Use table to find the required values:Price$32Quantity400,000Explicit costs$3,500,000Implicit costs$4,100,000(A) Calculate total revenue.(B) Calculate accounting profit.(C) Calculate economic cost.(D) Calculate economic profit. Based on the table below for a perfectlycompetitive firm:QuantityFixed Variable TotalCost CostCostMarginal Cost10200 50200 100200 300200 800****|250 ****20300 5500 201000X3040(a) Find the marginal cost as X.(b) If the equilibrium price is $20, find theprofit maximizing quantity.(c) How much profit will the firm earn?(A) 25$ is the marginal cost

Since you have asked multiple question, we will solve the first question for you. If you want any…

Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.

Use table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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Question

Use table to find the required values:
Price
$32
Quantity
400,000
Explicit costs
$3,500,000
Implicit costs
$4,100,000
(A) Calculate total revenue.
(B) Calculate accounting profit.
(C) Calculate economic cost.
(D) Calculate economic profit.

Based on the table below for a perfectly
competitive firm:
Quantity
Fixed Variable Total
Cost Cost
Cost
Marginal Cost
10
200 50
200 100
200 300
200 800
****
|250 ****
20
300 5
500 20
1000X
30
40
(a) Find the marginal cost as X.
(b) If the equilibrium price is $20, find the
profit maximizing quantity.
(c) How much profit will the firm earn?
(A) 25$ is the marginal cost

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