC TC ATC0 01 202 503 904 1205 1406 1507 155a. Complete the table above [7 marks]b. Compare the average total cost and the marginal cost and explain therelationship [3 marks]c. Describe the methods that can be used to determine where profit is maximized?[3 marks]
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