11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost o...
11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is ________.
a. $50
b. $100
c. $150
d. $30
15. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this firm in the short run?
a. This firm should shut down production immediately.
b. This firm should produce more than what it is currently producing.
c. This firm should not shut down production in the short run.
d. There is not enough information provided to answer.
17. The exit of a firm ________.
a. is a short-run decision by the firm to not produce anything
b. refers to a refusal to work organized by a group of the firm's employees
c. is a long-run decision by the firm to leave a market
d. refers to the temporary decision of the firm not to hire any new employees
21. Which of the following statements is true?
a. In the long run, a firm cannot vary any of its inputs.
b. In the short run, a firm can vary all its inputs.
c. In the long run, a firm can vary all its inputs.
d. In the short run, a firm cannot vary any of its inputs.
Homework Answers
Ans11) the correct option is d) $ 30
Profit = 5*30 - ( 100 + 20) = 30
Ans15) the correct option is c) This firm should not shut down production in the short run.
Ans17) the correct option is c) is a long-run decision by the firm to leave a market
Ans21) the correct option is c. In the long run, a firm can vary all its inputs
Add Answer to:
11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost o...
A firm is seeing a $500 loss in the short run. The fixed cost of operation...
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
D 15. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is...
D 15. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this firm in the short run? This firm should shut down production immediately. This firm should produce more than what it is currently producing. This firm should not shut down production in the short run. There is not enough information provided to answer.
16. A firm is seeing a $500 loss in the short run. The fixed cost of...
16. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $200. What is the best decision for this firm in the short run? This firm should shut down production immediately There is not enough information provided to answer. This firm should not shut down production in the short run. This firm should produce more than what it is currently producing.
A profit-maximizing firm incurs an economic loss of $30,000 per year. Its fixed cost is $25,000...
A profit-maximizing firm incurs an economic loss of $30,000 per year. Its fixed cost is $25,000 a year. Should the firm produce or shut down in the short run. Suppose instead that the firm has a fixed cost of $35,000 per year. Should the firm produce or shut down in the short run?
D 17. The exit of a firm is a short-run decision by the firm to not...
D 17. The exit of a firm is a short-run decision by the firm to not produce anything refers to a refusal to work organized by a group of the firm's employees is a long-run decision by the firm to leave a market refers to the temporary decision of the firm not to hire any new employees
A firm sells 1,000 units per week. Suppose the average variable cost is $25, and the...
A firm sells 1,000 units per week. Suppose the average variable cost is $25, and the average cost is $60. In the short run, the break-even price is ? . In the long run, the break-even price is ? Suppose the firm charges a price of $42 per unit. Use the following table to indicate whether the firm will shut down or continue to produce in the short run and the long run. Time Continue to Produce Shut Down Short...
A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable...
A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55. In the long run, the firm should a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower tha average cost d. None of the above
2. A profit-maximizing business incurs an economic loss of S30,000 per month. Its fixed cost is...
2. A profit-maximizing business incurs an economic loss of S30,000 per month. Its fixed cost is S20,000 per month. a) Should this firm produce or shut down in the short run? Explain. Should it stay in the industry or exit in the long run? Explain. b) Suppose instead that this business has a fixed cost of S35,000 per month. Should it produce or shut down in the short run? Explain. Should it stay in the industry or exit in the...
If a profit maximizing firm has a fixed cost of $3000 and an average variable cost...
If a profit maximizing firm has a fixed cost of $3000 and an average variable cost of $40 per unit but a maximum output of 50 units. The firm cannot avoid the fixed costs in the short run but can avoid the fixed costs by shutting down in the long run. The firm should A) produce output at prices no less than $40 and supply 50 outputs at prices above $40 B) produce output at prices no less than $100...
D 11. A firm sells 30 units of its product at a price of $5 per...
D 11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is $50 $100 $150 $30
A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this frm in the short run? e This firm should shut down production immediately o This firm should produce more than what it is aurrently producing O This firm should not shut down production in the short run. eThere is not enough information provided to answer. 1 pts Question 16 A firm is...
D 15. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is the best decision for this firm in the short run? This firm should shut down production immediately. This firm should produce more than what it is currently producing. This firm should not shut down production in the short run. There is not enough information provided to answer.
16. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $200. What is the best decision for this firm in the short run? This firm should shut down production immediately There is not enough information provided to answer. This firm should not shut down production in the short run. This firm should produce more than what it is currently producing.
D 17. The exit of a firm is a short-run decision by the firm to not produce anything refers to a refusal to work organized by a group of the firm's employees is a long-run decision by the firm to leave a market refers to the temporary decision of the firm not to hire any new employees
2. A profit-maximizing business incurs an economic loss of S30,000 per month. Its fixed cost is S20,000 per month. a) Should this firm produce or shut down in the short run? Explain. Should it stay in the industry or exit in the long run? Explain. b) Suppose instead that this business has a fixed cost of S35,000 per month. Should it produce or shut down in the short run? Explain. Should it stay in the industry or exit in the...
D 11. A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is $50 $100 $150 $30
Most questions answered within 3 hours.
-
You plan to save $5,700 per year for the next 10 years. After
the last deposit,...
asked 12 minutes ago -
On January 1, 2019, ABC Corp. borrowed $81,000 by signing an
installment loan. The loan will be...
asked 16 minutes ago -
Enzyme X exhibits maximum activity at pH = 5.25. X shows a sharp
decrease in its...
asked 31 minutes ago -
Postulate a reason for why so many aliphatic amino acids are
essential.
asked 30 minutes ago -
Three samples were taken of 4 different dog food bags and their
weights were recorded:
Sample/Observation...
asked 33 minutes ago -
The Beatles had 27 number one hits; a radio station asks
listeners to send in a...
asked 31 minutes ago -
Help with Java Program Please
Create a simple graph class. The graph class should have the...
asked 32 minutes ago -
Which of the following statements is true regarding the nature
of culture?
A.We are born with...
asked 52 minutes ago -
(a) 2
NO2(g) à 2
NO(g) +
O2(g)
The rate law for this reaction
is 2nd...
asked 56 minutes ago -
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 1 hour ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 1 hour ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 1 hour ago