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Total revenue minus both explicit and implicit costs defines a firm's:
a. profit.
b. gross earnings.
c. net worth.
d. marginal earnings.
Step by step
Solved in 3 steps
- Which of the following is considered when calculating economic profit but not accounting profit? a. implicit cost b. explicit cost c. total revenue d. marginal cost e. All of the above are considered when calculating accounting profit.If a firm's marginal revenue is below its marginal cost, an increase in production will usually: a. increase profits b. leave profits unchanged c. decrease profits d. increase marginal revenueQ: A farmer plane to harvest maize on his specific land. Discuss all factors of production whichhe need to harvest the whole season of crop. Also mentioned their rewards. Differentiate between economic profit and accounting profit, implicit explicit cost, total cost, variable cost, & average cost?
- Which of the following is not a part of the short run marginal costs for a pharmaceutical company? a. Marketing costs b. Large manufacturing equipment costs c. The cost of administrative activities d. Production and manufacturing costsA company produces two products. FC = Total Fixed costs = $580VC1= variable costs from product 1 = $920VC2= variable costs from product 2 = $805TR1= revenue from product 1 = $900TR2= revenues from product 2 = $900In the short run, what should the firm do? a.Produce product 1 but not 2 b.Produce neither c.Produce both d.Produce product 2 but not 1Designated cost incurred by the short-run firm. Select one: a. fixed cost b. total cost c. variable cost d. average cost
- (A) Comment on marginal revenue and marginal cost values when it is given that marginal profit is 0. (B) Also comment on total profit value of the firm.A small coffee house has the following costs: building and pizza oven rentals 100,000 labor 120,000owners salary given up 85,000 value of entrepreneurial talent 30,000 raw material 100,000 Bank loan payment 15,000 interest given up by owner 5,000 revenue for the firm is expected to be 420,000 for the year. a. List by name and amount the firms fixed explicit costs b. List by name and amount the forms variable explicit costs c. List by name and amount the forms implicit cost d. Calculate the firms accounting profits and its economic profit e. Should the firms continue business in the long term if revenues and costs continue at the same lev? Why or why not?Output (unit) Total Cost (RM) Price (RM) 1 550 660 2 670 585 3 720 510 4 740 435 800 360 960 285 1190 210 135 60 8 1520 2160 Table 3 Table 3 shows data for a firm's production and costs in the long run. a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and average revenue as the output increases from 0 to 9 units. C. Based on your calculation from question (a), show the quantity and price where the equilibrium condition is found.
- Ball Bearings, Inc., faces costs of production as follows:a. Calculate the company’s average fixed cost, average variable cost, average total cost,and marginal cost at each level of production.b. The price of a case of ball bearings is $50. Seeing that he can’t make a profit, thechief executive officer (CEO) decides to shut down operations. What is the firm’sprofit/loss? Was this a wise decision? Explain.c. Vaguely remembering his introductory economics course, the chief financial officertells the CEO it is better to produce 1 case of ball bearings, because marginal revenueequals marginal cost at that quantity. What is the firm’s profit/loss at that level ofproduction? Was this the best decision? ExplainIn the long run, if 1,000 units are produced at a cost of $8,000 and 1,200 units at a cost of $9,200, then in this output range there are Select one: a. economies of scale b. increasing marginal returns c. diminishing marginal returns d. decreasing marginal costs e. diseconomies of scaleWhich of these will have lower values as the quantity produced increases? a. Fixed cost per unit b. Total variable cost c. Fixed cost d. Variable cost
