Explain the firms economic profit

Reference no: EM13196873

A firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3. what is the firms economic profit and is the firm maiximizing its economic profit.

Is the formula market price-average cost x quantity 20?

Reference no: EM13196873

Questions Cloud

Define lone pairs on the central atom : If the symbol X represents a central atom, Y represents outer atoms, and Z represents lone pairs on the central atom, the structure Y--X(with 2 lone pairs)--Y can be abbreviated as XY2Z2

What is the area of one triangular face of lateral surface : The surface area of this pyramid is The area of the square base is . What is the area of one triangular face of the lateral surface? Show the steps of your solution and explain your work.

Briefly describe the process of translation : briefly describe the process of DNA replication, briefly describe what happens during transcription and briefly describe the process of translation?

How much did you invest in each : you collect $33000 after taxes and decide to invest it in two funds that return 4% and 2.25% for a total of 970 after the first year. How much did you invest in each?

Explain the firms economic profit : A firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3.what is the firms economic profit.

Concluding of the molar mass of aluminum by measuring : The syringe used in this experiment is calibrated to 60 mL. However, there is a 'dead volume' at the needle end of the syringe that is uncalibrated. This volume equals 1.20 mL. Bearing in mind that the syringe is upside down

How many possible seating arrangements : A company car that has a seating capacity of six is to be used by six employees who have formed a car pool. If only three of these employees can drive, how many possible seating arrangements are there for the group?

Why different cell types might or or not respond : Explain in detail why different cell types might or or not respond to a certain signaling molecule; and, why some cells respond to the same signal but with different outcomes. Give and explain specific examples.

Find the average power developed by the engine : A 1.50 103 kg car starts from rest and accelerates uniformly to 19.4 m/s in 12.7 s. Assume that air resistance remains constant at 400 N during this time.

User Account

All Pages