Question
In: Economics
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?
Solutions
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 agoRelated Solutions
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
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...
What is total utility? What is marginal utility? Give examples of how to calculate total utility...
What is total utility?
What is marginal utility?
Give examples of how to calculate total utility and marginal
utility.
What’s the law of diminishing marginal utility?
Give an example of using the formula MUx/Px = MUy/Py.
marginal revenue equals marginal cost to maximize total revenue
marginal revenue equals marginal cost to maximize total
revenue
Explain revenue, marginal revenue, and marginal cost. Provide some examples.
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...
Why does marginal revenue decrease when total revenue increases?
I understand how to calculate marginal revenue and total revenue
and I've looked at images of the two curves but I don't understand
the reason behind what's happening.
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