Rec Equipment incurred $58,500 in total costs when it produced 9,000 balls. Total fixed costs are $36,000. What is the total
1 answer:
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Answer:
Total no. of people employed:
= No. of people working part-time + No. of people working full time
= 4.9 million + 14.53 million
= 19.43 million
Total no. of people unemployed:
= People in the working age population who are not working and have looked for work in the past four weeks
= 2.90 + 1.72 million
= 4.62 million
Labor force = Total no. of people employed + Total no. of people unemployed
= 19.43 million + 4.62 million
= 24.05 million
Labor force participation rate:
= 0.6699
= 66.99%
Unemployment rate:
= 0.1920
= 19.20%
Answer:
- marginal revenue equals marginal cost.
- expand; increase profitability
Explanation:
A monopoly would seek to maximize its profit at a point where marginal revenue will equal marginal cost because at this point, resources are being fully and efficiently utilized. If more cost was incurred to produce then marginal cost would exceed marginal revenue and lead to losses.
The same goes for the firm producing at a quantity where marginal revenue is larger than marginal cost. They should expand their production levels so that their marginal cost equals marginal revenue as this will increase profitability.
