Profit maximizing rate of output
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The profit—maximizing rate of output is where marginal revenue equals marginal cost. If marginal revenue is greater than marginal cost, an additional unit increases revenues more than costs, so profits increase.
[DOC File]CHAPTER 24
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Its characteristics, why the perfectly competitive firm faces a horizontal demand curve, and its profit-maximizing rate of output are discussed. The firm's break-even and shutdown points are analyzed. An important objective is the explanation of the economist's concept of zero economic profits playing a role in determining equilibrium. Another ...
[DOC File]$ per unit
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What happens to the profit-maximizing rate of output? 3. Analyze the effects on a typical firm and the industry of the following changes. Give both. the short run and long run effects. Provide both graphs and a brief written explanation. a. Firms face lower insurance premiums (fixed costs). Assume an increasing-cost industry.
[DOC File]Chapter 9
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c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital. d. all of the above. 27. A profit maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because. a. it would not be maximizing output.
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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The profit maximizing level of output is found where MR = MC. The MR curve has the same price intercept as the demand curve and is twice as steep. Thus, a monopolist will produce half as much as the competitive level (this is only true because marginal cost is constant).
[DOCX File]DavisEric.com
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____29.Suppose a firm is producing the profit-maximizing level of output and the MP of capital and labor are 10 and 20, respectively. If the wage is $10 and the rental rate for capital is $25, which of the following is true? To minimize costs the firm should
[DOC File]Chapter 5: Answers to Questions and Problems
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The profit-maximizing level of labor and output is achieved where . Here, and per day. Solving yields L = 16. The profit-maximizing level of output is units. The firm’s fixed costs are $10,000, its variable costs are $100(16) = $1,600, and its total revenues are $200(16) = $3,200. Profits are $3,200 – $11,600 = – $8,400.
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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A) the profit maximizing output will double . B) the marginal revenue doubles . C) at the new profit maximizing output, price has increased more than marginal cost . D) at the new profit maximizing output, price has risen more than marginal revenue . E) competitive firms will earn an economic profit in the long-run. Answer: B. Diff: 1. Section: 8.3
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For a perfectly competitive firm, if P = $10 and the firm's total costs are given by TC = 10 + 2Q + Q2, the profit maximizing rate of output in the short run will be. a. 10. b. 8. c. 0 ^ d. 4. 3. In the short run, managers will if price is expected to remain below average total cost, but remain above the firm's average variable cost.
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