Answer:
The answer is in a perfect competition profit is maximized when marginal cost equal marginal revenue and price is equal to average revenue and marginal revenue, while in monopolist profit is maximized when marginal cost is equal to marginal revenue.
Explanation:
The firm in a perfectly competitive market is a price taker,the price in the market is determined by the market forces of demand and supply. The firm has to sell their product at the ruling market price.The demand curve facing the firm in perfectly competitive market is horizontal or perfectly elastic, profit is therefore maximized when the marginal cost is equal to average revenue and marginal revenue. The firm in the market operate at the output level in which the price and marginal revenue is equal to marginal cost. Whatever prices that change the market demand or supply will change the demand curve faced by the firm.The firm cannot do anything to this than to accept the market price and the demand curve.
In a monopoly the demand curve is identical to the demand curve of the firm, because industry demand curve is downward sloping.The monopolist can either set the price or quantity not the two.when one is determined the value of the other will be determined by the demand function. The profit maximization of the monopolist also requires that marginal cost must be equal to marginal revenue just like in the case of perfect completion.when the monopolist equates MR and MC the monopolist determines its output and the market price for the product. The revenue curve is steeper than the demand curve,because the straight line is the market demand. The firm will have to reduce The price of the product if they want to sell more of their product the unit of the product sold is the AR which is equal to the price.Therefore the AR curve of the monopolist and the perfect competition MR and AR are both identical that informed the reason why the marginal revenue curve is steeper than the demand curve for a single price monopolist.
Answer: $942 U
Explanation:
Budgeted cost was $2,960 per month plus $326 per day and there were 18 days of actual activity.
Budgeted cost = 2,960 + 326 * 18
= $8,828
Variance = Budgeted cost - Actual cost
= 8,828 - 9,770
= -$942
Budgeted cost is less than Actual cost which means the Variance is UNFAVORABLE.
Answer:
Variable cost per unit= $1.16 per mile
Explanation:
Giving the following information:
January 16,200 $22,650
February 17000 $23,250
March 18400 $25,450
Apri 16500 $22,875
May 17400 $23,550
June 15300 $21,850
<u>To calculate the variable cost per mile under the high-low method, we need to use the following formula:</u>
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (25,450 - 21,850) / (18,400 - 15,300)
Variable cost per unit= $1.16 per mile
An example of Private land use control is illustrated in a Subdivision regulations that is imposed by developers in an effort to maintain control of the development of the subdivision.
<h3>What is a
Private land use control?</h3>
This refers to a land control with a deed restrictions that limits what can be done on the property by the owner.
Hence, Private land use control is illustrated in a Subdivision regulations that is imposed by developers in an effort to maintain control of the development of the subdivision.
Read more about Private land
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Answer:
A) the total benefit Colin gets from eating four slices of pizza minus the total benefit Colin gets from eating three slices of pizza.
Explanation:
Marginal benefit refers to the utility received from doing something one more time. When businesses want to measure marginal benefits, they simply measure the extra revenue generated by selling one more unit, that is why it is referred to as marginal revenue. But when individuals get a marginal benefit, we tend to use a unit called util, and the marginal benefit is how many utils do we get from consuming an extra unit of product.
