The per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
<h3>How do we calculate profit-maximizing price?</h3>
The rule for calculating a profit-maximizing perfectly competitive firm is to produce the level of output where Price equals the Marginal Revenues= Marginal cost.
Hence, the economic profit is calculated by Total Revenue - (Explicit Costs + Implicit Costs) because it entails the difference between the revenue received from the sale of an output and the costs of all inputs.
Therefore, the per-unit economic profit at the profit-maximizing output is $112 if the product price is $283.
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The answer & explanation for this question is given in the attachment below.
Answer
329,245.19
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
A transaction is initially recorded in the journal, and then subsequently posted to the general ledger
This is further explained below.
<h3>What is a ledger?</h3>
Generally, A book or group of accounts in which transactions pertaining to those accounts are documented is referred to as a ledger.
Each account has a carry-forward balance or a starting balance, and it would record each transaction as either a debit or a credit in distinct columns, as well as the account's ending or closing amount.
In conclusion, When a transaction occurs, it is first written down in the journal, and then it is later entered into the general ledger.
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Answer:
The correct answer is option b.
Explanation:
The elasticity of supply for a good is generally higher in the long run as compared to the short run. This is because a firm is able to expand its production more in the long run.
In the long run, all the factors are variable, so production can be increased to a greater extent. In the short run, a firm can increase only the quantity of labor employed to increase production.
Also, firms cannot enter an industry in the short run but they can in the long run. This implies that the overall production in the industry can be increased more in the long run.
