Answered: Calculate total revenue of a firm given…

Business

Economics

Calculate total revenue of a firm given that:- Profit = $500 Total cost = $1100

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 1QR

See similar textbooks

Related questions

Q: A purely competitive firm finds that the market price for its product is $25.00. It has a fixed cost…

A: Hey, Thank you for the question. According to our policy, we can only answer up to 3 subparts per…

Q: Jasmine decides to make and sell jelly cups. It costs jasmine Rs.1000 to set up and Rs.50 per cup…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: What is the marginal revenue of producing the fortieth unit? 37 No. units produced Total Total…

A: Marginal Revenue refers to the additional revenue earned from the sale of an additional unit of…

Q: The relationship between sales (units sold) and profit is shown in the diagram below: A Quadratic…

A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…

Q: Calculate marginal profit if marginal cost and marginal revenue are $44 and $80 respectively

A: The data presented in the question above is:- Marginal revenue = $80 Marginal cost = $44 Marginal…

Q: Suppose that Joe is the owner-operator of Joe's Haircuts. Last year he earned $100,000 in total…

A: The difference between the accounting profits and economic profits lies in the understanding of the…

Q: firm has the following demand and average total cost functions: Q = 30 − P ATC =(7/Q)− 6 +(1/2)Q…

Q: A firm has the following profit function Profits(q) = R(q) - C(q) = 60q - [120+40q+10q²] %3D %3! 1.…

A: Disclaimer :- As you posted Multipart questions we are supposed to solve the first 3 questions only.…

Q: 22 The total cost and total revenue functions for a product are C(q) = 5,000,000 + 250g + 0.002q²…

Q: What is the profit maximization for apex firm if we have the following data quantitiy /unit…

A: Profit maximization occurs at the point when Marginal Revenue is equal to the Marginal Cost. Also,…

Q: b) A firm's total cost function is TC = 0.1Q³ -0.5Q² + 8Q + 10 and total revenue is TR = 52Q -0.25Q²…

A: As given TC = 0.1Q3 -0.5Q2+8Q +10 TR = 52Q - 0.25Q2 +8

Q: Suppose the revenue function y=R(x) is linear, and points (x,y) of (10,550) and (13,715) are on the…

A: Total Revenue: It refers to the sum of all the receipts from the sale of a good calculated by…

Q: Discuss the concept of marginal revenue and average total cost using the example of a particular…

A: Marginal revenue is the additional revenue to the total revenue when one more unit of output is…

Q: DISCUSSION QUESTIONS (S) . 2400- (S). (5) TR Make a rough sketch of the graph in your notes, and…

A: Profit maximization in economics refers to the short-run or long-run process by which a firm…

Q: Suppose a car firm's marginal revenue of selling a car is $2,100 and marginal cost of producing a…

A: Given: Marginal Revenue of selling a car = $2100 Marginal Cost of producing a car = $2150

Q: A firm's profit function is A(a) = R(q) - C(a) = 160q - (410 + 40g + 10q²). What is the positive…

Q: ONE A. Suppose the marginal cost and marginal revenue (in ¢000) for a product produced by a company…

A: The equations are given as follows: MC=q+35MR=560+22q-q2 We…

Q: There are two approaches to determine profit maximizing level of output: (1) total revenue– total…

A: Total profit is the difference between total revenue and total cost

Q: Assume that although Marrow firm is presently making accounting profit it is experiencing negative…

A: A direct cost incurred for the firm to others in the process of running a business is referred to as…

Q: Doug produced 100 donuts but only sold 90 of them. The average cost of production for each donut was…

A: Demand curve represents a negative relationship between price and quantity demanded. Increase in…

Q: Find the marginal and average functions for the following total functions and graph the results.…

A: Answer a) Total cost Function C= 3Q2 + 7Q + 12 Marginal cost = Change in costChange in Quantity…

Q: If a firm generates $200,000 in revenue, earns $105,000 in economic profit, and its expli- costs are…

A: In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the…

Q: If marginal profit and marginal cost are $4 and $36 respectively Calculate marginal revenue

A: Marginal Revenue is the revenue per additional sale of unit , so here we calculate the value of…

Q: TR = 25Q - 2Q² TC = 32 + 5Q Please create a graph illustrating relationship between the Total…

A: Total revenue is the amount generated by sales of the goods and services and it is obtained by…

Q: A perfect competitive firm estimates her cost function as given below: C = 100 + 5Q2 a. What is the…

A: Profit maximization is one of the key goals of firms operating in a competitive market. Profit is…

Q: 3. Given the total profit and the fixed cost TFC is 40, variable cost are 2 then the total revenue…

A: The method for Total Revenue is as follows: Number of Products Sold x Price Per Product = Total…

Q: Compare marginal revenue, marginal cost, and marginal revenue product.

