When the work artists put into their craft exceeds any reasonable expectation of profit or even a break-even return creates a _____. A Demand market B Supply market C Irrational market D Equilibrium market
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When the work artists put into their craft exceeds any reasonable expectation of profit or even a break-even return creates a _____.
Demand market
Supply market
Irrational
Equilibrium market
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- The demand for bricks depends on the price. A brick company can sell 500 000 bricks at $3.00 each. For every $0.10 the price is raised they sell 10 000 fewer bricks. In addition, the company's cost, C in dollars, of producing each brick is related to the number of bricks to be 主 sold, n, where C 25 1 000 000 a Create an equation to represent the company's profit, P, in térms of z, the number of $0.10 price increases, (Note: Profit will equal revenue coNt.) 6.find the selling price (to the nearest.cent) and number of bricks sold that wil lead to a profit of $740 000. < Find the maxlmum profit (to the nearest dola), as well as the selling price (to the nearest cent) and number of bricks sold that produce the maximumprefitA manufacturer of hospital supplies has a uniform annual demand for 180,000 boxes of bandages. It costs $20 to store one box of bandages for one year and $500 to set up the plant for production. How many times a year should the company produce boxes of bandages in order to minimize the total storage and setup costs? The company should produce boxes of bandages time(s) a year. you ge.. Next R. RAZERPrice and Costs MC Firm -+ LAVO I I Quantity If firms in the market are producing output but are currently making economic losses, in the market, and indicates the corresponding supply curve. The total quantity supplied to the market will decrease. Average total cost will decrease. The price of fertilizer will increase. Price The quantity supplied by each firm will decrease. Demand Marginal cost will decrease. Market I I Quantity S₂ Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. S (?) illustrates the present situation for the typical firm
- Q) The short-run market demand andsupply for Kente cloth are expressed as follows:Demand:P=40-0.25QSupply: P=5+0.05QMarginal cost: -20+4Q a) Find short run level of output.Dollars $120 $100 $80 $60 $20 0 500 750 1,000 First Year Quantity Extracted Multiple Choice remain unchanged. Refer to the diagram, assuming that the firm represented is operating on curve TC₁. If the current price of the resource rises by $20, the optimal quantity extracted in the first year will: decline by 250. TC₁ increase by 250. increase by 500. TCO PriceA subsidy is defined as a payment that must be made to the government whenever a good or service is sold. the number of trades that are eliminated from a market when a tax is imposed. O the difference between total revenue and total cost for a business firm. a payment to either the buyer or seller of a good or service, usually on a per-unit basis, when a good or service is purchased.
- A firm sells its product i two different markets. the inverse demand in market A is PA=72-5QA & in market B, it is PB=60-3QB.it has fixed cost of 72.each unit it produces costs 12 that is marginal cost equals 12.to maximize profits, what quantities of output will be sold in each market & what will total profits be?a) identify which of production level that marginal revenue decreases start to occur (with supposition price factor does not change) b) identify which of production level and price that can provide maximum profit.Price (dollars) 9 & 0 Market Q₁ Quartity Q D Price (dollars) & Firm 9 Quantity 4 q1 This firm will not produce because it will take losses. q2 MC q2-q1 Cannot be determined from the information given. ATC AVC MR₁ Refer to the figure above. When the market output is Q2, what quantity does the individual firm supply? MP
- (a) Complete the table.(b) Identify the equilibrium output and price.(c) How much profits does the firm earn at equilibrium output?(d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profitMarginal revenue of a product is the incremental revenue of selling an additionalunit of that product. Let, the revenue of selling 20 units of a product beRs. 15,000 and the revenue of selling 21 units of the same product beRs. 15,085. Then, the marginal revenue of selling the 21st unit____?A local company is planning to manufacture and market a four-slice toaster. For this toaster, the research department’s estimates are aweekly demand of 300 toasters at a price of $25 per toaster and a weekly demand of 400 toasters at a price of $20. The financial department’s estimates are fixed weekly costs of$5,000 and variable costs of $5 per toaster. a) Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b) Using your knowledge from Finite Math, determine the Revenue function in terms of ?. c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500 units. Interpret these results. (HINT: Consider what a positive or negative first derivative implies) d) Assume that the cost function is linear. Use the financial department’s estimates to express the cost function interms of ?. e) Determinethe Marginal costand interpret the…