If a firms total revenue is $20 million, its fixed costs are $12 million, and its variable

Question:

If a firm’s total revenue is $20 million, its fixed costs are $12 million, and its variable costs are $22 million, what does it do (a) in the short run and (b) in the long run?

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

Step by Step Answer:

Related Book For answer-question

Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

See More Books

Question Posted: Feb 29, 2024 07:00 AM

See More Questions

1. In the classical model, it is thought that the long-run: A. and short-run aggregate supply curves are both upward sloping. B. aggregate supply curve is vertical and the short-run aggregate supply...
True or false: One firm conclusion from this course is that wage gaps are entirely driven by differences in preferences across groups, rather than by differences in constraints or by discrimination....
Which of the following conditions would definitely cause a perfectly competitive company to shut down in the short run? Select one: a. P < MC b. P = MC < AC c. P < AVC d. P = MR e. None of the above...
Guido is calculating his personal income tax. He has the following expenses, and wants to know what he can claim on his tax return. The following expenses are all related to Guido's personal...
You have been hired as the new assistant financial controller for Autobody Corp., an auto body repair shop. Prepare journal entries for the following transactions, which occurred during August 2014....
A company makes two products: $A$ and $B$. It uses activity-based costing and prepares the following analysis showing budgeted overhead cost and activity usage for each of its three activities....
Aaron Reed, a photographer, was in a dispute with Ezelle Investment Properties, Inc., over Ezelle allegedly using one of Reeds photographs without permission. Reed sent Ezelle a cease-and-desist...
On October 31, the stockholders equity section of Pele Companys balance sheet consists of common stock $648,000 and retained earnings $400,000. Pele is considering the following two courses of...
Company EJ plans to build a new plant to manufacture bicycles. EJ sells its bicycles in the world market for $400 per bike. It could locate the plant in Province P, which levies a 20 percent tax on...
Given: Fixed cost = $500. Fill in Table 2. TABLE 2 Output 123456 Variable Cost $ 400 700 900 1,350 2,000 3,000 Total Cost AVC ATC Marginal Cost
If a fi rms total revenue is $5 billion, its fi xed costs are $3 billion, and its variable costs are $1.5 billion, what does it do (a) in the short run and (b) in the long run?
For ((x, y) = x2/2 + y2, (a) Find the equation of its level curve that goes through the point (4, 1) in its domain; (b) Find the gradient vector (( at (4, 1); (c) Draw the level curve and draw the...
NUMBER ONE (a) In a certain economy the marginal propensity to save is 0.2 and the autonomous consumption equals 400. i. Formulate the consumption function. ii. (3 marks) If the Government"s...
(b) "If you change the way you look at things, the things you look at change. - Wayne Dyer In the context of your learning in this unit, this can be paraphrased as 'If you change the way you look at...
GMS ) m IG G G WR | | | G | G github.com/Santa Barbara City College/cs105-kinneavy-f19-a04-employee-chidinmaad README.md This is where your test code will go. Replace the code in that file with...
When choosing business entities, you need to take many factors into account. For this paper, you will consider what you have learned about S corporations. Think about a company's tax plan and how...
This table contains prices and the demands of a consumer whose behavior was observed in 5 different price-income situations. Situation P1 P2 X1 X2 A 2 2 10 70 B 2 4 70 20 C 2 2 20 30 D 6 2 10 30 E 2...
How would you use NMR (either 13C or 1H) to distinguish between the following pairs of isomers? (a) C and 2 (b) 2CH2CH2CO2H CH3CH(CO2H)2 and (c) CH3CH2CH2C02H and H-CH2CH2CH and -2 (d)...
Perform the indicated operations. In designing a cam for a fire engine pump, the expression is used. Simplify this expression. (3) (3 4 32
1. Arrows up or down: At a natural monopolist s current level of output, marginal cost exceeds marginal revenue. The firm should ______ its output and _______ its price. 2. The entry of a second firm...
1. Arrows up or down: At a natural monopolist s current level of output, marginal cost exceeds marginal revenue. The firm should ______ its output and _______ its price. 2. The entry of a second firm...
1. Arrows up or down: At a natural monopolist s current level of output, marginal cost exceeds marginal revenue. The firm should ______ its output and _______ its price. 2. The entry of a second firm...
Describe how stakeholders can be categorized? What are the benefits of categorizing stakeholders?
'Legislation is not the only mechanism of constitutional change, but in quantitative terms it is the most important single source of constitutional law in the United Kingdom.' Essay formats answer...
a) Function f(x) is defined as -x+6x-4 f(x)= (x-1)(x-2) i) Resolve f(x) into partial fractions. ii) Hence evaluate fr(x) f(x) dx. Give your answer in the form In (%) + w where u, v and w are...

If a firms total revenue is $20 million, its fixed costs are $12 million, and its variable

Question:

Step by Step Answer:

Microeconomics

Students also viewed these Business questions