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Answer:
budget sales per season
Seaon Year 5
winter 1,473
spring 1,934
summer 2,267
fall 826
Explanation:
First, we calcualte the average per season:
Seaon Year 1 Year 2 Year 3 Year 4 Average per season
winter 1440 1240 1000 920.00 1,150.00
spring 1500 1440 1600 1,500.00 1,510.00
summer 1040 2140 2000 1900 1,770.00
fall 600 770 690 520 645.00
Now, we cross multiply to get the next year values
Seaon Average per season Year 5
winter 1,150.00 1,472.91 (1150/5075 x 6500)
spring 1,510.00 1,933.99
summer 1,770.00 2,267.00
fall 645.00 826.11
5,075.00 6,500.00
Answer:
The remark is incorrect.
Explanation:
The student says that firms in a perfectly competitive market earn zero profits in the long run which does not apply to the real world. The firms in the real-world will not operate at zero profits.
The student is getting confused between accounting profit and economic profit. Zero profit here implies zero economic profit. The firms will still be earning positive accounting profits.
Accounting profit is the difference between total revenue and explicit cost while economic profit is the difference between total revenue and both explicit and implicit cost.
Answer: A. upward-sloping; minimum point across all possible ATC curves for a given quantity
The long run average total cost curve is U shaped because when production is increased the total average cost starts decreasing because of economies of scale and reach a minimum point at a certain level of production,and after that increasing production will increase the average cost, because dis economies of scale come into effect.
Explanation:
