Please help!
BigMed, a profit-maximizing firm, has a patent on a medical device, making it the only producer of that device. The graph above shows BigMed's demand , marginal revenue , average total cost , average variable cost, and marginal cost curves
(a) Calculate BigMed's total revenue if the firm produces the allocatively efficient quantity . Show your work
(b) Starting at a price of $100, if Big Med were to increase the price by 2%, will the quantity demanded decrease by more than 2%, by less than 2%, or by exactly 2%? Explain
(c) At a quantity of 10 units, is BigMed's marginal product increasing , decreasing , or constant ? Explain
(d) Identify the quantity that maximizes BigMed's profit. Explain. (e) At the quantity identified in part (d ), does BigMed earn a positive economic profit , a negative economic profit , or zero economic profit ? Explain.
Answers
Bigmed's total revenue if the firm produces allocative efficient quantity will equal $5,700.
What is Allocative Efficient Quantity?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 44 Units.
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).
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Related Questions
Which of the following officials is/are NOT elected by statewide election in Texas?
1. The State Board of Education (SBOE) Board members
2. Comptroller of Public Accounts
3. Attorney General
4. Commissioner of Agriculture
5.The Texas Railroad Commission (RRC) Commissioners
Answers
The officials who are not elected by the statewide election in Texas are the board member of the State Borad of Education (SBOE).
The Government of TexasThe government of Texas which is operated under the Constitution of Texas is made up of a unitary democratic state government operating under a presidential system.
The government of Texas operates using the Dillon Rule, as well as governments at the county and municipal levels.
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Self-assessment means gathering information about one's:
interests.
оооо
values.
developmental needs.
All of these choices are correct.
Answers
How many many people make up Congress?
Answers
Answer:
535 total.
Explanation:
100 serve in the U.S. Senate and 435 serve in the U.S. House of Representatives.
Using this table, calculate the marginal cost of each of
hese quantities of bikes,
Answers
1. 80
4. 32.50
6. 35
7. 38.57
Why was Brussels chosen as the headquarters of the Euopean Union Class 10 Civics
Answers
Answer:
because brussels arrangement of power sharing was innovative and apropriable.
6
3.What were the effects of China's Cultural Revolution? Choose three correct answers
Many Communist leaders were removed from power.
At least half a million people died during this revolution.
Cultural centers were updated and rebuilt.
More young people attended colleges and universities.
China's economy suffered.
Done
Please help with the rest of the assignment if you know edganuity
Answers
The effects of China's Cultural Revolution included removal of Communist leaders, deaths, and damage to the economy.
China's Cultural Revolution, lasting from 1966 to 1976, had profound effects on the country. Many Communist leaders were purged and removed from power, leading to instability and uncertainty.
At least half a million people died during the revolution, either through violence or as a result of the turmoil.
While cultural centers were updated and rebuilt, the destruction of artifacts and heritage sites was also widespread.
On a positive note, the revolution did lead to an increase in college and university attendance among young people. However, the overall impact on the economy was negative, with factories and businesses disrupted and production decreased.
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Why is it important to know the difference and similarities between an activity and a hobby? Please answer right away!
Answers
Answer:
For example, you could have participated in debates, dramatics, or some sports along with your formal education. Hobbies, on the other hand, are activities you are really passionate about and will do anything to follow.
An activity is a undertaking process
Like getting something done.
A hobby is a thing you love to do
Like for example a hobby is one’s doing
It is a pleasure.
To vote early by mail in Texas, eligible voters must submit an Application for Ballot by Mail (“ABBM”). Last day to apply for Ballot by Mail (received, not postmarked) was/is (_____________________).
1.Wednesday, October 21, 2020
2.Friday, October 23, 2020
3.Wednesday, October 28, 2020
4.Friday, October 30, 2020
5.Tuesday, November 3, 2020
Answers
What became the fastest travel before the Civil War?
cars
stagecoaches
steamboats
railroads
Answers
Answer:
steam boats because they use coal
In which of the following ways has the Republican Party grown in Texas
Answers
Answer:
I don't remember it very well I'm so sorry
what does partisan demographic mean?
Answers
Answer:
The demographic lines up with one side of the political spectrum or the other.
Explanation:
What is a worldview? Define what the term “worldview” means. Use descriptive phrases to support your definition. Use and cite content from at least one or two sources to define the term.
Answers
Worldview is the perception of the world including values by an individual.
What is world view?Worldview can be described as general overview of an individual opinion.
It is based on how an individual perceives or the knowledge an individual or group has about the society.
Therefore, world view includes our expectations and perception of the world including values.
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Present one historical development in technology by completing the table below.
FIELD: _________________________
BEFORE
HUMAN CONDITION
DISCOVERERS
AFTER
Answers
One historical development in technology that can be used to complete the table below is Remote Everything.
