Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 05, 2024

The U.S. strawberry jam industry is perfectly competitive and all firms have the cost structure: TFC = $11,375per year TVC =0.01q 2 MC= 0.02q where

The U.S. strawberry jam industry is perfectly competitive and all firms have the cost structure:

TFC = $11,375per year
TVC =0.01q²
MC= 0.02q

whereqis the number of cases of jam produced by a typical firm in a year. The market price is $5 per case.

What is the profit-maximizing quantity sold? Enter a number.
What is theaverage totalcostat this profit-maximizing quantity?
Would you advise the firm to shut-down in the short run?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Lever Of Riches Technological Creativity And Economic Progress

Authors: Joel Mokyr

1st Edition

0195074777, 9780195074772

More Books

Students also viewed these Economics questions

Question

★★★★★

Partial operating data for Charing Cross Company are presented below. Charing Cross Companys management has set the predetermined overhead rate for the current year at 80 percent of direct labor...

Answered: 1 week ago

Question

★★★★★

Identify each of the following as (a) A current asset or (b) Property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Office Equipment 5. Prepaid Insurance 6. Supplies

Answered: 1 week ago

Question

★★★★★

1. To what extent can psychopathy be distinguished from other disorders of personality that are characterised by antisocial behaviour?

Answered: 1 week ago

Question

★★★★★

On January 1, 2015, Weaver Corporation purchased a patent for $ 237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January...

Answered: 1 week ago

Question

★★★★★

Mention three differences on the civil senivaes of British accupied Indian and indeqendent Indiar.

Answered: 1 week ago

Question

★★★★★

describe each of the four cost of quality

Answered: 1 week ago

Question

★★★★★

Question 1 5 pts International trade may offer lower unit prices but at a higher risk. Consider the total cost and trade off lower production costs with higher priced transportation and more...

Answered: 1 week ago

Question

★★★★★

The structure is hingedly supported at point A. The structure is affected by a triangular load q and a point load F. Solve the symbolic expressions for the support reactions. F=qL B K 2 3L 4L

Answered: 1 week ago

Question

★★★★★

You take an initial sample from the water and estimate that there are 2 0 million microbes in the pool. Assume that the bacteria grows according to a logistic growth model for population growth....

Answered: 1 week ago

Question

★★★★★

RSM 2406: Operations Management Strategy Class 3: Friday, March 24 Part 1 Reading: United Airlines and Captain Danny Flanagan (coursepack) Assignment: You are United's CEO, at a strategic-planning 1...

Answered: 1 week ago

Question

★★★★★

Thank you for your support What is the expected return on a stock that has a 27% probability of a 35% return, a 15% probability of a 15% return, a 32 % probability of a -2%, and a probability of 26...

Answered: 1 week ago

Question

★★★★★

Compare the relative merits of developing an HRD program in-house versus purchasing it from an outside source

Answered: 1 week ago

Question

★★★★★

Identify several sources outside ones own organization where HRD programs could be obtained

Answered: 1 week ago

Question

★★★★★

Describe the role that learning styles, learning strategies, and perceptual preferences play in learning

Answered: 1 week ago

Previous Question Next Question