The marginal revenue is $0.5 which is being earned if the company sells one more pencil.
<h3>What is total revenue?</h3>
Total revenue is the amount being obtained by the firm after selling the goods and services in the market.
Given values:
Quantity sold: 10,000 units
Marginal quantity: 10,001 units
Equilibrium price: $0.50
Computation of marginal revenue earned:
Therefore, when the company sells one more pencil then it earned a marginal revenue of $0.50.
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Answer:
cash
Explanation:
The top line, cash, is the single most important item on the balance sheet. Cash is the fuel of a business. If you run out of cash, you are in big trouble unless there is a "filling station" nearby that is willing to fund your business
Answer: Varies directly with nominal Gross Domestic Product (GDP).
Explanation:
The Transactions Demand for money refers to money that is kept by individuals, companies and even the Government to be able to purchase goods and services.
It varies directly with Nominal GDP because Nominal GDP includes inflation.
If Nominal GDP were to rise for instance, it would mean that Inflation has risen as well which means that people would need more money to be able to buy the now more expensive goods and services. This is an increase in Transactions Demand for money.
The reverse holds true signifying indeed that Transactions Demand for money varies with Nominal GDP.
Answer:
at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns.
Explanation:
In Economics, the law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.
The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because at low levels of output, average fixed cost (AFC) will be high, while at high levels of output, marginal cost (MC) will be high as the result of diminishing returns.
This ultimately implies that, the average fixed cost (AFC) will be high at small (low-level) output rates while marginal cost (MC) will be high at large (high-level) output rates due to diminishing marginal returns.
As a result of the law of diminishing marginal returns, a business firm would experience some rising per unit costs in the short-run.
In conclusion, an increase in the level of output for a business firm will eventually lead to an increase in average total cost (ATC) and marginal cost (MC) due to the law of diminishing marginal returns.
Answer:
133 acres of sugar cane
and 300 of soybean provide a profit of $ 733,000
Explanation:
We setup the fromulas and use excel solver:
labor hours: 3 x sugar acres + 4 x soybean <= 1,600
profit = 1,000 x sugar acres + 2,000 soybean
with the restriction soybean <= 300
SOLVER
acres hours PROFIT
sugar cane 133 x 3 = 399 x 1,000 = 133,000
soybeans 300 x 4 = 1,200 x 2,000 =<u> 600,000 </u>
TOTAL 733,000
