CREATIVITY‚ INNOVATION AND ENTERPRISE REPORT Contents Contents 1. Introduction and Rationale………………………………………………………………….1 1.1 Introduction to Springfield Academy………………………………………………………………1 1.2 Rationale for choice………………………………………………………………………………...2 2. Research Methodology..................................................................................................2 2.1 Methods used for research………………………………………………………………………...2 2.2 Primary
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market wage is $650/week‚ how many workers should Sam hire? A. | 1 | B. | 2 | C. | 3 | D. | 4 | E. | 5 | | 6. | The optimal number of workers for a perfectly competitive firm to hire occurs when A. | total labor costs equal total revenues. | B.
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product price no matter how much output they produce or sell. b. Total Revenue is a slope c. Demand = Marginal Revenue = Average Revenue 6) If a firm is a price taker‚ then the demand curve for the film’s product is: a. Completely horizontal because the price will not change. Use the following graph to answer question 7: 7) Refer to the graph on the left for a firm in pure competition. Line A represents: a. The total revenue made from selling each extra unit of output as per the price at Line
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painting business. To invest in his painting business‚ he withdrew $20‚000 from his savings‚ which paid 3 percent interest‚ and borrowed $30‚000 from his uncle‚ whom he pays 3 percent interest per year. Last year Walter paid $25‚000 for supplies and had revenue of $60‚000. Walter asked Tyler the accountant and Greg the economist to calculate his painting business’s costs. a. Tyler says his costs are $25‚900‚ and Greg says his costs are $66‚500. b. Tyler says his costs are $25‚000‚ and Greg says his costs
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total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit‚ and how many units were sold? a. $5 and 50 b. $5 and 100 c. $10 and 50 d. $10 and 100 When a profit-maximizing firm in a competitive market has zero economic profit‚ accounting profit a. is negative (accounting losses). b. is positive. c. is also zero. d. could be positive‚ negative or zero. When a competitive firm triples the amount of output it sells‚ a. its total revenue triples
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firms often pursue other objectives on a day-to-day basis. Some firms set their sights on maximizing sales. For other firms the owners or employees are inclined to enhance personal living standards. And more than a few firms take steps that promote the overall welfare of society. In some cases‚ these other objectives help a firm pursue profit maximization. In other cases‚ they prevent a firm from maximizing profit. Profit Maximization Profit maximization is the process of obtaining the highest
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monopolist chooses the amount of output to produce by finding the quantity at which marginal revenue equals marginal cost. It finds the price to charge by finding the point on the demand curve that corresponds to that quantity. 3. A monopolist produces a quantity of output that is less than the quantity of output that maximizes total surplus because it produces the quantity at which marginal cost equals marginal revenue rather than the quantity at which marginal cost equals price. This lower production level
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Chapter 9 1. All firms‚ no matter what type of firm structure they are producing in‚ make their production decisions based on where: marginal revenue equals marginal costs. 2. According to the table below‚ when profits are maximized‚ profits are equal to: $2. 3. Many economists believe that the market for wheat in the United States is an almost perfectly competitive market. If one firm discovers a technology that makes their wheat taste better and have fewer calories than all other wheat
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daughter Gina is vice-president of production. Fiori Pasta produces high-quality pasta products. It has estimated its demand curve for its pasta to be P=39.898-0.03757Q‚ This demand function has been given in terms of price. So to find the Total Revenue (TR) you need to multiply the above equation into Q (which is your quantity). TR=39.898Q-0.03757Q2 MR=39.898-0.0751Q where Q represents thousands of cartons (each containing five dozen packets of pasta) demanded per year by its wholesale
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A minimum wage policy induces an: Select one: a. elastic labor supply response. b. excess supply of labor. Correct c. excess demand for labor. d. efficient market outcome. Suppose the demand and supply curve for good X are as follows: PD = 533 – 5Q PS = 122 + 3Q where P is the price of X and Q is the quantity. Suppose an excise tax of $8 per unit of X is assessed on this market. What is the new equilibrium quantity of X? Answer Feedback The correct answer is: 50.375 Use
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