Suppose a handbag maker currently sells 500 handbags per week and makes a profit of $7,000 per week. The plant owner observes, "Although the last 75 handbags we produced and sold increased our revenue by $1,000 and our costs by $1,300, we are still making an overall profit of $7,000 per week so I think we're on the right track. We are producing the optimal number of handbags." Using marginal analysis terminology, another economic term for the additional revenue received from the sale of the last 75 handbags is Group of answer choices gross profit gross earnings sales revenue marginal revenue gross revenue

Suppose a handbag maker currently sells 500 handbags per week and makes a profit of $7,000 per week. The plant owner observes, "Although the last 75 handbags we produced and sold increased our revenue by $1,000 and our costs by $1,300, we are still making an overall profit of $7,000 per week so I think we're on the right track. We are producing the optimal number of handbags." Using marginal analysis terminology, another economic term for the additional revenue received from the sale of the last 75 handbags is Group of answer choices gross profit gross earnings sales revenue marginal revenue gross revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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