The next 6 questions relate to the following table.  Calculate total revenue at a quantity of 5 units.  (The table gives you Quantity, Price, and Total Costs, leaving the Total Revenue and Profit for you to calculate.) Quantity Price Total Revenue Total Cost Profit 0 70   0   1 70   60   2 70   120   3 70   180   4 70   300   5 70   410   Calculate profit at an output of 4 units. What is the highest profit possible?   What is the profit maximizing level of output   What is the profit maximizing price?   Can you tell if this is the short run or long run?  Explain.

Q: marginal profit is $30 and marginal revenue is $84  Calculate marginal cost

A: The given information is as follows:- Marginal profit= $30 Marginal revenue = $84 We need to find…

Q: fasha owns a muffin shop. Her marginal cost, average variable cost, and average total cost curves…

A: Economic profit is one kind of profit which is determined by using the subtraction between the total…

Q: S If the price of oats is $3.0 per kilo, calculate the total revenue and the total profit (or loss)…

A: Given information, Price of oats = $3.0 per kilo.

Q: If the consumer demanded bundle x last year at income m and this year the consumer demands bundle x'…

A: This can be defined as a concept that shows the total production of products and services in an…

Q: A bookstore sells 90 textbooks at a price of $70 a book. The average total cost is $50 per textbook.…

A: Given that : Number of textbooks = 90 Price of a book = $ 70 Average total cost = $ 50

Q: Refer to the figure above, what happens to the average fixed cost of production when the firm…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: If marginal revenue is $430 and the marginal cost is $320  Find marginal profit

A: According to the above given question, we are given that:- Marginal revenue = $430 Marginal cost =…

Q: Hand written solutions are strictly prohibited

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Q: 22) Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million…

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Q: uantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($)…

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Q: This is a graph of our firm’s costs. Label the lines on the graph using the following labels:…

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Q: The table gives some of the costs of the Delicious Pie Company. The marginal cost per pie of…

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Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…

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Q: Calculate marginal profit if marginal cost and marginal revenue are $44 and $80 respectively

A: The data presented in the question above is:- Marginal revenue = $80 Marginal cost = $44 Marginal…

Q: If average revenue is $44 and output is 20 units Calculate total revenue

A: Given information, Average Revenue (AR)= $44 Total output (Q)= 20 units To find: Total Revenue

Q: What is the relationship between a firm’s total revenue, profit, and total cost?

A: Total revenue (TR) is the amount earned by the firm by selling its goods. Total Cost (TC) is the…

Q: Calculate average revenue when it is given that Total revenue is $70 and output is 5 units

A: Given information is as follows:- Total revenue = $70 Output = 5 units We need to find the value of…

Q: It is given that the value of marginal Revenue is $110 and tha marginal cost is $66 Calculate the…

A: Marginal revenue is the addition to total revenue when one one more output unit gets sold. Marginal…

Q: 3. The graph below gives the marginal profit P'(x) for a company when it produces x products. P'(x)…

A: Given,

Q: Fertilizer Q TFC TVC TC MC ATC AVC AFC TR MR 25 70 1300                   100…

A: The formula used to calculate different costs are : TC = TFC + TVCAFC = TFCQAVC = TVCQATC = AFC +…

Q: Unit 4 Problem Set Assume that EarthScience's patent expires. GeoSci, a company with the capability…

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Q: If the owner of the drugstore hired a manager for $10 an hour to take his place, how much of a…

A: Answer -

Q: 3. Profit maximization using total cost and total revenue curves Suppose Amari operates a handicraft…

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Q: Fill in the table  What are the profit-maximizing price and quantity, and what profit will be…

A: We use the following formulas to solve the missing values in the table: 1) Total Revenue = Price…

Q: A computer company produces affordable, easy-touse home computer systems and has fixed costs of…

A: "Since you have asked multiple questions, we will answer only first three parts for you. If you have…

Q: which of the following statement is true? (choose one letter only) a. the Marginal Revenue is the…

A: Marginal revenue and marginal cost are basis of profit maximisation.

Q: Imagine Lucia runs a small business that manufactures frying pans. Assume that the market for frying…

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Q: The following table is missing critical information. What is the economic profit or loss at 3 units…

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Q: Suppose Amari operates a handicraft pop-up retail shop that sells cardigans. Assume a perfectly…

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