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How do you calculate cost price when selling price and total profit is given?
cost price = selling price - profit
What is the meaning of shutdown point?
The shutdown point is the output level at which total revenue is equal to the total variable cost. Here the product price is also equal to its average variable cost.
How do you measure productivity?
Partial measures output/(single input)Multi-factor measures output/(multiple inputs)Total measure output/ (total inputs)Productivity =(Outputs/inputs)
What the total price of 7.25 sales tax for the price of 22.50?
The total price is $24.13
Total energy input equals equals the useful energy output plus?
Efficiency = ( useful energy output / total energy input ) x 100
How producers equilibrium is acheived with isoquants and isocost?
Producer's equilibrium is achieved at the point where an isoquant, representing combinations of inputs that produce a given level of output, is tangent to an isocost line, which represents combinations of inputs that incur the same total cost. At this tangential point, the marginal rate of technical substitution (MRTS) between the inputs equals the ratio of their prices, indicating that the producer is optimizing resource allocation. This equilibrium ensures that the producer maximizes output for a given cost, or minimizes cost for a given output level. Thus, the intersection reflects efficient input usage in production.
How to calculate short run profit output rate?
To calculate the short-run profit output rate, first determine total revenue (TR) by multiplying the price per unit by the quantity sold. Then, calculate total cost (TC), which includes both fixed and variable costs for the given output level. The profit can be found by subtracting total cost from total revenue (Profit = TR - TC). Finally, to find the profit output rate, divide the profit by the quantity of output produced.
What will happen to the equilibrim price level and real GDP if aggregate demand and aggregate supply both increase?
If aggregate demand increases at every price level than the demand curve shifts to the right. In the short-run the new equilibrium forms from an increase in willingness to spend, thus higher prices and higher real GDP or quantity of output. If short-run aggregate supply increases at every price level than the supply curve shifts to the right. From the short-run to the long-run the new equilibrium forms from an increase willingness to sell, thus prices reduce to original equilibrium and output increases further. Recap: Prices stay constant while real GDP or total quantity of output increases.
How do you calculate cost price when selling price and total profit is given?
cost price = selling price - profit
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
How do you calculate the unit selling price given the actual total sales revenue?
To calculate the unit selling price given total sales revenues, divide the total sales revenues attributed to the particular good or service for which unit selling price is desired by the number of units sold.
Why is average revenue equal to price when all units of output are sold at the same price?
Average revenue is equal to price when all units of output are sold at the same price because average revenue is calculated by dividing total revenue by the quantity sold. In a scenario where each unit is sold at a uniform price, total revenue is simply the price multiplied by the number of units sold. Therefore, when you divide total revenue by the quantity, the result is the price per unit, making average revenue equal to price. This relationship holds true in perfectly competitive markets where firms are price takers.
In long-run equilibrium a competitive firm produces the level of output at which?
In long-run equilibrium, a competitive firm produces at the level of output where marginal cost (MC) equals marginal revenue (MR), which is also equal to the market price (P). This occurs at the minimum point of the average total cost (ATC) curve, ensuring that the firm earns zero economic profit. At this point, the firm's resources are allocated efficiently, and there is no incentive for firms to enter or exit the market. Thus, the firm operates at an optimal scale in the long run.
Discuss equilibrium of a firm under monopoly what are the conditions of equilibrium?
when marginal revenue equal to marginal cost,when marginal cost curve cut marginal revenue curve from the below and when price is greter than average total cost
Equilibrium under price discrimination?
In the context of price discrimination, equilibrium occurs when a firm charges different prices to different consumer segments based on their willingness to pay, maximizing its total revenue. This practice allows the firm to capture consumer surplus and increase profits compared to a single-price strategy. The equilibrium price for each segment reflects the marginal cost of serving that segment, leading to a more efficient allocation of resources. Overall, price discrimination can alter market dynamics, often benefiting the firm while potentially disadvantaging some consumers.
Definition of total product?
Total product refers to the overall quantity of output produced by all units of a factor of production (such as labor or capital) over a specific period of time. It measures the total output generated by a given level of input.
How do you find the unit produced if the TFC and TVC and TR is given?
To find the unit produced when total fixed costs (TFC), total variable costs (TVC), and total revenue (TR) are given, you can first calculate the total cost (TC) using the formula TC = TFC + TVC. Then, to determine the price per unit, divide the total revenue by the number of units sold (TR = Price × Quantity). Finally, rearranging the equation gives you Quantity = TR / Price. If the price per unit is not directly given, you may need additional information to find it.
