Answer:
1. 20 units
2. $600
Explanation:
1.
MC = 4q
Price, P = $80
For maximizing profits,
Marginal cost = Price of the commodity
4q = 80
q = 20 units
= 200 + 800
= 1,000
2. Profit = Total revenue - Total cost
= (Price × Quantity) - TC
= (80 × 20) - $1,000
= $1,600 - $1,000
= $600
3. We know that the firm in the short run will be produce at a point where total revenue is greater than the total variable cost
Average variable cost = variable cost ÷ quantity
= 2Q
MC = 4Q
Here, MC is greater than AVC at any given point.
so in the short run firm will producing short run positive profit.
Answer:
C. accounting profit is greater than economic profit.
Explanation:
Accounting profit is total revenue less total cost.
Economic profit is accounting profit less implicit cost or opportunity cost.
All things being equal, accounting profit is greater than economic profit.
If opportunity cost is zero, economic and accounting profit would be equal. But this rarely happens
I hope my answer helps you
<span>As employment of labor increases, the marginal product of labor will eventually decrease because the workers will have less work they need to complete themselves. As they hire more workers, those who can work and increase the amount of labor being done increases however the marginal product of labor decreases due to the incline of workers performing labor activities. </span>
Answer:
Service Quality Gaps
Explanation:
Service Quality gaps is one of the value gaps that can undermine customer experiences and can damage relationships.
This is because, as a result of the quality of the service delivered or rendered, a customer's satisfaction can be gauged and depending on how satisfied the customer is, it could build or damage relationships.
<span>The Panic of 1819 was the result of over-speculation on newly available western lands, which led to high prices on land and banks foreclosing on western lands. It caused an international financial crisis.</span>