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ECON-200-03 Principles of Economics (20243SP)
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Output
|
Total Cost
|
0
|
15
|
1
|
33
|
2
|
41
|
3
|
48
|
4
|
54
|
5
|
61
|
0%
0%
0%
100%
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0%
0%
0%
0%
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If a firm has total revenues of $100 million, explicit costs of $90 million, and implicit costs of $20 million, its pure economic profit is
0%
0%
0%
100%
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Output
|
Total Cost
|
0
|
15
|
1
|
33
|
2
|
41
|
3
|
48
|
4
|
54
|
5
|
61
|
0%
0%
0%
0%
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Economies to scale refer to
100%
0%
0%
0%
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At present output levels, a firm in a perfectly competitive industry is in the following position: output = 200 units, market price = $4, total cost = $420, fixed cost = $200, marginal cost = $4. To achieve optimum output, the firm should:
0%
0%
0%
0%
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Asics sells shoes for $450. The variable cost is $200 per unit. The fixed costs are $750,000. What is the breakeven in sales dollars?
0%
0%
0%
0%
View this question
A perfectly competitive firm sells its output for $50 a unit. At 500 units of output, its marginal cost is $50 and is decreasing, average variable cost is $55 per unit, and average total cost is $65 per unit. To maximize profit, what should the firm do?
0%
0%
0%
0%
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A firm will choose to exit the market in the short-run when:
0%
0%
0%
0%
View this question