If a country doesn’t receive foreign items, the costs of products would rise... that being said it would rise because we have a fair trades deal with China and we receive reduced prices on goods, so we can make the products more expensive and receive profit!
Bigmed's total revenue if the firm produces allocative efficient quantity will equal $5,700.
<h3>What is Allocative Efficient Quantity?</h3>
Allocative efficiency in economics is triggered when price = marginal cost. The point on the graph where this happens is the point where price equals $100 and quantity = 57.
Because revenue is price x quantity, we therefore have:
$100 * 57 = $ 5,700.
Hence A = $ 5,700
B) With a change in the price of 2% the quantity demanded will most likely remain at 57 or very close to 57 because in that region, the price is inelastic.
This can be proven by calculating the demand reaction when the price moved from $68 to $100. The price elasticity for that change in price was -0.78 (that is, inelastic).
So if for a price change of 32% the quantity changed was negligible, then 2% will be more inelastic.
C) At the quantity demanded of 10 units, there is insufficient information to determine the condition of the marginal product.
D) Profit is always maximized at the point where Marginal Cost (MC) = Marginal Revenue (MR). That is MC = MR.
Hence the quantity (Q) that maximizes BigMed's profit is <u>44 Units.</u>
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E) At the quantity identified above, the firm is earning negative economic profits which is a loss. This is because of the price where MC=MR is lower than the Average Total Cost (ATC).
Learn more about allocative efficient quantity at:
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Answer:
5
Explanation:
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Answer: Because the changes that occur in a society affect others in one way or another.
Explanation: We live in a connected world, where societies depend on each other for their development. Each society has resources that are necessary for others and any situation that is generated affects the others in one way or another.
An noun adjective is a word or phrase naming an attribute, added to or grammatically related to a noun to modify or describe it.