Consider the following cost schedule for a firm.

Quantity Marginal Cost Average Total Cost Average Variable Cost
10 $12 $32 $24
15 $14 $30 $20
20 $16 $28 $16
25 $26 $26 $20
30 $30 $28 $24
35 $40 $32 $30


What is the economic profit or loss for a perfectly competitive firm if the market price is $26? (2 points)
0
$20
−$20
$150
−$150

Answers

Answer 1

If the market price is $26, a perfectly competitive firm would make an economic profit or loss of $20.

How is the average variable cost determined?

Divide the variable cost at that level by the total product to determine the average variable cost (AVC) at each output level. Each output level's average variable cost will be provided to you. For instance, there are five workers on the left.

Is it an economic cost for a company to pay an accountant a $10,000 annual retainer?

There is a financial transaction when the firm pays a $10,000 yearly retainer. The accountant exchanges his or her time for cash. A yearly retainer is an economic expense because it is an explicit cost.

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Related Questions

Are Aesop’s fables still relevant in the Information Age? Have we outgrown the need for them? Referring to specific fables in the text, write an argument for or against the usefulness of fables as lessons or literature.

Answers

Aesop's fables have been a popular form of storytelling for centuries, and their influence can still be seen in modern-day literature, television, and film. While some may argue that we have outgrown the need for these fables in the information age, I believe that they still have relevance and value as both lessons and literature.

Firstly, the fables' timeless themes and messages make them still relevant today. For example, the fable of "The Tortoise and the Hare" teaches us the importance of persistence and hard work, which is still applicable in today's world. In a society that often values speed and instant gratification, this lesson is still essential to remember.

Moreover, fables provide an engaging way to teach complex ideas or moral lessons. They are often told in a simple, accessible language that even children can understand, making them an effective tool for teaching values and virtues to younger generations. The fable of "The Boy Who Cried Wolf" teaches the importance of honesty and integrity in a way that is easy to understand, making it an excellent example of how fables can be used to convey important messages.

Additionally, fables can also provide insight into the cultural values and beliefs of a particular society. For instance, the fable of "The Ant and the Grasshopper" reflects the importance of hard work and preparation in ancient Greek culture. By studying these fables, we can gain a better understanding of the values and beliefs of the cultures that created them, which can help us to appreciate and learn from different perspectives.

In conclusion, Aesop's fables are still relevant and useful in the information age. They provide timeless lessons and insights into different cultures, making them valuable both as literature and teaching tools. While our society has evolved and changed, the lessons and themes in these fables remain constant and continue to be applicable in our lives today.

PLEASE HELP IT IS URGENT!!!! I NEED EXPLINATIONS AS WELL!!!!!!

1. In context, the second sentence of the fifteenth paragraph ("However, the agreement . . . legally binding”) (lines 59–60) serves as a transitional element that
A. reveals the author’s regrets about a proposed solution in the passage
B. acknowledges a weakness in the author’s line of reasoning in the passage

2.Which of the following choices accurately describes a strategic stylistic decision that the author makes in the seventeenth paragraph (lines 64–66)?
A.The coordinated clause provides a contrast to the previous paragraph and gives the same importance to the ability to remove large items and the inability to remove microplastic.
B. The words regretted and colossal, both of which have negative connotations, emphasize the flaws inherent in the plan to remove plastic from the ocean

3.Which of the following statements most directly expresses the author’s thesis in the passage?
A.To effect real change and clean up, countries need to take a deeper look at the ways they use plastics in everyday life.
B. A concerted international effort is needed to both remove the existing garbage patch and reduce plastic waste overall.

Answers

Answer:

The correct answer to question 1 is B. The correct answer to question 2 is A. The correct answer to question 3 is A. To effect real change and clean up, countries need to take a deeper look at the ways they use plastics in everyday life.

REAL ANSWERS ONLY PLEASE!!! PLEASE HELP IT IS URGENT!!!! I NEED EXPLINATIONS AS WELL!!!!!!
1. In context, the second sentence of the fifteenth paragraph ("However, the agreement . . . legally binding”) (lines 59–60) serves as a transitional element that
A. reveals the author’s regrets about a proposed solution in the passage
B. acknowledges a weakness in the author’s line of reasoning in the passage

2.Which of the following choices accurately describes a strategic stylistic decision that the author makes in the seventeenth paragraph (lines 64–66)?
A.The coordinated clause provides a contrast to the previous paragraph and gives the same importance to the ability to remove large items and the inability to remove microplastic.
B. The words regretted and colossal, both of which have negative connotations, emphasize the flaws inherent in the plan to remove plastic from the ocean

3.Which of the following statements most directly expresses the author’s thesis in the passage?
A.To effect real change and clean up, countries need to take a deeper look at the ways they use plastics in everyday life.
B. A concerted international effort is needed to both remove the existing garbage patch and reduce plastic waste overall.

Answers

In context, the second sentence of the fifteenth paragraph ("However, the agreement . . . legally binding”) (lines 59–60) serves as a transitional element that A. reveals the author’s regrets about a proposed solution in the passage

The choice that accurately describes a strategic stylistic decision that the author makes in the seventeenth paragraph (lines 64–66) is B. The words regretted and colossal, both of which have negative connotations, emphasize the flaws inherent in the plan to remove plastic from the ocean

The option that expresses the author’s thesis in the passage is B. A concerted international effort is needed to both remove the existing garbage patch and reduce plastic waste overall.

How to explain the excerpt

It should be noted that in context, the second sentence of the fifteenth paragraph serves as a transitional element that reveals the author’s regrets about a proposed solution in the passage.

This indicates the author’s dismissal of a counterargument discussed in the passage.

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