What quantity does the firm produce, what price does it charge, and what is its economic profit
Question:
Use the following figure, which shows the situation facing a producer of running shoes
Transcribed Image Text:
MC 100 ATC と401 MR 50 100 150 200 250 Guantlty (poirs of running shoes per week)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (21 reviews)
To maximize profit the firm produces the quantity at wh...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A competitive firm pollutes the air. The following graph shows the demand for the firms product and the private and social marginal cost curves. The numbers in the graph represent areas. a. Suppose...
-
What quantity does the firm produce and what is its price? Calculate the firms economic profit or economic loss. MC ATC 100 100 200 Quantity (mounkain bikes per week)
-
a. Lets imagine that the firm with cost curves illustrated in the left panel of the following figure is a large cable TV provider. Assuming that the firm is free to maximize profit, find the...
-
1). Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to...
-
Refer to The American Association of Nurse Anesthetists Journal (Feb. 2000) study on the use of herbal medicines before surgery, presented in Exercise. Recall that 51% of surgical patients use herbal...
-
There are three dibromobenzenes (o-, m-, and p-). Suppose we have samples of each in separate bottles, but we don't know which is which. Let us call them A, B, and C. On nitration, compound A (mp...
-
Class Year by Gender Exercise 2.35 deals with the distribution of class Year for students in an introductory statistics course. The StudentSurvey data also has information on the Gender for each...
-
GTT Company had the following transactions in 20X4: a. On 1 January 20X4, a new machine was purchased at a list price of $22,500. The company did not take advantage of a 2% cash discount available...
-
use the formula approach or calculator approach, answer the following questions: 19. Suppose you want to borrow $20,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a...
-
A typical structure within colleges is instructor, assistant professor, associate professor, full professor. Is this egalitarian or hierarchical? What added information would you need to decide? What...
-
a. Do you expect other firms to enter the Web sweatshirt business and compete with Sara? b. What happens to the demand for Saras sweatshirts in the long run? What happens to Saras economic profit in...
-
In the long run, how does the price of running shoes and the quantity the firm produces change? What happens to the market output? Use the following figure, which shows the situation facing a...
-
Which of the following SQL statements is valid? a. SELECT order# FROM orders WHERE shipdate = NULL; b. SELECT order# FROM orders WHERE shipdate = 'NULL'; c. SELECT order# FROM orders WHERE shipdate =...
-
Price fixing means that a company has a. done research to establish the perfect price for a product. b. has broken the law if it prices a product too low. c. joined with other companies to agree that...
-
Moving accounting responsibilities to an outside company is an example of a. importing. b. exporting. c. outsourcing. d. absolute advantage.
-
Which of the following is a good example of macroeconomics? a. How a specific company maximizes its production and capacity so it can better compete in its industry b. How an increase in the...
-
In a billiard game, two balls collide having inertia \(0.25 \mathrm{~kg}\) each. Initially, ball 1 with velocity \(8 \mathrm{~m} / \mathrm{s}\) hits the ball 2 at rest. After collision, ball 1 moves...
-
The governing equations and initial conditions of a dynamic system are provided. Plot the specified output(s), together with the input(s), by using the lsim command. Note that \(u(t)\) denotes the...
-
Find the inflection points (if any) on the graph of the function and the coordinates of the points on the graph where the function has a local maximum or local minimum value. Then graph the function...
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
The income tax rate on all forms of income is 40 percent and there is a tax of 10 percent on all consumption expenditure. The nominal interest rate is 7 percent a year and the inflation rate is 5...
-
The income tax rate on all forms of income is 40 percent and there is a tax of 10 percent on all consumption expenditure. The nominal interest rate is 7 percent a year and the inflation rate is 5...
-
If Oil Patch doubles its income tax to $4 an hour, what then are the levels of employment and potential GDP? What is the real wage rate paid by employers and the after-tax real wage rate received by...
-
You are a senior manager within a large organisation. Your role is to provide the organisation with the strategic vision of this business unit that meets organisational objectives. 1.1: ...
-
Does a grade point average (GPA) score truly reflect academic ability? Is it reliable and valid? Does a student's first year GPA predict his or her final year GPA?
-
With the help of a diagram, explain the UNIX system components. ?
Study smarter with the SolutionInn App