Question 7Take a look at the price and cost information for FIRM 2. Based on the information provided, what is the total revenue?Firm 2Firm 1Output = 10Average fixed cost = $1Average variable cost = $2Price = $1.50Output = 20Average fixed cost = $6Average variable cost = $8Price $9=Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.Searcha$120b$180C $204-d$9*8144hpf10114f11144f12+R11.7/2insprt scdeletehome+num=← backspaceJock

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Answered: Question 7 Take a look at the price and…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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QUESTION 4 (10 marks) Price/Revenue/Cost (RM) MC 60 АТС 30 DD= AR 18 `MR Quantity (units) 50 60 80 a) Calculate the total revenue (TR) earned by the firm. (3m) b) Calculate the total costs (TC) paid by the firm. (3m) c) Calculate the profit of the firm. Name the profit. (4m) 2
The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 260 240 220 200 180 160 140 120 100 80 60 40 20 0 0 9 18 27 A X B Demand 36 45 54 63 72 81 QUANTITY (Scooters) 90 99 108 117 Total Revenue ?
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Quantitative Methods
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12 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0
2spring22 (1) - Protected View Saved to this PC - Search (Alt+Q) erences Mailings Review View Help der Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing. Enable Editing 1- Refer to the information provided in Table1. The table sets out Sue's Surfboards' total product schedule. Answer the following questions. Table 1 Output (surfboards per week) 50 80 125 185 200 220 230 Labor (workers per week) 1 3. 4 7 Calculate the average product of labor b. Calculate the marginal product of labor Over what output range does Sue's Surfboards enjoy the benefits of increased specialization and the division of labor? a. C. d. Over what output range does Sue's Surfboards Experience diminishing marginal product of labor? 0n workers at $650 a week and its total
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Use the following graph to answer parts (a)-(e). Prices and costs are in dollars. 80 72 64 Price, Cost 56 48 40 32 24 16 8 0 10 20 30 40 50 MC ATC D 60 70 80 90 100 MR Quantity The graph above shows the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves for one of many profit-maximizing firms operating in the short run in an industry in which there are no barriers to entry. Each firm sells a similar but not identical product. (a) Assume the firm produces 40 units. Will the firm's economic profit be positive, negative, or zero? Explain. (b) If the firm charges $32, should this firm increase its price, decrease its price, or keep the price at $32 in order to…
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