Answers
A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where
- price = marginal cost
- marginal revenue = marginal cost
- marginal benefit = marginal cost
Option D
Explanation:
All of the options are true.
In a highly competitive market, companies set marginal incomes at marginal cost level (MR= MC) in order to make a profit. MR is the pitch of the profit curve, which represents the (D) and price (P) of the demand curve as well.
It is necessary to have positive, or negative economic benefits in the shorter term. The company profits whenever the price exceeds the total average cost. The company loses on the market if premiums are less than average total costs.
Related Questions
If the average cost of transporting a passenger on the train from Chicago to St. Louis is $75, it would be irrational for the railroad to allow any passenger to ride for less than $75.True/False
Jill's Job Shop buys two parts (Tegdiws and Widgets) for use in its production system from two different suppliers. The parts are needed throughout the entire 52-week year. Tegdiws are used at a relatively constant rate and are ordered whenever the remaining quantity drops to the reorder level. Widgets are ordered from a supplier who stops by every four weeks. Data for both products are as follows: ITEMTEGDIWWIDGET Annual demand 11,000 8,000 Holding cost (% of item cost) 10% 20% Setup or order cost$110.00 $10.00 Lead time 4weeks 4week Safety stock 65units 7units Item cost$15 $8
Suppose you purchase twelve call contracts on Macron Technology stock. The strike price is $65, and the premium is $2.30. If, at expiration, the stock is selling for $71 per share, what are your call options worth? What is your net profit? (Omit the "$" sign in your response.)
An economist has conducted extensive research and has found that jones cola is a substitute for tucker cola. ceteris paribus, the price of jones cola increases. the impact on the demand curve for tucker cola is a(n):
B.free enterprise.
C.international trade.
D.business competition.
Answers
Answer:
C.international trade
Explanation:
In business, resources are tangible materials used in the production process. Natural resources are valuable materials found beneath, above, or on the earth's surface. These materials are naturally occurring and are distributed unevenly across the globe. They include Minerals, forests, fertile lands, water, oil and gas, plants, and animals.
Some resources, such as minerals and water, become raw materials, while others, such as land, facilitate the production process. Because resources are unevenly distributed, regions with plenty can use them to produce goods and services and sell to areas with scarcity. No single region has the resources it requires. International trade makes it possible for regions to sell what they have in plenty and buy what they luck.
Answers
the cover-up of complex procedures. Abstraction allows us to apply a function to each value in a list and produce a new list of the results by getting rid of unnecessary or repetitive code.
Abstraction is a method used in computer science to control the complexity of computer systems. It functions by setting a threshold for complexity beyond which a user cannot interact with the system, concealing the more intricate elements below the threshold.
When we write code parts (referred to as "procedures" or, in Java, "static methods") that are generalized by having variable parameters, we are using procedural abstraction. The concept is that we have code that, depending on how its parameters are configured when it is called, can handle a range of different circumstances.
Read more about abstraction enables at
#SPJ4
Answers
I believe the answer would be $110,000; $50,000
Answers
The cost of direct material used during the period would be $1,24,000.
What is inventory?
Inventory is an asset because the company invents money in that, it is the stock used in a particular business it starts with an opening balance of inventory and ends with its closing balance.
The cost of goods sold is the cost of the product which is sold during the year.
The formula for computing cost of goods sold(COGS):
OS= Opening Stock,
CS= Closing Stock.
Computation of cost of direct material:
Given that,
Opening stock of raw material = $27,000,
Closing stock of raw material = $28,000,
Purchases = $72,000 ($1,00,000-$28,000)
Putting the given values in the above formula, we get:
Hence, the cost of direct materials used during the period would be $1,27,000.
Learn more about inventory, refer:
Final answer:
The cost of the direct materials used during the year is $74,000. This was computed by adding the beginning raw materials inventory and purchases, then subtracting the end-year inventory and the indirect materials.
Explanation:
To calculate the cost of direct materials used during the period, you will need to take the beginning raw materials inventory, add the purchases made during the year, and then subtract the end of the year inventory and the indirect materials.
In this case, the calculation would be as follows: $27,000 (beginning inventory) + $100,000 (purchases) - $25,000 (ending inventory) - $28,000 (indirect materials) = $74,000. So the cost of direct materials used during the year is $74,000.
