Homework Answers
As per the HOMEWORKLIB POLICY, answering the first four questions.
1.
Out of the given options, a corporation is a business entity or organization that gives protection to its investors to have limited liability in the business. This boosts investor's confidence in the firm.
Option c. is correct
2.
Oligopoly and the Monopolistic Competition are the two market structures that lie in between perfect competition and monopoly.
Order can be defined as: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly
So, option c. is correct
3.
Accounting Profit = Total Revenue - Total Explicit Cost
Option a. is correct
4.
Economic Profit = Total Revenue - (Explicit Cost + Implicit Cost)
= Total Revenue - Total Economic Cost
Option c. is correct
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AMB PRINT LAST NAME, FIRST NAME SECTION BUSINESS FIRMS, COSTS, AND PROFIT Which business or siness...
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000....
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000. $70,000. 2. The market structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership. corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. b. c. d. 3. In the short run, firms: a. can only vary capital inputs. b. can vary all inputs. C. have at least one fixed input. d. have only fixed inputs. Use the...
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive...
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive firm to answer questions 1 through 10. Price (P) MC 10.00 ATC 8.75 8.00 7.75 7.50 AVC 250 300 440 500 Quantity If price - $10, the profit-maximizing/loss-minimizing level of output is (1) total revenue is equal to (2) $_ -, total cost is equal to (3) $_ and the firm earns economic profit equal to (4) $_ If price = $7.50, the profit-maximizing/loss-minimizing...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive...
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive firm to answer questions I through 10, Price (P) ATC $16 МC S13 AVC $10 $8 $6.50 0 60 100 Quantity (Q) If price $10, the profit-maximizing/loss-minimizing level of output (Q) is I) total revenue is equal to 2) S total cost is equal to 3) S and the firm has a loss equal to 4) S If this firm does not produce in...
SECTION# NAME PRINT LAST NAME, FIRST NAME he number of billboards Bob id $500 for painting a billbo 00 to $1,750 per w...
SECTION# NAME PRINT LAST NAME, FIRST NAME he number of billboards Bob id $500 for painting a billbo 00 to $1,750 per week. In this e as a result of painting one As Boss billboard k. In this case. Bob's Billboard Painting is considering increasing the numb paints per week by one billboard, and the firm is paid $500 Bob's total cost will increase as a result from $1,200 to $1 MR > MC, so the firm's profits will increase...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
PROBLEM #4 Charlotte just finished a year of running her own leather business. During that year,...
PROBLEM #4 Charlotte just finished a year of running her own leather business. During that year, the company generated $400,000 in revenues. The total cost of resources that she bought in the market was $170,000. This broad category includes the costs of raw materials, wages, and computers. The total cost of resources owned by the firm was $65,000. This category includes economic depreciationand foregone interest. Economic depreciation is the fall in market value of a company's capital over a given...
economists normally assume that the goal of a typical business (firm) is to (x) sell as...
economists normally assume that the goal of a typical business (firm) is to (x) sell as much of their product as possible regardless of the level of profit. (y) set the price of their product as high as possible regardless of the level of profit. (z) maximize profit regardless of the price or quantity of sales. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only Which...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000. $70,000. 2. The market structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership. corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. b. c. d. 3. In the short run, firms: a. can only vary capital inputs. b. can vary all inputs. C. have at least one fixed input. d. have only fixed inputs. Use the...
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive firm to answer questions 1 through 10. Price (P) MC 10.00 ATC 8.75 8.00 7.75 7.50 AVC 250 300 440 500 Quantity If price - $10, the profit-maximizing/loss-minimizing level of output is (1) total revenue is equal to (2) $_ -, total cost is equal to (3) $_ and the firm earns economic profit equal to (4) $_ If price = $7.50, the profit-maximizing/loss-minimizing...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
SECTION NAME PRINT LAST NAME, FIRST NAME PERFECT COMPETITION Use the graph for a perfectly competitive firm to answer questions I through 10, Price (P) ATC $16 МC S13 AVC $10 $8 $6.50 0 60 100 Quantity (Q) If price $10, the profit-maximizing/loss-minimizing level of output (Q) is I) total revenue is equal to 2) S total cost is equal to 3) S and the firm has a loss equal to 4) S If this firm does not produce in...
SECTION# NAME PRINT LAST NAME, FIRST NAME he number of billboards Bob id $500 for painting a billbo 00 to $1,750 per week. In this e as a result of painting one As Boss billboard k. In this case. Bob's Billboard Painting is considering increasing the numb paints per week by one billboard, and the firm is paid $500 Bob's total cost will increase as a result from $1,200 to $1 MR > MC, so the firm's profits will increase...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
PROBLEM #4 Charlotte just finished a year of running her own leather business. During that year, the company generated $400,000 in revenues. The total cost of resources that she bought in the market was $170,000. This broad category includes the costs of raw materials, wages, and computers. The total cost of resources owned by the firm was $65,000. This category includes economic depreciationand foregone interest. Economic depreciation is the fall in market value of a company's capital over a given...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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