Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.

Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Marginal Price Quantity Sold Revenue Cost Marginal Average Total Cost $10 14 $10 15 (A) $8 $14 $10…

A: If the firm decides to produce 15 units ,the total revenue will be 15x10=150 the total cost of…

Q: Calculate marginal revenue for Q = 5

A: Marginal revenue is the additional revenue a firm gets by selling an additional unit of output.

Q: f profit for the shoes firm is $400 and the cost is $800 Calculate total reven

A: Total revenue refers to price multiplied by quantity. Total revenue refers to total receipts from…

Q: Hand written solutions are strictly prohibited

A: The objective of the question is to find the missing marginal costs for each quantity of car…

Q: The SolarFarm powerplant has both fixed and variable costs. As the plant expands production, it…

A: A monopolist is a seller who has no other competitor in the market. He is the only seller in the…

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

A: A firm maximises its total profit in a very noncompetitive market by equalisation monetary value to…

Q: Bags/ variable average Participants fixed cost cost total cost variable cost cost marginal total…

A: Calculations Average Variable Cost (AVC): AVC=Variable Cost/(Bags/ Participants)Marginal Cost (MC):…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Step 1:In the firm, 400 pounds of tomatoes grow every week. The total cost of farmer Joe is $1000…

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: Calculate the output when the average revenue is $500 and the total revenue is $3000

A: We know that the formula for average revenue is:- AR = Total revenue / output

Q: Quantity of Gift Boxes TC ($) ATC ($) 55.00 11.00 10 57.50 5.75 15 4.17 20 72.50 25 92.50 3.70 30…

A: TC (at Q=15) = ATC15 * 15 = 4.17*15 = $62.55 ATC(at Q=20)=TC20/Q20 = 72.50/20 = $3.63 MC(at 10th…

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: According to the graph below, the firm doesn't make a profit when the quantity exceeds what value?…

A: Profit is the difference between the total revenue and and total cost.

Q: Refer to the following table: Quantity (Bushels) (Q) Total Revenue Marginal Revenue (MR) Marginal…

Q: Find the value of X. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000| $1,000…

A: Total cost is the sum of fixed cost and variable cost

Q: The value of Total revenue is $400 and the average revenue is $40 Calculate the output

A: # if we are given the value of total revenue and average revenue then we can easily calculate the…

Q: Price is given to be as $70 and the total quantity sold are 87 calculate the total revenue generated

A: # We know that we can calculate the total revenues generated by the firm by simply multiplying the…

Q: What is the profit maximizing profit?

A: The revenue is the amount of money earned from selling the units of output. The cost is the cost of…

Q: What price will Ford charge? What price will Chevrolet charge once Ford has set its price? What is…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first 3 subparts for you as…

Q: Quantity of Resort Units Marginal Capacity Cost Marginal Operating Cost Peak Marginal Revenue…

A: Given: Quantity of Resort Units Marginal Capacity Cost Marginal Operating Cost Peak Marginal…

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: The figure to the left shows the isoprofit curves and demand curve for Cheerios breakfast cereal.…

A: a) A rival company producing a similar brand slashes its prices.b) The cost of producing Apple…

Q: Find the value of Y. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $1,000| $1,000…

A: Fixed cost (FC): - it is the cost incurred on the fixed capital assets like land, building,…

Q: On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when…

A: The total receips collected from the sale of goods at the market price is known as the total…

Q: Assuming that the competitive firm's output is doubled then what will happen to the firm's total…

A: The type of market where there are many sellers and buyers for a good such that no single buyer or…

Q: A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costs of MC = 5 +…

A: Formulas of cost: 1. AVC = TVC * q 2. TC = TVC + TFC where, AVC is Average Variable Cost TVC is…

Q: Refer to the table below: Quantity (Bushels) (Q) 0 1 2 3 4 5 6 7 8 9 10 Total Revenue (TR) $0.00…

A: Profit maximisation refers to the process business firms undergo to ensure the best output and price…

Q: O Macmillan Learning Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 10 100 36…

A: The firm will produce where the marginal revenue is equal to marginal cost to maximize its profit.…

Q: Which of the following best describes why the Hours of Service Regulations were put into place? O To…

A: The driver test is important to ensure the safety of peope with having the all relevant information.…

Q: in the month of January a car dealership bought its vehicles for $100,000 and sold them for $145,000…

A: The profit a firm makes from its main business operations is measured in terms of gross profit,…

Question

Use table to find the required values:

Price	$32
Quantity	400,000
Explicit costs	$3,500,000
Implicit costs	$4,100,000

(A) Calculate total revenue.

(B) Calculate accounting profit.

(D) Calculate economic profit.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Question 4 Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 30.00 $ 4.00 $ 34.00 1 $ 50.00 $ 50.00 $ $ 50.00 $ 77.00 $ 50.00 $ 17.00 $ 17.00 $ 50.00 $ 23.00 $ 18.20 2 6.00 $ 40.00 $ 17.00 $ 50.00 $ 29.00 $ 20.00 $ 50.00 $ 36.00 $ 22.29 $ 50.00 $ 50.00 $ 25.75 $ 50.00 $ 90.00 $ 32.89 $ 50.00 7 8. 10 $ 124.00 $ 42.00 Consider the table above. What are the fixed costs of production for this firm? $4 $30 $50 $34
(a) Calculate the value of marginal profit when marginal revenue is $400 and marginal cost is $700 (b) Is the firm getting benefits?
What is the marketing and economics for the cotton production in arizona
(A) The Marginal cost of a firm is $230 and the marginal revenue is $255 What would be the value of Marginal profit (B) is the firm maximizing its profit?
PRICE (dollars per unit) 2 QUANTITY PRICE OR COST (dollars per unit) QUANTITY MC ATC AVC MR Question 40 If the firm in the figure above raised the price of its product abvove $4, the firm would: a. increase its profits b. reduce its total revenue to zero c. increase its total revenue but not its profits because costs would increase. d. not affect revenues at all but profits would increase because costs decrease e. none of the above
Subj: ec
None
Price Marginal Cost 3 Price Marginal Revenue Quantity (a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph? (c) Which number corresponds to producer surplus on the graph? (d) Which number corresponds to deadweight loss on the graph?
Price (dollars per cup) $6.00 MC ATC 3.50 A 2.50 B Demand 0 1 2 3 4 5 6 7 8 9 10 Quantity MR (cups per week) According to the graph, if the firm is maximizing profits what is the dollar value of the profit?
How do you calculate a firm's total cost and total revenue?
(a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph?
Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity