Homework Answers
Answer - (c) marginal profit
EXPLANATION - if marginal profit is zero, then the firm is selling at a quantity where marginal cost = marginal revenue, which is the profit maximizing quantity.
(Marginal profit = Marginal Revenue - Marginal Cost )
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To maximize profits, a firm should set its output where its is zero. O marginal cost...
A firm sets its output where O marginal revenue minus marginal cost is greater than zero....
A firm sets its output where O marginal revenue minus marginal cost is greater than zero. O marginal revenue minus marginal cost is less than zero. O marginal revenue minus marginal cost equals zero. O marginal revenue plus marginal cost equals zero.
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O...
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O marginal profit is zero. O marginal cost is zero.
Question 1. A perfectly competitive firm seeking to maximize its profits would want to maximize the...
Question 1. A perfectly competitive firm seeking to maximize its profits would want to maximize the difference between? Select one: a. either a or d. b. its marginal revenue and its marginal cost. c. its total revenue and its total cost. d. its average revenue and its average cost. e. its price and its marginal cost. Question text 2. A profit-maximizing monopolist sets? Select one: a. output where demand equals average total cost. b. output where marginal cost equals average...
To maximize profits in a competitive market set price equal to marginal cost. But in a...
To maximize profits in a competitive market set price equal to marginal cost. But in a monopoly, you set marginal revenue equal to marginal cost. Based on the given information, answer the following questions. Total Revenue = 100Q – 10Q² Marginal Revenue = 100 – 20Q Total Cost = 20 + 10Q Marginal Cost = 10 Note: Competitive Market: To maximize profits set Price = Marginal Cost Monopoly Market: To maximize profits set Marginal Revenue = Marginal Cost What...
A firm will maximize profits and revenues at the same price when: the marginal cost is...
A firm will maximize profits and revenues at the same price when: the marginal cost is negligible or zero. the fixed costs are zero the marginal revenue is zero. the demand for the good is highly elastic. o Which of the following correctly defines second-degree price discrimination? The seller offers each individual customer a different price. The seller sells differentiated goods at different prices. The seller sets the price of the good equal to the marginal cost of production. The...
If a perfectly competitive firm is producing where price is equal to $20, marginal cost is...
If a perfectly competitive firm is producing where price is equal to $20, marginal cost is equal to $25, and average variable cost is equal to $15, what should the firm do, if anything, to maximize its profit? O A. increase output O B. shut down O C. decrease output (but not shut down) OD. The firm is already maximizing profit.
17. To maximize profits, a firm must choose its quantity at the point where... a. Total...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
19. To maximize profits in a competitive market set price equal to marginal cost. But in...
19. To maximize profits in a competitive market set price equal to marginal cost. But in a monopoly, you set marginal eue equal to marginal cost. Based on the given information, answer the following questions. Total Revenue- 100Q-10Q Marginal Revenue = 100-20Q Total Cost 20+10Q Marginal Cost -10 Note: Competitive Market: To maximize profits set Price Marginal Cost Monopoly Market. To maximize profits set Marginal Revenue Marginal Cost a. What price do you charge if you are in a competitive...
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 fo
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. To refer to the graphing tutorial for this question type, please click here.
4. A firm will begin to experience diminishing returns at the output where marginal A. cost...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
A firm sets its output where O marginal revenue minus marginal cost is greater than zero. O marginal revenue minus marginal cost is less than zero. O marginal revenue minus marginal cost equals zero. O marginal revenue plus marginal cost equals zero.
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O marginal profit is zero. O marginal cost is zero.
A firm will maximize profits and revenues at the same price when: the marginal cost is negligible or zero. the fixed costs are zero the marginal revenue is zero. the demand for the good is highly elastic. o Which of the following correctly defines second-degree price discrimination? The seller offers each individual customer a different price. The seller sells differentiated goods at different prices. The seller sets the price of the good equal to the marginal cost of production. The...
If a perfectly competitive firm is producing where price is equal to $20, marginal cost is equal to $25, and average variable cost is equal to $15, what should the firm do, if anything, to maximize its profit? O A. increase output O B. shut down O C. decrease output (but not shut down) OD. The firm is already maximizing profit.
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
19. To maximize profits in a competitive market set price equal to marginal cost. But in a monopoly, you set marginal eue equal to marginal cost. Based on the given information, answer the following questions. Total Revenue- 100Q-10Q Marginal Revenue = 100-20Q Total Cost 20+10Q Marginal Cost -10 Note: Competitive Market: To maximize profits set Price Marginal Cost Monopoly Market. To maximize profits set Marginal Revenue Marginal Cost a. What price do you charge if you are in a competitive...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
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