Total Revenue $5,000 per Week $2,600 per Week $2,400 per Week Total Variable Cost Total Fixed Cost Let us suppose Harry's, a local supplier of chill and pizza, has the revenue and cost structure shown here. Multiple Choice Harry's should stay open in the short run.

Q: A profit - maximizing firm in a competitive market is currently producing 100 units of output. It…

A: In case of perfect competition there are large number of buyers and sellers. The firms sell…

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: 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: Gymnast Clothing manufactures expensive hockey jerseys for sale to college bookstores in runs of up…

A: a.   Revenue function is 110x

Q: Long-run average total cost (Multiple Choices )     might have an upward-sloping segment that…

A: Long run average total cost is the long run cost per unit. Economies of scale refer to the situation…

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

A: The Average fixed cost is constantly declining. The average variable cost curve is lower than the…

Q: The industry says you can sell 5 sweaters for $25, 6 sweaters for $36, or 7 sweaters for $40.  Using…

A: Economic profit is given by the difference between the revenue from sales and the cost of inputs.…

Q: If a firm shuts down, it A) makes zero economic profit. B) incurs an economic loss equal to its…

A: Total cost is the sum of variable cost and the fixed cost. Fixed cost is the cost that remains same…

Q: How much profit or loss does the firm make at the selected output level?

A: The additional cost incurred in the manufacturing of one more unit of a good or service is known as…

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: Souvlaki Taverna is one of many restaurants in Athens, Greece which sell Souvlaki kebabs. All…

A: In economics, a cost curve is a graph of the expenses of production as a function of the total…

Q: hutdown point

A: A firm’s ‘shutdown point’ is the point where it reaches the minimum of its ‘average variable…

Q: 16 14 12 10. ATC AVC MR 10 20 30 40 50 60 70 80 90 100 11o 120 Quantity Price Total Revenue

A: We will answer the first three subparts only. Please resubmit the question with any other parts…

Q: Soft drink industry has been historically profitable why? compare the economies of the concentrate…

A: Soft drink Industries are profitable because:- These industries needed lower investments. This can…

Q: If economic profit is $5000, explicit cost is $1200, total revenue is $7000 Calculate the value of…

A: The given information is as follows:- Economic profit of the firm = $5000 Explicit costs = $1200…

Q: Marginal profit is $4 and marginal revenue is $39 Calculate marginal cost

A: Given: Marginal profit=$4 Marginal revenue=$39 To find: Marginal cost

Q: If Tom sells 600 sandwiches for $10 and has an average total cost of $5, what is his profit? a)…

A: Given :  No. of sandwiches Tom sells = 600 Price of sandwich = $10 Average Total Cost = $5.

Q: Fixed-Cost Fallacy Describe a decision made by your company that involved costs that should have…

A: A fixed-cost fallacy is when a company assumes that a cost that does not change with the level of…

Q: Total Revenue $2,000 per Week Total Variable Cost $2,200 per Week Total Fixed Cost $1,000 per Week…

A: Total revenue (TR) is the overall income or sales revenue generated by a company or business from…

Q: Refer to the diagram above, in this instance, at the range of output represented a point c,…

A: TC and TR approach is one of the way to determine to profit maximized condition for the firm. In the…

Q: A firm has fixed costs of $80,000 associated with the manufacture of lawn mowers that cost $200 per…

A: Total cost is the sum of Fixed and variable cost. Total revenue is price multiplied by quantity.…

Q: Fixed cost is $100 per day. Suppose that the price at which Katie can sell catered meals is $21 per…

A: FC=100TC=FC+VCAVC=VCQATC=TCQMC=∆TC∆Q By using the above equation and information in the table, the…

Q: Describe how your restaurant would maximize its short-run profits.

A: When an individual wants to open a business, his primary aim is to earn profit and maximize it by…

Q: The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost…

A: We can see that one of the axis we see the cost and profit is given, the verticle axis.Here, the…

Q: Describe a firm’s shutdown decision

A: Costs are the expenses that the firm has to incur in its production activities. In the short run,…

Q: Variable costs usually change as the firm alters the quantity of output produced. True False

A: A variable cost  may be a company expense that changes in proportion to what proportion a…

Q: Restaurants offer related but differentiated products to their consumers. In the long run, new…

A: Monopolistically competitive is a form of market structure in which many number of manufacturers…

Q: “A firm that earns only normal profit is not covering all its costs.” Do you agree or disagree?

A: Economic Cost consists of explicit cost and implicit cost. In other words it consists of sum of…

Q: How does the goal of the firm influence the sales maximization and profit maximization decision.

A: # Firm has priorities based on whether to maximize profits or maximise it's sales.