To answer: The questions based on the table Concept Introduction: Total profit: The total profit is the difference between the total benefit and total cost. Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service. Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

Microeconomics, Chapter 9, Problem 10P , additional homework tip 44

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

simple steps on how it should look like on excel

Consider options on a stock that does not pay dividends.The stock price is $100 per share, and the risk-free interest rate is 10%.Thestock moves randomly with u=1.25and d=1/u Use Excel to calculate the premium of a10-year call with a strike of $100.

Compute the Fourier sine and cosine transforms of f(x) = e.

Answer 2

Question

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Answer 6

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Answer 7

Chapter 9, Problem 10P

To determine

To answer:

The questions based on the table

Concept Introduction:

Total profit: The total profit is the difference between the total benefit and total cost.

Marginal cost: Marginal cost is the additional cost made to the total cost in the production of an additional unit of the commodity

Marginal benefit: The marginal benefit is the additional benefit resulted from producing the additional unit of a good or service.

Marginal Analysis: Marginal analysis is used to compare the benefits and cost derives out of a specific action. The marginal changes refers to the small incremental adjustment to a plan of action

Answer 8

Expert Solution & Answer

Explanation of Solution

Quantity of diamonds	Total benefit	Marginal benefit	Total cost	Marginal cost
		-		-

In the marginal cost and marginal benefit curves are given in the above graph the intersection of the marginal benefit and marginal cost curve is the equilibrium so at the equilibrium the quantity of diamond is so it is considered as the optimal quantity to be produced.

Quantity of diamonds	Total benefit	Total cost	Total profit
			-

The fourth column of the above table represents the total profit of the firm; the total profit is the difference between total benefit and total cost the company can earn the highest profit at which the fifth quantity is produced.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. aWYWL Ch. 9 - Prob. bWYWL Ch. 9 - Prob. cWYWL Ch. 9 - Prob. dWYWL Ch. 9 - Prob. eWYWL Ch. 9 - Prob. fWYWL Ch. 9 - Prob. 1QFT Ch. 9 - Prob. 2QFT Ch. 9 - Prob. 3QFT Ch. 9 - Prob. 1P

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions