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kifflom [539]
3 years ago
10

Suppose that the marginal cost of mining gold is constant at $300 per ounce and the demand schedule is as follows:

Business
1 answer:
RSB [31]3 years ago
5 0

Answer:

a) The price would be $300 and quantity would be 8000 oz

b) The price would be $700 and quantity would be 4000 oz

c) The price would be $700 and quantity would be 2000 oz each

d) The revenues of both firm would : increase ( for the firm that increase production ) and decrease ( for the firm that doesn't increase production)

Explanation:

marginal cost = $300

calculate the value of TR ( total revenue for each price and quantity given )

TR = price * quantity

also calculate the MR ( marginal revenue  for each )

MR = \frac{change in TR }{change in quantity}

For the first value : TR = $1000000 , MR = nil

For the second value : TR = $1800000 , MR = $800

For the third value : TR = $2400000. MR = $600

For the fourth value : TR = $2800000 , MR = $400

For the fifth value:  TR = $3000000 , MR = $200

For the sixth value : TR = $3000000, MR = $0

For the seventh value : TR = $2800000, MR = -$200

For the eighth value : TR = $2400000, MR = -$400

a)The price would be $300 and quantity would be 8000 oz because from the table above that is the point with highest  quantity supplied

b) The price would be $700 and quantity would be 4000 oz because the single supplier would put the price and quantity to be supplied at the point where marginal cost is closest to the marginal revenue

d) The revenues of both firm would : increase ( for the firm that increase production ) and decrease ( for the firm that doesn't increase production) this is because increase in production is directly proportional to increase in revenue .

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Marginal utility measures A. the slope of the budget line. B. the marginal rate of substitution. C. the slope of the indifferenc
ivolga24 [154]

Answer:

The additional satisfaction from consuming one more unit of a good

Explanation:

Marginal utility falls as consumption increases.

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I hope my answer helps you

8 0
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Which of the following BEST describes a mission? an objective that a business hopes and plans to achieve the shared experiences,
nevsk [136]

Answer:

An organisation statement on how it will achieve its purpose in the environment in which it conducts business.

Explanation:

A mission statement can be defined as a statement which explains the reasons for an organisation existence, it also explains what a business aims to achieve at a long-run.

All organisations have their different mission statements which clearly defines the purpose of the business. It is used to create a form of direction and also motivation to the various employees of the organisation.

Mission statements serves as a guide that enables the organisation to achieve their objectives and goals, It also helps in the planning of future aspirations.

4 0
3 years ago
Ketchum & Lushene Hardware sells 100 hammers daily. The supplier takes two days
Softa [21]

Answer:

He should reorder when he is left with 200 hammers.

Explanation:

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Reorder Point = 0 + (100 hammers * 2 days)

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8 0
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Answer:

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Explanation:

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