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Jobisdone [24]
3 years ago
5

In perfect competition, each additional unit of output that a firm sells will yield a marginal revenue that is:

Business
1 answer:
il63 [147K]3 years ago
4 0

Answer:

The correct answer is equal to price.

Explanation:

A perfectly competitive firm is a price taker. This is because of the large number of firms, no single firm is able to influence the price. So each firm faces a horizontal demand curve. This horizontal line shows demand, marginal revenue, and average revenue.  

The price level is determined at the point where the marginal cost is equal to price. The marginal revenue is always equal to price because the price is fixed at a point, each output level is supplied at the same price.

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It’s c both of these are likely to occur
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Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process
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See attached file

Explanation:

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A hair stylist currently cuts and colors hair for 50 clients per week and earns a profit. He is considering expanding his operat
Leviafan [203]

The decision to expand depends on the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients.

<h3>What is marginal cost and marginal revenue?</h3>

Marginal revenue is the change in total revenue when output is increased by one unit. Marginal cost is the change in total cost when consumption is increased by one unit.  

Economic theory suggests that output should be increased if the marginal revenue exceeds the marginal cost. If marginal cost is greater than marginal revenue, the business should not be expanded. Profit is maximised when marginal revenue is equal to marginal cost.

To learn more about marginal revenue, please check: brainly.com/question/7781429

3 0
2 years ago
allatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% o
vodomira [7]

Answer:

Sales                                                                                                   2,600,000

Less Cost of Goods Sold

Opening Stock                                                              0

Add Cost of Goods Manufactured

Direct materials                                                     1,218,000

Direct labor                                                             522,000

Variable factory overhead                                       87,000

Fixed factory overhead                                           130,500

Less Closing Stock (350×(1,957,500/4,350)       (157,500)             (1,800,000)

Gross Profit                                                                                           800,000

Less Expenses

Selling and administrative expenses:

Variable selling and administrative expenses                                     (60,000)

Fixed selling and administrative expenses                                          (25,000)

Net Income                                                                                              715,000

Explanation:

<em>Product Cost (Absorption Costing) = Direct Materials + Direct Labor + Variable Overhead + Fixed Overheads</em>

<em>Period Cost (Absorption Costing)  = All Non- Manufacturing Overheads</em>

7 0
3 years ago
What causes unemployment post-keynesianism?
Harlamova29_29 [7]

Answer:

<u>involuntary employment</u>

<u>Explanation:</u>

The Post-Keynesianism view is that effective demand is the main determinant of economic performance.

Thus, Keynesianism states that in an economy where there is a significant reduction in demand, it will affect the labor market which further leads to lower wages.

For example, an airline that has 100 workers is experiencing a sharp decline in demand (of flight bookings) because of a government lockdown may decide to cut down their staff capacity ad a result. leading to <u>involuntary employment.</u>

4 0
3 years ago
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