Liberty University ECON 213 quiz 9 complete Answers | Rated A+
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When marginal revenue equals marginal cost:
Dave’s Batting Cages is located in Boston, Massachusetts. During the first year of operation, Dave’s Batting Cages incurred many costs. In that year, Dave spent $5,000 on labor, $2,000 on maintenance, and $1,000 on electricity. Dave took out a loan to open his business, in which he would have earned $1,500, and his previous job, which he could get back at any time, paid him $50,000. If Dave’s Batting Cages received $80,000 in revenues, what were the economics profits?
An example of an implicit cost is:
Total revenue minus total cost equals:
If the shortrun market supply curve and the demand curve intersect above the longrun market supply curve, firms will experience _________ economic profits, meaning the price is _________ the minimum point on the average total cost curve.
If the shortrun supply curve and the demand curve intersect below the longrun supply curve, firms will experience _________ economic profits, meaning the price is _________ the minimum point on the average total cost curve.
In the short run, a competitive firm may choose to operate at a loss:
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