When price is _______ average cost of production, profits are ______ due to  ________ averate profit. Group of answer choices below; negative; positive below; positive; positive above; positive; positive above; negative; negative

Q: Marginal cost equals A) all the opportunity cost of producing the amount of output. B) the…

A: Marginal cost is calculated by differentiating total cost or total variable cost with respect to…

Q: Quantity Average Fixed Cost Average Total Cost 1 140 2 75 3 60 4 55 5 54 6 20 60 Short run…

A: Diminishing returns to production starts where marginal cost increases with an increase in output,…

Q: In the long run, which plan has the higher payout? Plan A Payout P(Payout) −$35,000 0.57 $30,000…

A: The long run is a amount is a during which all factors of production and prices are variable. within…

Q: Marginal cost intersects average total cost at minimum average total cost. True False

A: The price curve always intersects the typical total cost curve at its lowest point because the…

Q: To calculate a firm's per unit of output profit, it is necessary to subtract Select one: a. cost per…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: In markets that are not perfectly competitive, ________.   A. minimum transfer price will equal the…

A: Perfectly competitive market refers to the market where many sellers exists in the market and firms…

Q: Give typing answer with explanation and conclusion  Jack scalps lawns in the neighborhood for $36…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: In economics, profit         revenue         marginal…

A: The question is asking to identify the term used in economics to describe small incremental changes…

Q: As long as the marginal benefit of producing each successive unit is greater than the marginal cost,…

A: As long as the marginal benefit of producing each successive unit is greater than the marginal cost,…

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: what would be its profit-maximizing price? Would that be the efficient level of output? Why or why…

A: Profit maximization is done by subtracting total costs from total revenues and getting the first…

Q: What must an entrepreneur do to earn a profit? How do theactions of firms earning profits inuence…

A: Protecting one's hard work through patents and copyright acquisition is one of the most significant…

Q: Refer to the above figure. The firm is currently producing at Q2. The firm should Select one: A.…

A: A firm is an organization that produces and sells goods and services to earn profits in the form of…

Q: QUESTION 6 Easy-toothy is a price-taking producer of tooth fairy's sling bags (these are bags for…

A: In a perfectly competitive market, firms are price takers because they do not have any control over…

Q: Consider the information in the table below. If 90,000 units were sold, how much profit is…

A: We are given with the selling price, fixed cost and variable cost and we have to calculate the…

Q: PROBLEM 1 Suppose a single firm has total costs of production given by the equation TC = 49 +59² -…

A: The breakeven price is the price at which total revenue equals total costs, resulting in neither…

Q: that the fixed costs are $5780 per week and the cost of producing each set of clubs is $73.00. Each…

A:

Q: Explain the concepts of revene, costs, and profit

A: Production is the process of merging numerous material and immaterial inputs (plans, know-how) to…

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

A: Given,

Q: Price (Per Unit) P1 P₂ P3 Pa 9₁ MC 92 93 94 Quantity (Units per week) (a) ATC Price (Per Unit) D P₁…

A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Q: 6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given…

A: We are going to use Profit maximization method to answer this question. Use differentiation and…

Q: ABC is a small business producing instructional modules for disabled children in public schools. The…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: a. What is its profit?b. What is its marginal cost?c. What is its average variable cost?d. Is the…

A: Given: Average Revenue (AR) = $10Average Total Cost (ATC) = $8Fixed Cost (F) = $200Quantity (Q) =…

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: Economies of ______ occur when a single firm can produce two products for a lower total cost than…

A: Economies of scale occur when a single firm can produce two goods for a lower total cost than two…

Q: Graph - Which of the following alternatives describes the following graph? Select one: a. Try to…

A: Demand: It refers to the goods and services that are available to the people. The increase in demand…

Q: At profit-max quantity, the firm earns _________________economic profit on the last unit sold. Why?

A: The profit is the excess revenue made after deducting the total cost of production from the total…

Q: f the firm is producing at a quantity where marginal revenue exceeds marginal cost then, in order to…

A: The monetary value of production is that the distinction in total production prices that results…

Q: COSTS AND REVENUE (Dollars per shi TOTAL COST AND REVENUE (Dollars) please explain where to plot…

A: Marginal cost refers to the additional cost incurred by producing one more unit of a good or…

Q: LAC turns up at higher scale due the presence of

A: LAC that is long run average cost is the average cost with all units incurring variable costs. This…

Q: One more question is,  A profit maximizing firm faces market price of p2. What are their profits?

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

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: Suppose that Harold sells hamburgers. The total cost of production, based on the number of…

A: Profit maximization qty is that qty where marginal revenue is equal to or greater than Marginal cost…

Q: Cost and revenues (dollars) 0 Text Alternative с d MC Break-even point (normal profit) Shutdown…

A: The shutdown point: In the short run, the firm is willing to supply output if it is able to cover…

Q: Find market price if factor cost is$10and NIT is $20?

A: According to question  Factor cost =$10 NIT=$20 market price has to be calculated

Q: True or false The unit share of fixed costs changes in a direct direction with the change in the…

A: Fixed cost: It is the cost that remains constant and does not get affected by the increase or…

Q: A dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the…

A: Economic profit:The economic profit is calculated by subtracting all cost that is incurred in an…

Q: Which of the following is wrong? Select one: a. Economies of scale refer to the production of two or…

A: Long run average cost curve is locus of minimum point of the short run average cost curve.

Q: Refer to the graph above illustrating supply and demand in a market. Suppose that the current price…

A: Demand curve is the curve that represents the willingness to pay for a good or service by a consumer…

Q: The figure shows a bakery's marginal and average cost curves, and its isoprofit curves. The bakery…

A: Perfect competition is a type of Market where there are very large number of firms,which sells…

Q: A bookstore is selling books for $9.99 each or three for $25. If Evi buys 2 books, what is the…

A: The marginal cost is the additional cost of when one more unit of output is produced. The cost…

Q: Mike Wazovsky runs a business that produces marmalade in small jars. He is proud of his business…

A: ATC (Average Total Cost)  Average total cost refers to the cost of production per unit of output.…

Q: Average fixed cost decreases as quantity increases. True False

A: Total fixed cost(TFC) is the cost(C) which remains fixed in the short-run. For example: cost(C)…