Please answer all __D__ 54. If MC > MR, a. output should be reduced. b. marginal...
Please answer all
__D__ 54. If MC > MR,
|
a. |
output should be reduced. |
|
b. |
marginal profit is positive. |
|
c. |
there are losses. |
|
d. |
output should be increased. |
Figure 7-15
__C__ 50. For a firm at equilibrium, at point A in Figure 7-15
|
a. |
the price of labor is high relative to the price of machines. |
|
b. |
the MPP of labor is greater than the MPP of machines. |
|
c. |
the MPP of labor is less than at point B. |
|
d. |
output is higher than at point B. |
__A__ 51. In Figure 7-15, we would expect a move of the budget line from A to B if
|
a. |
the price of machines falls. |
|
b. |
the price of labor falls. |
|
c. |
output falls. |
|
d. |
the product price rises. |
Homework Answers
54) (d) output should be increased
Marginal Cost is greater the the marginal revenue. Marginal cost is the cost incurred in producing an additional unit. Here MC is greater than MR. So, the firm should start producing in bulk so that the overall cost is reduced and profit is made.
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Please answer all
__D__ 54. If MC > MR,
a.
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b.
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revenue (MR), marginal cost (MC), and average total cost (ATC)
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Give your answer by dragging the Q line to a new position to mark
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The graph shows the demand (D), marginal revenue (MR),
and marginal cost (MC) curves for a monopolist. Use the area tool
to outline the region corresponding to the deadweight loss that is
due to the market being monopolistic rather than competitive. Your
answer should be a triangle drawn with three corners.
Thank you.
The graph shows the demand (D), marginal revenue (MR), and marginal cost (MC curves for a monopolist. Use the area tool to outline the region corresponding to...
The graph below shows a monopolist's demand (D), marginal
revenue (MR), marginal cost (MC), and average total cost (ATC)
curves. Management wants to adjust the production output quantity
to maximize the firm's profits. What quantity should the firm aim
for?
Give your answer by dragging the Q line to a new position to mark
the quantity at which profit is as large as possible.
Price and cost ATC MC MR Quantity
A firm's ATC, AVC, MR, and MC curves are shown in the graph below. Profit-Maximizing Point Profit-Maximizing Point Economic Profit (shaded region) 54+ 48 IMR Cost and revenues AVC HHHHHHHHHHHHHHHHHHHHO 044 Reset 8 12 16 20 24 28 32 36 40 44 48 Output a) Draw the short-run profit-maximizing point and the economic profit region. Select which item you want to draw from the drop-down menu at the top of the graph to draw that item. b) What is the...
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