3. The components of marginal revenue Edison's Fire Engines is the sole seller of fire engines...
3. The components of marginal revenue
Edison's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Edison produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Edison faces. As you can see, to sell the additional engine, Edison must lower his price from $105,000 to $90,000 per fire engine. Note that while Edison gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price.
Homework Answers
Edison should increase production from 4 to 5 engines because the output effect dominates in this scenario.
The statement is FALSE
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3. The components of marginal revenue Edison's Fire Engines is the sole seller of fire engines...
3. The components of marginal revenue Alex's Fire Engines is the sole seller of fire engines...
3. The components of marginal revenue Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Alex produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Alex faces. As you can see, to sell the additional engine, Alex must lower his price from $80,000 to $40,000 per fire engine. Note that while Alex gains revenue from the additional engine he sells,...
3. The components of marginal revenue Dmitri's Fire Engines is the sole seller of fire engines...
3. The components of marginal revenue Dmitri's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Dmitri produced five fire engines, but he has decided to increase production to six fire engines. The following graph shows the demand curve Dmitri faces. As you can see, to sell the additional engine, Dmitri must lower his price from $160,000 to $120,000 per fire engine. Note that while Dmitri gains revenue from the additional engine he...
2. The gains and loss from selling one more unit Alex's Fire Engines is the sole...
2. The gains and loss from selling one more unit Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Alex produced five fire engines, but he has decided to increase production to six fire engines. The following graph shows the demand curve Alex faces. As you can see, to sell the additional engine, Alex must lower his price from $105,000 to $90,000 per fire engine. Note that although Alex gains revenue from the...
Van's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania
3. The components of marginal revenueVan's Fire Engines is the sole seller of fire engines in the
fictional country of Pyrotania. Initially, Van produced five fire
engines, but he has decided to increase production to six fire
engines. The following graph shows the demand curve Van faces. As
you can see, to sell the additional engine, Van must lower his
price from $60,000 to $40,000 per fire engine. Note that while Van
gains revenue from the additional engine he sells,...
Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial five engines by selling at $120,000 rather than $160,000.
3. The components of marginal revenue Raphael's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Raphael produced five fire engines, but he has decided to increase production to six fire engines. The following graph shows the demand curve Raphael faces. As you can see, to sell the additional engine, Raphael must lower his price from $160,000 to $120,000 per fire engine. Note that although Raphael gains revenue from the additional engine he sells,...
Manuel (should or should not ) increase production from 8 to 9 fire engines, because revenue...
Manuel (should or should not ) increase production from 8 to 9
fire engines, because revenue gained is (less than or greater
than) revenue lost in this scenario.
Please let me know if my graph is correct otherwise draw it out
for me and please check over if I answered all parts correctly
thank you!
Manuel's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Manuel produced eight fire engines, but he has decided...
2. The demand curve facing a monopoly firm Aa Aa Louie's Fire Engines is the sole...
2. The demand curve facing a monopoly firm Aa Aa Louie's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Loule produces 360 fire engines, but Louie has decided to increase production from 360 to 480 fire engines. The following graph shows the demand curve he faces. As you can see, to sell the additional engines, Louie must lower his price from $50,000 to $40,000. Note that while Loule gains revenue from one...
3. Profit maximization using total cost and total revenue curves
3. Profit maximization using total cost and total revenue curvesSuppose Edison runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan.The following graph shows Edison's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Edison produces.Calculate Edison's marginal revenue and marginal...
PLZ HELP(3 problems)???? QUESTION 7 A monopolist can usually keep price equal to marginal revenue by...
PLZ HELP(3 problems)???? QUESTION 7 A monopolist can usually keep price equal to marginal revenue by lowering the price on the last unit sold only. is constrained in its pricing decisions by the demand curve it faces. faces a demand curve that is more elastic than the demand curve for the industry. can charge whatever price it wants because it is the only firm producing the good 10.Shortly after the turn of the century, U.S. Steel owned most of the...
Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to...
Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to the customer have received at least some cash from the customer be earned and realized/realizable either have received cash or have a signed contract 2. Question 2 Your friend Yong has a company making and selling watches with bands that are customized to match university colors. The business started locally, but now has expanded around the world. His strategy is to sell in bulk...
3. The components of marginal revenue Dmitri's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Dmitri produced five fire engines, but he has decided to increase production to six fire engines. The following graph shows the demand curve Dmitri faces. As you can see, to sell the additional engine, Dmitri must lower his price from $160,000 to $120,000 per fire engine. Note that while Dmitri gains revenue from the additional engine he...
Manuel (should or should not ) increase production from 8 to 9
fire engines, because revenue gained is (less than or greater
than) revenue lost in this scenario.
Please let me know if my graph is correct otherwise draw it out
for me and please check over if I answered all parts correctly
thank you!
Manuel's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Manuel produced eight fire engines, but he has decided...
2. The demand curve facing a monopoly firm Aa Aa Louie's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Loule produces 360 fire engines, but Louie has decided to increase production from 360 to 480 fire engines. The following graph shows the demand curve he faces. As you can see, to sell the additional engines, Louie must lower his price from $50,000 to $40,000. Note that while Loule gains revenue from one...
3. Profit maximization using total cost and total revenue curvesSuppose Edison runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan.The following graph shows Edison's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Edison produces.Calculate Edison's marginal revenue and marginal...
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