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:
The correct answer is (B)
Explanation:
Each team in the league has a limit of $33 million every year on compensations, and they have 45 players with a pay of $700,000. Firstly, we need to find the total salary of 45 players.
$700,000 * 45 = $31,500,000 is the total salary of 45 players
$33,000,000- $31,500,000 = $1,500,000
According to the results, , the sum that they have left under the Cap is $1,500,000.
<h3><u>Question</u><u>:</u><u>-</u></h3>
A man buys a laptop for £540 and sells it for £615. Find his loss or profit.
<h3><u>Answer</u><u>:</u><u>-</u></h3>
The man had a profit of £75
<h3><u>Explanation</u><u>:</u><u>-</u></h3>
Cost price = £540
Selling price = £615
▶️Profit = Selling price - Cost price
▶️Profit = £615 - £540
▶️ Profit = £75
Answer:
Maybe not try to steal people's points
Explanation:
OPTIONS:
a) on-the-job training
b) refresher training
c) sensitivity training
d) vestibule training
Answer:
a) on-the-job training
Explanation:
On-the-job training is a job training method which involves exposing new employees to the actual job skills as they are trained on the job skills while they perform the real job they are hired to do. This ensures the buildup of the capacity of the trainee, which makes them efficient in adopting the skills needed for them to perform their job satisfactorily. It is a kind of training new employees usually go through while on the job.