A: The concepts of marginal revenue, marginal cost and the marginal revenue product are used by the…

Q: Do operating strategies of average cost minimization and profit maximization always lead to…

A: Average cost reduction and profit maximization are operating techniques that provide comparable…

Q: Calculate Economic profit and Accounting profit from the figures given below for ABC Company. Total…

A: Answer: Introduction: Accounting profit: Accounting profit refers to the difference between total…

Q: Q9: Given the Average revenue AR = 60 – 3Q a) Find the marginal revenue function. b) Compare between…

A: Here, average revenue curve is given as: AR= 60-3Q According to the AR function, total revenue…

Q: is equal to average variable cost. is greater than marginal revenue. equals marginal revenue.

A: Consumer surplus shows the additional utility obtained by the consumer after consuming all units of…

Q: (A) Comment on marginal revenue and marginal cost values when it is given that marginal profit is 0.…

A: Profits are the excess of revenue receipts over the costs incurred by the firm. A firm earn revenue…

Q: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56

A: The data presented in the question above is:- Marginal cost = $33 Marginal revenue = $56 Marginal…

Q: 6789 Based on the table, what is total revenue for John's Tricycle Company if it produces at its…

A: Marginal revenue is the total change in TR due to a unit change in output . MR = TR(n) - TR( n-1)

Q: x(q) = R(a)- C(a) = 180g - (665 + 20g + 10g). What is the positive output level that maximizes the…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: Calculate the Gross Profit Ratio from the following information :- 2010 2011 ales (Revenue from…

A: Gross profit ratio formula: Gross profit ratio =Gross profitsales or revenue

Q: What will be the marginal revenue of the firm if the firm has gained marginal profit of $45 and the…

A: The information given to us is as follows:- Marginal profit of the firm = $45 Marginal cost = $100…

Q: Price MC АТС P MRDARP Quantity 12. According to ACDC, what does MR DARP stand for? Marginal Revenue,…

A: Since you have posted a question with multiple sub-parts, we will solve the first 3 sub-parts for…

Q: A firm’s marginal revenue is $133 and its marginal cost is $90. What amount of profit does the firm…

A: Given information: Marginal revenue (MR) = $133 Marginal cost (MC) = $90 Profit maximization…

Q: Distinguish clearly between Marginal Revenue and Marginal Costs using suitable examples.

A: Marginal revenue is defined as the additional revenue after selling one more unit of output.

Q: 35. Economic profit is equal to total revenue minus all implicit costs. a. True b. False

A: According to the given question the - Economic profit is equal to total revenue minus all implicit…

Q: The cost and revenue functions for a company that manufactures x table saws are given. R(x) = 200x –…

A: By dividing total revenue(TR) by quantity(x) we will get the average revenue(AR) and by dividing…

Q: If marginal cost and marginal revenue of a firm A is $30 and $56 respectively Calculate the value…

A: The information being given is:- Marginal cost of firm A = $30 Marginal revenue of firm A = $56 We…

Q: Marginal profit and marginal cost are $36 and $88 respectively. Calculate Marginal revenue

A: We are given the values of marginal profit and marginal cost in the question Marginal profit = $36…

Q: 20 E MC ATC AVC 16 3 12 8 4 0 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) Price and cost…

A: Marginal cost(MC) refers to the cost(C) incurred on an additional unit of good produced. A…

Q: 22 The total cost and total revenue functions for a product are C(q) = 5,000,000 + 250q + 0.002q?…

A: 22. Given Total cost function: C(q) = 5,000,000 + 250q + 0.002q² Total revenue function: R(q) =…

Q: If the marginal revenue is 45 and the marginal cost is 45 also. What can you say about the firm's…

A: Profit maximization is the process through which corporations and organizations devise methods to…

Question

Calculate total revenue of a firm given that:-

Profit = $500

Total cost = $1100

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How does fixed cost affect marginal cost? Why is this relationship important?
What is the relationship between the firm,total revenue,total profit and total cost
Could you show the profit and loss on the graph. Furthermore, the figures for cost you posted were incorrect as they are not dropdown options.
Calculate average revenue when it is given that Total revenue is $70 and output is 5 units
Please explain how to calculate the profit calculation
Total revenue of the firm is $3500 and the price per unit is $70 Calculate output
Calculate total revenue given:- Profit = $500 Total cost = $1100
If average revenue is $44 and output is 20 units Calculate total revenue
Q3_A The Break even Analysis of firm show that: BEP = 1000 FC = 10,000 $ P = 3% of the quantity of zero profit. A) The point of intersection of TR with TC is at the cost point of $ 45,000 for TR. B) At the point where (zero units sold) TC equals $ 5,000 C) the start of the line drawing for TR is at cost point $ 0 D) the value UVC for the product in question equals $ 10) E)the FC value in a point for BFP equals $ 10,000 For the given choices, showing which one is True and which one is False, correcting the False ones and given a reasonable reason for the True. Write your answer below:
What is the total cost for this firm? (omit $ sign. Report cents as needed.) MC ATC D Quantity Price $14.00+ $12.00 $10.00 $8.00 0 1 1 I 250 300 MR
After one month of operation, OU Café determined to shorten its business hours and close on weekends. What costs, fixed or variable, should OU Café have considered when it made the
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…