Solution-Write down the difference between explicit and

Write down the difference between explicit and implicit

Reference no: EM13392134

The following questions address some of the price and output decisions faced by firms other than those found in perfect competition. Some numbers may be rounded.

Output	Average Fixed cost	Average Variable Cost	Average Total Cost	Marginal Cost	Price	Total Revenue	Marginal Revenue
0					$ 345.00
1	$ 180.00	$ 135.00	$ 315.00		$ 300.00
2	$ 90.00	$ 127.50	$ 217.50		$ 249.00
3	$ 60.00	$ 120.00	$ 180.00		$ 213.00
4	$ 45.00	$ 112.50	$ 157.50		$ 189.00
5	$ 36.00	$ 111.00	$ 147.00		$ 165.00
6	$ 30.00	$ 112.50	$ 142.50		$ 144.00
7	$ 25.71	$ 115.70	$ 141.41		$ 126.00
8	$ 22.50	$ 121.90	$ 144.40		$ 111.00
9	$ 20.00	$ 130.00	$ 150.00		$ 99.00
10	$ 18.00	$ 139.50	$ 157.50		$ 87.00

Questions:

Complete Table 1. Summarize your calculations and use Microsoft Excel.
Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.
Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.
What is a normal profit? What is an economic profit? Explain your answer using examples. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.
Given the data in the table and the graph, how could you determine or identify the optimal plant size?
What is the difference between explicit and implicit cost? Explain your answers.
How would we determine if a cost is a fixed cost or a variable cost?

Reference no: EM13392134

Questions Cloud

Find the marginal product of third worker based on your : you have been hired to manage a small manufacturing facility which has cost and production data given in the table

Write the required reserves of peoples national bank does : suppose that the reserve requirement is 10 and the balance sheet of the peoples national bank looks like the

Describe why the four steps comprised in the controlling : explain why the four steps involved in the controlling function are important. why is a good understanding of the

How much income inequality can be tolerated in us without : write a 2 page essay on the thesis how much income inequality can be tolerated in the u.s without harming our

Write down the difference between explicit and implicit : the following questions address some of the price and output decisions faced by firms other than those found in

Are we losing the economic war with the whole world does : are we losing the economic war with the entire world? does globalization make it impossible to compete with nations

Must be at least ten double-spaced pages in length not : the purpose of the annotated bibliography is to assist you in developing research analysis skills including critical

Ue the theory of motivation you selected to describe an : the relationship between the organization and its members can be greatly influenced by what motivates individuals to

What is the quality of earnings ratio for the most recent : what is the quality of earnings ratio for the most recent year? what are the major causes of differences between profit

User Account

All Pages

Write down the difference between explicit and implicit

Reference no: EM13392134

Reference no: EM13392134

Questions Cloud

Reviews

Write a Review

Microeconomics Questions & Answers

The required return on investment in this machine for david

The following table presents data on three leading

1 consumers in queensland pay twice as much for avocados as

When is an exceptionally large crop causes farmers income

The level of total consumption in equilibrium

Explain how globalization affects the gross domestic product

For what values of f can a profit-maximizing firm charging

The economic term for productive resources

What is meant by rationality

Graph of the production possibilities frontiers

Why firms with market power engage in price discrimination

West virginia university whishes to start an endowment

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT