Give examples of how to calculate total revenue, total cost, variable cost, fixed cost, marginal cost,...

Give examples of how to calculate total revenue, total cost, variable cost, fixed cost, marginal cost, ATC, AFC, and AVC.

What is the water-diamond paradox?

Expert Solution

2.

If we talk in simple terms then the term paradox meaning the contradictory statement

So water- diamond paradox simply states that as we all know that water is more useful as compare than diamonds for survival but still diamonds are having higher price in the market

It is generally explained by the help of marginal utility theory which says that the water is necessary for life but only first few units and water presence is plentiful on earth

But if we talk about diamond then they are very scarce resource so marginal value per pound of diamond exceeds the marginal value per pound of water

Rahul Sunny answered 2 years ago

At a quantity of 265 units marginal revenue equals marginal cost. Fixed cost is $2,500, the Total Variable cost is $9,500, and the total revenue is $11,000.

At a quantity of 265 units marginal revenue equals marginal cost. Fixed cost is $2,500, the Total Variable cost is $9,500, and the total revenue is $11,000. Calculate the average fixed cost, average variable cost, average total cost and marginal revenue. Should the company shut down or stay in business in the short run? In the long run?

At a quantity of 375 units marginal revenue equals marginal cost. Fixed cost is $1000, the Total Variable Cost is $7,000 and the Total Revenue is $6000.

At a quantity of 375 units marginal revenue equals marginal cost. Fixed cost is $1000, the Total Variable Cost is $7,000 and the Total Revenue is $6000. Calculate the average fixed cost, average variable cost, average total cost and marginal revenue. Should the company shut down or stay in business?

Define the following: fixed cost, variable cost, marginal cost and marginal revenue

Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...

Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average Variable Costs 0 0 - 10 - 10 - - - 1 8 24 14 24 2 16 34 10 17 3 24 42 8 14 4 32 49 7 12.25 5 40 57 8 11.4 6 48 67 10 11.17 7 56 81 14 11.57 8 64 99 18 12.38 9 72 123 24 13.67 1b. At a price of $14, what is...

Question 1 Output total cost marginal cost fixed cost average cost Total revenue average revenue Marginal...

Question 1 Output total cost marginal cost fixed cost average cost Total revenue average revenue Marginal revenue 0 10 0 1 16 20 2 26 40 3 40 60 4 60 80 5 88 100 6 120 120 A) Complete the missing data on the table B) What is the selling price of a laptop case explain your answer c) What is the profit maximizing level of output for this firm explain your answer d) create a graph using three...

Labor Q Total Fixed Cost Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average...

Labor Q Total Fixed Cost Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 0 25 0 1 4 25 25 2 10 25 50 3 13 25 75 4 15 25 100 5 16 25 125 (a) Complete the blank columns. (b) Assume the price of this product equals $10. What’s the profit-maximizing output (q)? Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit...

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Give examples of how to calculate total revenue, total cost, variable cost, fixed cost, marginal cost,...

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At a quantity of 265 units marginal revenue equals marginal cost. Fixed cost is $2,500, the Total Variable cost is $9,500, and the total revenue is $11,000.

At a quantity of 375 units marginal revenue equals marginal cost. Fixed cost is $1000, the Total Variable Cost is $7,000 and the Total Revenue is $6000.

Define the following: fixed cost, variable cost, marginal cost and marginal revenue

Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...

Question 1 Output total cost marginal cost fixed cost average cost Total revenue average revenue Marginal...

Labor Q Total Fixed Cost Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average...

What is total utility? What is marginal utility? Give examples of how to calculate total utility...

marginal revenue equals marginal cost to maximize total revenue

Explain revenue, marginal revenue, and marginal cost. Provide some examples.

Why does marginal revenue decrease when total revenue increases? I understand how to calculate marginal revenue...