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- 10. If a firm is choosing to operate that means they have a a. positive accounting profit b. Positive or 0 economic profit c. Positive total revenue d. None of the above41. Under what conditions does the company's profit become maximum? 1. TR>TC 2. MR > MC 3. TR=TC 4. MR = MC. %3DA small coffee house has the following costs: building and pizza oven rentals 100,000 labor 120,000owners salary given up 85,000 value of entrepreneurial talent 30,000 raw material 100,000 Bank loan payment 15,000 interest given up by owner 5,000 revenue for the firm is expected to be 420,000 for the year. a. Calculate the firms accounting profit and its economic profits b. Should the firm continue business in the long term if revenue and costs continue at the same level? Why or why not?
- 1. This graph shows a company's marginal cost and marginal revenue functions. Marginal Cost and Marginal Revenue MR, MC, $/item 100 50 50 100 150 q, items | 200 -50 A. Label the graph, showing which curve is marginal revenue and which is marginal cost. B. What value of q will maximize revenue? c. What value of q will maximize profit? D. This company is currently producing 150 items. If they produce 2 additional items, estimate how the company's profit will change. Give a complete sentence expressing your answer. E. Suppose that we know that this company's fixed costs are S2000. Sketch a graph of Revenue and Cost functions that is consistent with the graphs above of MR and MC.2. Do the following 4 businesses have a positive profit? Should they shut down or not? Circle the correct answer. a. TR = $300 TC= $600 TFC=$350 TVC= $250 %3D %D 0000 Positive Profit or Loss Shutdown or Keep Operating b. P=$4.50 ATC=$4.00 AVC=$3.50 %3D Positive Profit or Loss Shutdown or Keep Operating c. TR = $800 TC= $600 TFC= $200 TVC= $400 %3| %3D Positive Profit or Loss Shutdown or Keep Operating d. P $7.00 ATC= $9.00 AVC= $8.00 %| Positive Profit or Loss Shutdown or Keep Operatingb. Calculate Theo's accounting profit
- Danilo and his wife operate a restaurant where they sell all their meals for $14.00 each. The markup on each meal is $5.00 and overhead expenses are 19.00% of cost. a. How much does it cost them to make each meal? $0.00 Round to the nearest cent b. What is their operating profit per meal? 50.00 Round to the nearest cent c. Calculate the break-even price. Round lo the nerert rentHow to Determine "Accounting Profit"Refer to the short-run graph data below. The profit-maximizing output for this firm is: A. above 440 units. B. 440 units. C. 320 units. D. 100 units. $1,400 1,200 1,000- 800 600 400 200 0 100 Total Cost 320 440 Output Total Revenue
- Case 1. 2. P TR TC TFC TVC AC AVC MC 1000 5000 $1,500 $5.50 5.00 8000 1000 3.50 3.00 4.50 At Min. 8000 Level At Min. 6000 9000 3.50 Level 7000 4.50 4.00 3. $1.00 10000 4. 3.00 5. 4.00 2000 What do you recommend to the firm in case #4? O increase output. decrease output, but not shut down. O maintain its current rate of output Oshut down.The firm with total revenues of a 100 million explicit cost of 90 million and implicit cost of 20 million. Calculate the accounting profit or loss as well the economic profit or lossJaime owns and manages a café in Collegetown whose annual revenue is $5,000. Annual expenses are as follows: Labor Expense Food and drink Electricity Vehicle lease Rent Interest on loan for equipment Amount $2,000 500 100 150 500 1,000 a. Calculate Jaime's annual accounting profit. $ b. Suppose Jaime could earn $1,000 per year as a recycler of aluminum cans, but she prefers to run the café. In fact, she would be willing to pay up to $275 per year to run the café rather than to recycle. Is the café making an economic profit? , (Click to select) the café is making an economic (Click to select) of $ Should Jaime stay in the cafe business? (Click to select) per year. c. Suppose the café's revenues and expenses remain the same, but recyclers' earnings rise to $1,100 per year. Is the café making an economic profit? (Click to select) ✓ the café is making an economic (Click to select) of $ per year. Should Jaime stay in the café business? (Click to select) d. Suppose Jaime had not had gotten a…