This calculation is part of managerial accounting, where it's crucial to keep track of direct and indirect costs to calculate the cost of goods manufactured and eventually obtain the cost of goods sold.
Learn more about Direct Materials Cost here:
#SPJ11
Answers
Answer:
People didn't want to trade their goods for other goods anymore.
Explanation:
People wanted to have both their item and another item (which they wanted to buy). Then currency was invented.
b. calculate your income elasticity of demand as your income increases from $10,000 to $12,000 if (i) the price is $12 and (ii) the price is $16.
Answers
The demand schedule is first rearranged as in the attached photo.
The questions can be answered using the following midpoint method formulae:
Price elasticity of demand = Change is quantity / Change in price …………… (1)
Income elasticity of demand = Change is quantity / Change in income …………(2)
Where:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2)
Change in Price = (New price - Old price)/ ((New price + Old price)/2)
Change in income = (New income - Old income)/ ((New income + Old income)/2) =
Using the formulae, we have:
a(i) Price elasticity of demand when income is $10,000
We have:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (32-40) / ((32+40)/2) = -0.222222222222222
Change in Price = (New price - Old price) / (New price + Old price)/2) = (10-8) / ((10+8)/2) = 0.222222222222222
Price elasticity of demand when income is $10,000 = Change is quantity / Change in price = -0.222222222222222 / 0.222222222222222 = -1
a(ii) Price elasticity of demand when income is $12,000
We have:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (45-50) / ((45+50)/2) = -0.105263157894737
Change in Price = (New price - Old price) / (New price + Old price)/2) = (10-8) / ((10+8)/2) = 0.222222222222222
Price elasticity of demand when income is $12,000 = Change is quantity / Change in price = -0.105263157894737 / 0.222222222222222 = -0.473684210526316, or -0.47 approximately
b(i) Income elasticity of demand as income increases from $10,000 to $12,000 if the price is $12
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (30 - 24) / ((30 + 24)/2) = 0.222222222222222
Change in income = (New income - Old income)/ (New income + Old income)/2) = (12,000 – 10,000)/ ((12,000 + 10,000)/2) = 0.181818181818182
Income elasticity of demand = Change is quantity / Change in income = 0.222222222222222 / 0.181818181818182 = 0.81818181818182, or 0.82 approximately
b(ii) Income elasticity of demand as income increases from $10,000 to $12,000 if the price is $16
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (12 - 8) / ((12 + 8)/2) = 0.40
Change in income = (New income - Old income)/ (New income + Old income)/2) = (12,000 – 10,000)/ ((12,000 + 10,000)/2) = 0.181818181818182
Income elasticity of demand = Change is quantity / Change in income = 0.40 / 0.181818181818182 = 2.20
Learn more here:brainly.com/question/13324924.
a. use the midpoint method to calculate your price elasticity of demand as the price of dvds increases from $8 to $10 if (i) your income is $10,000 and (ii) your income is $12,000 : -1
Explanation:
Suppose that your demand schedule for DVDs is as follows:
price
$8
10
12
14
16
quantity demanded (income = $10,000)
40 pizza
32
24
16
8
quantity demanded (income = $12,000)
50 pizza
45
30
20
12
a. use the midpoint method to calculate your price elasticity of demand as the price of dvds increases from $8 to $10 if (i) your income is $10,000 and (ii) your income is $12,000.
Price elasticity of demand (Income $10,000) = Quantity present - quantity previous / (quantity present + quantity previous /2) divide with (Price present - price previous / (price present + price previous /2))
quantity present - quantity previous / (quantity present + quantity previous/2) = 32-40 / ((32+40)/2) = 9/36 = -0.2222
(Price present - price previous / (price present + price previous /2))
= 10-8 / ((10+8)/2) = 2/9 = 0.2222
Price elasticity of demand (Income $10,000) = Quantity present - quantity previous / (quantity present + quantity previous /2) divide with (Price present - price previous / (price present + price previous /2)) = -0.2222 / 0.2222 = -1
Learn more about price quantity brainly.com/question/1657280
#LearnWithBrainly