Profit is maximized when Q = 4 and P = $40, with maximum profit = $90.
<u>Explanation:</u>
(a) (i) Marginal cost (MC) = Change in Total cost (TC) by Change in output (Q)
(ii) Total revenue (TR) = Price (P) into Q
(iii) Marginal revenue (MR) = Change in TR by Change in Q
(iv) Profit = TR - TC
Therefore:
Q TC MC P TR MR PROFIT
0 25 60 0 -25
1 40 15 55 55 55 15
2 45 5 50 100 45 55
3 55 10 45 135 35 80
4 70 15 40 160 25 90
5 90 20 35 175 15 85
6 115 25 30 180 5 65
7 145 30 25 175 -5 30
8 180 35 20 160 -15 -20
9 220 40 15 135 -25 -85
10 265 45 10 100 -35 -165
When Q = 4, MR = $25 and MC = $15, so MR > MC. When Q = 5, MR = $15 and MC = $20, so MR < MC. Therefore,
Profit is maximized when Q = 4 and P = $40, with maximum profit = $90.
(b) In the long run, new firms will enter the market by being attracted by positive short run profit. Therefore in long run, demand for individual firm will decrease, price for individual firm will decrease and profit will decrease until each existing firm earns zero economic profit.
Answer:
Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account
Explanation:
Step 1: Determine interest amount
The formula for calculating interest is as follows;
I=PRT
where;
I=interest
P=principal
R=annual interest rate
T=number of years
In our case;
P=750
R=10%=10/100=0.1
T=From June 1 to December 1=6 months=0.5 years
replacing;
I=(750×0.1×0.5)=$37.5
Step 2: Determine total amount Ted will have for the two scenarios
case 1
Christmas savings program=750
Ordinary savings account=(750+37.5)=787.5
Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account
If a company's formal communication network contains many levels of hierarchy <u>upward and downward communication tend .</u>
<u></u>
What is formal network of communication?
Formal communication networks are arrangements of connected individuals and systems that use official channels for information exchange and communication.
What are four types of formal communication network?
- The way that employees communicate with one another within an organization is referred to as a communication network.
- The wheel network, chain network, circle network, and all-channel network are four examples of various sorts.
Types of formal communication-
- Memos.
- Intranet.
- Meetings.
- Conferences.
- Formal One-on-Ones.
- Bulletin Boards.
- Handouts.
Learn more about communication network
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Let the original number of stamps be
x for Naomi,
y for Macy,
z for Sebastian.
Because the total number of stamps is 234, therefore
x + y + z = 234 (1)
Mary gives 16 stamps to Macy and 24 staps to Sebastian.
The number of stamps owned becomes
x - 40 for Mary,
y + 16 for Macy,
z + 24 for Sebastian.
Mary has 3 times as many stamps as Macy, therefore
x - 40 = 3(y + 16)
x - 3y = 88 (2)
Macy has twice as many staps as Sebastian, therefore
y + 16 = 2(z + 24)
y - 2z = 32 (3)
We have the system of equations
x + y + z = 234 (4)
x - 3y = 88 (5)
y - 2z = 32 (6)
Subtract (5) from (4).
4y + z = 146 (7)
Substitute (6) into (7).
4(2z + 32) + z = 146
9z = 146 - 128 = 18
z = 2
y = 2z + 32 = 4 + 32 = 36
x = 234 - y - z = 234 - 38 = 196
Answer:
Naomi originally had 196 stamps.
