Consider the following data: equilibrium price = $15, quantity of output produced = 800 units, average total cost = $13, and average variable cost $9. Given this information, total revenue is ___________, total cost is _____________, and total fixed cost is ______________.
$9,000; $8,000; $6,000
$12,000; $10,400; $3,200
$1,200; $1,040; $320
$12,000; $10,400; $7,200
In: Economics
Consider the market and a representative competitive firm. Draw the market equilibrium, then marginal cost, average cost, and marginal revenue curves for a competitive firm correctly producing a non-zero quantity, which is earning a negative profit, but is still producing. Make sure to label all the curves and axes. In the long-run, what will happen to the price? (9 points)?
In: Economics
A monopolist with constant average and marginal cost equal to 8 faces demand Q = 100 - P, implying that its marginal revenue is MR = 100 - 2Q. (Wrong question Its profit maximizing quantity is ... should be deadwieght loss) the deadweight loss is Select one:
a. 1058
b. 966
c. none of the answers.
d. 3680
In: Economics
Financial Statement Items
Identify the financial statement (or statements) in which each of the following items would appear: income statement (IS), statement of stockholders’ equity (SSC), balance sheet (BS), or statement of cash flow (SCF).
Assets
Revenue
Cashflow from investing activities
Stockholders’ equity
Expenses
Net change in cash
Net Income
Liabilities
In: Accounting
Which of the following is a problem (from an efficiency perspective) with ration coupons as an approach to allocate goods in a shortage?
Group of answer choices
People who value the good the most, don’t get more of it than other people
The first people in line buy most of the goods
The government misses out on tax revenue
Prices go up
In: Economics
Question: For each of the following items, determine whether the item would be:
a. added to the bank balance
b. subtracted from the bank balance
c. added to the book balance
d. subtracted from the book balance
11. Interest revenue earned
12. NSF check
13. Deposit in transit
14. Service charge
15. Outstanding check
In: Accounting
3. Technological Resource Stock Externality. Please explain the technological resource stock externality that occurs under the market failure arising with open access. Please explain your answer using an equation that is expressed in terms of either the average and marginal products of effort or the average and marginal revenue products for the individual fisher and the industry taken as a whole.
In: Economics
3. Technological Resource Stock Externality. Please explain the technological resource stock externality that occurs under the market failure arising with open access. Please explain your answer using an equation that is expressed in terms of either the average and marginal products of effort or the average and marginal revenue products for the individual fisher and the industry taken as a whole.
In: Economics
1.
a. Draw a horizontal average cost curve for the monopolist. Where is the marginal cost curve and how do you know?
b. Is the equilibrium in which there is one competitive industry and one monopolistic industry efficient? Explain.
c. Now suppose the monopolist above can perfectly price-discriminate. What is his marginal revenue curve? Explain.
In: Economics
Think about what the definition of Haig-Simmons looks to achieve – that is, what is a fair way to define income for purposes of taxation. What represents your net income (your ability to spend)? Does the current Internal Revenue Code, as reflected by the form, accurately represent an individuals “net” income? Please write a detailed analysis for your explanation.
In: Economics