What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total revenue is $800

Q: Why will firms in most markets be located at or close to the bottom of the long-run average cost…

A: In the long run, all the costs are the variable costs. In long run, costs are lower than that of in…

Q: Calculate the Marginal Cost at Q 200? Calculate the Marginal Cost at Q 300? Calculate the Average…

A: the marginal cost is the change in the total cost that arises when the quantity produced is…

Q: An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and…

A: Explicit cost:- Standard business costs that appear in the accounting records and have a direct…

Q: What happens to the average fixed cost, when the output of a firm increases.

A: # In an economy, the average fixed cost is referred to be as fixed cost per unit of output produced.…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: Consider the table below that describes the costs associated with producing a good (Q). Total…

A: Marginal cost refers to the additional cost of producing one more unit of output.

Q: suppose Jack produces chocolate with two inputs : factory and labor.  If the workers become more…

A: Labor productivity has increased. Labor productivity and cost of production (except fixed cost) are…

Q: In the ice cream industry, in the short run, what cost includes the cost of cream and sugar, but not…

A: The marginal cost-  is the difference in overall production costs resulting from manufacturing or…

Q: Give the area that represents the following Total Cost Total Variable Cost Total Fixed Cost Total…

A: Total cost is the total expenditure incurred to produce goods and services during a specific period…

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 the value of marginal cost when total cost falls from $70 to $55 and the quantity rise…

A: # Marginal cost is the additional change to the total cost when production goes on.

Q: the short run, a firm's average variable cost will increase as its output increases because

A: The variable cost refers to the cost which changes with change in the level of output.  AVC = TVC/Q.

Q: The graph shows the cost curves are they profit maximizing firm in a competitive market. If the…

A: In a competitive market, there are a large number of sellers and buyers who have full information…

Q: What are Fixed Costs?

A: A company mainly faces two type of costs known as fixed cost and variable cost. These two costs are…

Q: . The marginal cost curve intersects the average fixed, average variable, and average total cost…

A: Answer to the question is as follows:

Q: Imagine that you own your own business, or you are the manager of a company. Please provide an…

A: Sunk cost is a cost that has been paid and cannot be recovered in the future.

Q: Find the marginal cost, marginal revenue, and marginal profit functions. C(x) = 4x; R(x) = x³ + 5x +…

A: Marginal cost is the additional cost incurred by a firm by producing one extra unit and the…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total cost is the total expenditure of the producer in the production process. The cost includes the…

Q: What happens to fixed cost as the quantity produced increases?

A: In the market, when a firm makes production activities, there are various costs incurred during this…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total Cost (TC) is the sum of Total Variable Cost (TVC) and the Total Fixed Cost (TFC). Therefore,…

Q: Joel hires students to sell magazine subscriptions at $450 per student per week. He leases equipment…

A: Total cost is the sum of Fixed cost and variable cost. Fixed cost remains same at all levels of…

Q: What effect might a decrease in the  demand for high definition television have on the short-run…

A:

Q: total revenue (TR) and total variable cost

A:

Q: fisherman has a fixed cost of Rs.10 (his rod). The variable cost of his time is Rs.5 per hour. Graph…

A: total cost = total fixed cost + total variable cost

Q: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,…

A: Here, an improvement in the technology used, would decrease the cost and will shift the cost curve…

Q: Month (m): 4 Day (d): 1 Use the two numbers…

A: Fixed cost is that cost which are not depend on the quantity. It's remains same at any output level.…

Q: Suppose a firm faces a cost function of C = 8 + 4q + q^2, so that its marginal cost is MC=4 + 2q. a)…

A:

Q: For the pizza seller whose marginal, average variable, and average total cost curves are shown in…

A: In the given market, price is constant so it will be equal to marginal revenue. At profit…

Q: Using the figure above, what is the total cost for the firm?

A: Total cost is the summation of total fixed cost and total variable cost. The average total cost to…

Q: C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a)…

A: We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

Q: With the aid of a diagram, explain the relationship between ‘marginal cost’ and ‘average total cost’…

A: The expenditure incurred on the factors of production for the production of the final good is known…

Q: Calculate Marginal cost when the total cost changes from 15 to 45 and the quantity changes from 10…

A: # Marginal cost measures the change in total cost when the quantity changes.  MC = change in TC /…

Q: Why is a normal profit considered an economic cost?

A: Why is a normal profit considered an economic cost?  Normal profit is an economic term, refers to a…

Q: Three college students are considering operating a tutoring business in economics. This business…

A: A) $9,000 (facility rent + insurance) B) $0.50 per hour (materials & supplies)

Q: When the marginal cost is lesser than the average cost the firm is producing in which…

A: Costs are the expenses that firms incur in the production of goods and services.

Q: The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price of…

A: ‘Marginal cost’: ‘Marginal cost’ is the change in ‘total cost’ in respect to change in per unit of…

Q: The formula for total fixed cost is TFC = TC + TVC. TFC = TVC - TC. TFC = TC/TVC. TFC = TC - TVC.

A: Total cost is the total expenditure incurred on the production of goods or services. It can be…

Q: What two lines on a cost curve diagram intersect at the zero-profit point?

A: For a perfectly competitive firm, average cost curve and marginal revenue curve intersect each other…

Q: Give two examples of explicit cost for a firm

A: COST: A loss is the amount of capital used to manufacture anything or provide a service and is…

Q: The difference between economic profit and accounting profit is?   Average cost Direct costs…

A: Cost is the expenditure incurred by firms on the production of goods and services. The cost can be…

Q: Calculate the marginal cost when the total cost rises from 30 to 75 and the quantity changes from 1…

A: # Marginal cost Is given as:- = change in Total cost / Change in Quantity

Q: Why is it reasonable to think of normal profit as a type of cost to the firm?

A: In the short run, firms usually try to temporarily shut down their operations when the prices are…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: Marginal cost (MC) is the change in total cost or total variable cost per unit change in output.