What does diminishing marginal product suggest?  A. additional units of output become less costly as more output is produced.  B. average product is rising  C. the firm is at full capacity  D. marginal cost is upward sloping 12) Refer to Figure 6-11. What is the share of the tax burden per unit that buyers would pay?  A. $3.50  B. $2.50  C. $1.00  D. $1.50

Q: 1. Provide your constructive thoughts on the following: " Greater production is not tantamount to…

A: In the field of economics, it is always assumed that firms work's towards maximizing their profits.…

Q: (Figure: Costs of Oil Production) Refer to the figure. Assuming that price equals marginal cost, the…

A: Total profit refers to the remaining total revenue of a firm after deducting all the costs.

Q: 39) A profit-maximizing firm in a competitive market produces small rubber balls. When the market…

A: "A profit-maximizing firm will always produce at a point where it's marginal revenue equates the…

Q: QUESTION 17 Whenever marginal revenues are higher than marginal costs, a. a firm should stop its…

A: The goal of every successful business is to maximize profits, and this is accomplished through a…

Q: Use the graph to answer the question that follows.  What is the price elasticity of demand going…

A:

Q: Pilar’s taco trucks sells about $600 various tacos per day for an average price of $6. On average,…

A: The objective of the question is to calculate Pilar's profit margin from selling tacos.

Q: MC ATC AVC B A Q2 Which part of the MC curve is also referred to as the supply curve of the firm?…

A: MC intersects average variable cost where average variable cost is minimized

Q: (d) The producer surplus is $_ 1600 million. Now, suppose the government imposes a quota of 60…

A: The equilibrium is where the demand curve intersects the supply curve.  Producer surplus is the area…

Q: 1. What is the profit maximizing level of production? ___ pairs per week. 2. What price does…

A: Profit maximization condition will be at MR = MC and at the equilibrium point MC curve needs to be…

Q: 10. What is the willingness and ability of producers to offer a good for sale referred to as?   A)…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: To find the firm’s profits from the sales figures, assume that the price is $30, that the marginal…

A: Apple / Google Advertise Don't Advertise 700, 700 900, 600 Don't 600, 900 800, 800

Q: 4) Assuming a market price of $4, fill in the columns in the following table. What is the…

A: Economics refers to the study of scarcity and its implications for the use of resources, production…

Q: COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Total Marginal Demanded Price…

A: Total revenue (TR) is calculated by the formula:- TR = P × Q Where as, P = PRICE Q = QUANTITY

Q: Suppose you are the production manager of a small perfectly competitive firm making a single…

A: Profit maximizing quantity for the firm is where the marginal revenue curve intersects the marginal…

Q: Opal & Co. produced and sold 500 dog beds. The average cost of production per bed was $50. Each dog…

A: Total profit of a firm refers to the amount of income earned by a firm after accounting for all the…

Q: Identify the NonPrice determinants of supply in the dentistry field business. (per factor) In cost…

A: Non-price supply variables include input costs, technology, tax rates, prices of related goods, and…

Q: Differences across firms in activities produce disparities in cost and willingness to pay and hence…

A: The value chain is composed of the different business activities and processes that contribute to…

Q: The cost and the price- demand equation of a certain product are as follow: C(x) = 350x + 50,000 and…

A: Given  Cost function: C(x) = 350x+50,000  ........(1) demand function: p=500-0.025x      .........…

Q: Consider the total cost and total revenue given in the following table (Make sure to show all your…

A: A firm will maximise profit at a point where marginal revenue is equal to marginal cost and price is…

Q: 35. When prices drop in response to a decline in demand for an increasing cost industry producer…

A: Demand :Demand refers to when a consumer has a desire/ wish/ need to buy something at a price they…

Q: (1.) Johnny Rockabilly has just finished recording his latest CD. His record companys marketing…

A: We have given demand schedule for Cd's

Q: (J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for…

A: Law of demand states a inverse relationship between the price and the quantity demanded of a goods…

Q: Answer only 6 and 9

A: 6)A large firm can not only produce a wide range of products,but can supply wide range of market…

Q: Mrs Tobani who was earning an annual income of K4,000 decided to go into business in 2014 by…

A: Mrs Tobani who was earning an annual income of K4,000 decided to go into business in 2014 by…

Q: 11) Figure below depicts a firm's marginal revenue product curve. If the firm maximizes its profit…

A: Marginal Product is the change in total product due to an additional labor hired. Marginal revenue…

Q: n the presence of​ shortages, why would a​ firm, such as a restaurant with people waiting for a…

A: Raising prices of goods & services seems to raise the profits of the firms at a point of time.…

Q: 1. Diminishing returns happen when the firm adds more amount of a variable input, it should also…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Price ($) Help Save & Exit Submit $220 -P -9 $200 Ecomp Emonop $180 Supply $160 $140 DWL $120 $100…

A: (a).If the market is competitive, then the equilibrium is given by P=MC which occurs at point A in…

Q: 1 If the elasticity of demand for a product is -0.2, the demand curve is relatively ________ and an…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Would the price elasticity coefficient of a product that has successful advertising and local buyers…

A: You have posted multiple independent questions. According to the guidelines only the first two…

Q: (a) In the above table, if the firm sells 5 units of output, what's total revenue? (b) In the above…

A: Total revenue is the total amount received from the sale of goods or service.  Marginal revenue is…

Q: PLATINIUM MARKET Price Price (kg) FIRM 100 MC Smarket 90 80 €70 70 ATC 60 50 AVC D market 40 30 2500…

A: The functional relationship between the factors of production (inputs) and output is shown by the…

Q: 17) What does a firm that exits its market still have to pay? A. its fixed costs B.…

A: Market   A market basically refers to a place where different sellers and consumer comes in contact…

Q: Suppose there is currently a surplus of wheat on the world market. The problem of excess supply may…

A: Demand curve is the downward sloping curve.  Supply curve is the upward sloping curve.  Surplus is…

Q: Price $10 11 12 13 14 15 Quantity Supplied 100 150 190 220 245 265 Quantity Demanded 295 275 250 D)…

A: Market equilibrium: At the market equilibrium demand equals supply. Or at market equilibrium point…

Q: Question 4 If firms are competitive and profit maximizing, the price of a good equals the...…

A: "A competitive market structure in economics is the one in which there are many buyers and sellers.…

Q: Please write if each statement is True or False. Please fully explain your answer. 1. As long as the…

A: In a market, firms and households enter with their specfiic constraint like profit maximizing…

Q: Following figure shows the competitive market for platinium and a firm making production in this…

A: The perfect competition is the market structure with large number of buyers and sellers, selling…

Q: Table 1A: Costs and Total Production for a Competitive Firm Total Total Total Total Marginal Average…

A: Total cost is the sum of Fixed and variable cost. Marginal cost refers to change in total cost or…

Q: 1. If firm 1 chooses to sell for $2 and firm 2 chooses to sell for $2.50 A. How many goods can firm…

A: Given: Duopoly Customers will only buy from the lowest price producer.If one firm has comparatively…

Q: 4. Ravina had always wanted to operate a restaurant, so one day she took a leave of absence from her…

A: The total earnings for Ravina is $25000 every year. She bought a restaurant for $100000.Operating…