and technologically efficient. B) neither attainable nor technologically efficient. C) attainable but not technologically efficient. D) technologically efficient but not attainable. Answer: C Table 1 Labor | Total product (units) | Marginal product | Average product | 0 | 0 | | | 1 | | 3 | | 2 | | | 4.5 | 3 | 14 | | | 4 | | 3 | | 5 | 19 | | | 6 | | 1 | | 3) The above (incomplete) table provides information about the relationships between labor and various
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SA Yes No Strategies for placing vending machines and determining prices in a way that would attract consumers were included in the paper. Use of concepts of marginal cost and marginal revenue to maximize profit SD D N A SA Yes No The concept and affect on Marginal cost and revenue due to certain business operations were included in the paper. Suggested mix of pricing and nonpricing strategies SD D N A SA
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best price or availability) Revenue Curves Total Revenue Total Revenue Curve Average & Marginal Revenue Average & Marginal Revenue Total Revenue - Total Quantity x Price. Marginal Revenue – the revenue earned by selling one more units. Average Revenue - total revenue/quantity. Since all the units are the same price‚ each new unit would have the same average revenue‚ so the marginal revenue = total revenue. To compete or collaborate? Since firms are interdependent‚ they have the
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Alison Nathanson Chapter 17 Internal Assessment http://www.nytimes.com/2010/04/05/business/media/05screen.html?scp=10&sq=movies&st=Search Branding Comes Early in Filmmaking Process By STEPHANIE CLIFFORD 717 words Monopolistic Competition is a market structure in which many firms sell products that are similar but not identical. It is a mixture between monopoly‚ which is a firm that is the sole seller of a product without close substitutes‚ and perfect competition‚ which is a market
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at its maximum‚ marginal product is zero. II. When total product rises‚ marginal product is rising. III. When marginal product is greater than average product‚ average product is rising. IV. Whenmarginalproductislessthanaverage product‚ average product is falling. (A) I and II only (B) II and III only (C) II and IV only (D) I‚ III and IV only (E) I‚ II‚ III and IV TP MP AP ABCDE INPUT Q Q1 LRATC Q2 Q3 OUTPUT 2. Onthegraphabove‚theonsetofdiminishing marginal returns occurs
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answer on Answer Sheet provided Question 1 If Output Average Total Cost Total Fixed Cost Marginal Cost = 400 units = $70 = $12000 = $90 then (a) $20 (b) $40 (c) $50 Average Variable Cost equals: (d) $160 Question 2 In an imperfectly competitive market‚ in which a firm has some market power: (a) The demand curve faced by a typical firm is perfectly elastic at the current market price (b) Marginal revenue is greater than average revenue at all levels of production. (c) The demand curve
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explained with the help of marginal revenue = marginal cost approach or MR= MC rule. Marginal revenue is the change in total revenue that occurs in response to a one unit change in the quantity sold. Marginal cost is the addition to total cost resulting from the additional of marginal unit. Since price is given for the competitive firm‚ the average revenue curve of a price taker firm is identical to the marginal curve. Average revenue (AR) thus is equal to marginal revenue (MR) is equal to price
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Energy 34 (2009) 2001–2008 Contents lists available at ScienceDirect Energy journal homepage: www.elsevier.com/locate/energy Operational strategy and marginal costs in simple trigeneration systems M.A. Lozano‚ M. Carvalho‚ L.M. Serra* ´ Group of Thermal Engineering and Energy Systems (GITSE)‚ Aragon Institute of Energy Research (I3A)‚ Department of Mechanical Engineering‚ Universidad de Zaragoza‚ CPS de ´ Ingenieros‚ Marıa de Luna 3‚ 50018 Zaragoza‚ Spain a r t i c l e i n f o
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1. Under which of the following circumstances will the seller pay the whole of an excise (per unit) tax? a) when the tax is collected from the buyer b) when the supply curve has a zero elasticity c) when the demand curve has a zero elasticity d) when the tax is collected from the seller The following three questions refer to the accompanying diagram of a competitive market. Refer to Figure 3 above. A per unit tax is imposed on consumers. The initial price and quantity are P0 and
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Model I think this model is easiest to learn diagrammatically‚ and then mathematically. Here is the graph and then an explanation of what is happening: Notice first the total market demand curve for the industry as a whole. Then notice the marginal cost curve for the competitive fringe of firms. This is a model in which there is one firm which is dominant and then a fringe of small firms who are so small that they behave like perfectly competitive firms – they take the price that is give by
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