Does the marginal value of a variable (such as cost, revenue or profit) determine the average value

Question:

Does the marginal value of a variable (such as cost, revenue or profit) determine the average value of the variable, or does the average value of the variable determine the marginal value? Explain your answer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Essential Economics For Business

ISBN: 9781292728940

7th Edition

Authors: John Sloman, Elizabeth Jones

Question Posted: Mar 22, 2024 01:33 PM

See More Questions

Capacity affects efficiency, speed, service and quality. Is there a right capacity for: A hospital? A hotel? A factory? A classroom? A university? Explain your answer
a. What should the weekly product mix consist of, and what is the weekly net profit? b. Is the optimal solution to question 1 degenerate? Explain your response. c. Is the optimal solution from...
The idea of using the difference between the market value of the firm and accounting book values as an indicator of market power and/or valuable intangible assets stems from the pioneering work of...
9. Let x = (1.11... 111000...) 26, in which the fractional part has 26 1's followed by O's. For the Marc-32, determine x, x+, f(x), x-xx-x, xx, and lx-fl(x)/x.
Danny Del Pilar sustained injuries when his car collided with a delivery van painted yellow-the widely recognized DHL color-and displaying the DHL name and logo. The truck was driven by a driver...
The stockholders equity section of Sundberg Corporations balance sheet at December 31 is presented here. SUNDBERG CORPORATION Balance Sheet (partial) Stockholders equity Paid-in capital Preferred...
Hooters Restaurant in Myrtle Beach, South Carolina, used an alternative dispute resolution program, a program to resolve disputes outside the traditional court system. Employees of Hooters had to...
The following costs have been estimated for the activities in a project: (a) Develop a cost schedule based on earliest start times. (b) Develop a cost schedule based on latest start times. (c)...
With what group of others do you most closely identify? Those from your home town? Those of your same sex? Religion? Race? Income level? IQ level? Who are the people with whom you feel most relaxed?...
What economies of scale is a large department store likely to experience? What about Google?
How does behavioural economics differ from standard economic theory?
Distinguish between full performance and tender of performance.
Stock prices after an IPO are often quite volatile. Why?
Explain what we mean when we say that households supply capital and firms demand capital.
An employer decides to transfer one of her executives to Europe. Dont worry, she says, I will increase your salary so that you can afford exactly the same things in your new home city as you can buy...
Explain the scope of digital marketing.
Explain digital marketing.
A mixture of 2 mol of CO, 2 mol of O2, and 6 mol of N2 is heated to 4320 R at a pressure of 3 atm. Determine the equilibrium composition of the mixture.
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
Does a firms price equal marginal cost in the short run, in the long run, or both? Explain.
Does a firms price equal the minimum of average total cost in the short run, in the long run, or both? Explain.
Bobs lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say...
Suppose you travel from Los Angeles to Las Vegas on a self-driving car. Before the trip, you program the car to keep the speed a constant value randomly chosen between 30 to 60 miles per hour. You...
Water is measured by volume, such as in liters, gallons, and acre-feet. An acre-foot as an acre of land (43,560 square feet) covered with one foot of water; this is a volume (that is, it has 3...
A typesetter, on the average, makes one error in every 500 words typeset. A typical page contains 300 words. What is the probability that there will be no more than two errors in five pages? I am...

Does the marginal value of a variable (such as cost, revenue or profit) determine the average value

Question:

Step by Step Answer:

When the additional cost of one more unit the marginal cost is less than the ...View the full answer

Essential Economics For Business

Students also viewed these Business questions