FIELD:
Internet of EverythingBEFORE:
The Internet of ThingsCloud computing.HUMAN CONDITION:
No networked connection between people, processes, data, and things. No better than it is today with the Internet of Everything.Physical offices with daily commuting to and from work.Increased urbanization and housing problems.DISCOVERERS:
Upending old business models with nimble modelsGlobalizationCrowdsourcing can be optimized.AFTER:
Initiation of a massive opportunity for nimble companiesBirth of new digital businessesDigitized tasks and processesRemote working becomes possible.What is Remote Everything?Remote Everything is based on the networked connection of people, processes, data, and things.
Remote Everything enables an internet-first or remote-based working ecosystem.
Increased value has been created with the increased connectedness because “everything” comes online.
The Internet of Things is the network of physical devices where the collection and exchange of data occur without human intervention.
Thus, one historical development in technology presented to complete the table below is Remote Everything.
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Slogans for an federalist?
it’s for an project and you have to make up slogans.
Answers
Answer:
Unify today and be free of debt tomorrow.
Explanation:
If they take our money they take our power
Hope it helps.
have a great time
What was the advantage of a joint-stock company in colonization?
A. It provided full financial backing from the government.
B. It allowed many investors to pool their resources.
C. It allowed for significant military advantages.
D. It provided support from multinational organizations.
The answer is B. (Penn Foster)
Answers
The advantage of a joint-stock company in colonization, according to Penn Foster, is B. It allowed many investors to pool their resources.
What is a joint-stock company?A joint-stock company is a form of business that is owned by many investors.
An investor owns a share in a joint-stock company based on the amount of stock purchased.
Joint-stock companies are created in order to:
Finance expensive ventures.Pool resources of many investors together to achieve goals.Ensure the perpetual existence of the entity, which is not dependent on individual investors by making shares transferable.Thus, the advantage of a joint-stock company in colonization, according to Penn Foster, is B. It allowed many investors to pool their resources.
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Should Puerto Rico become a U.S. state?
Answers
Answer:
No it is doing just fine as its own nation and doesn't need a big country like the USA to boss it around.
James makes a lot of money by lying to people in order to get them to invest in his company. James believes he is important and immune to prosecution, and he does not care about the people he takes money from. These characteristics are most associated with which of the following personality disorders ?
Answers
This personality disorder is termed sociopathy
What is sociopathy?Sociopathy refers to abnormal behaviour that is exhibited in the form of anti social behaviour that shows disregard for other people.
Sociopathy and psycopathy are usually tagged along but different.
Individuals who show sociopathy lack empathy for other people and have a total disregard for others.
Psycopathy on the other hand is a more extreme form of sociopathy.
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Answer:
Narcissistic
Explanation:
He believes he is more important than others and doesn't care about their well being.
Making eye contact is a key component of:
crisis management.
active listening.
teamwork.
integrity.
Answers
Answer:
active listening.
Explanation: just took the test
Active listening is the process of getting ready to listen, paying attention to the verbal and nonverbal cues being used, and then responding appropriately to demonstrate that you are paying attention to what is being said. Hence option B is correct .
What is Active Listening ?This kind of listening shows that the listener and speaker are on the same page.
Speakers get validation that their message is getting over, while engaged listeners take in more information and comprehend it better. Eliminating misunderstandings and establishing clear communication of ideas and thoughts between the speaker and listener are the overarching goals of active listening.
Another name for it is reflective listening. Carl Rogers and Richard Farson created the concept of active listening.
Comprehension is the initial phase in the active listening process. Understanding is a shared concept between parties talking to each other. Top-down or bottom-up listening tactics can be used to accomplish this. Top-down listening for comprehension entails anticipating the message that will likely be delivered, making an effort to arrange what is being said, and listening for summaries or changes in the topic.
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Which state government has a legislature with only one house while the other 49 states have legislatures with two houses of government each?
Alaska
Hawaii
Maryland
Nebraska
Answers
Answer:
The answer is Nebraska
Explanation:
With the exception of Nebraska, all state legislatures are bicameral bodies.
The Nebraska Legislature is the only state with a unicameral body.
U.S. Supreme Court decisions can be appealed. True or False?
Answers
Answer:
False
Explanation:
When the Supreme Court rules on a constitutional issue, that judgment is virtually final; its decisions can be altered only by the rarely used procedure of constitutional amendment or by a new ruling of the Court. However, when the Court interprets a statute, new legislative action can be taken.
Based on your understanding of Rachel’s character, which would be most likely to happen that night when the family celebrates Rachel’s birthday?
Rachel would tell her mother that she did not like the birthday cake.
Rachel would complain about the red sweater to her parents.
Rachel would say that she liked a present even if she did not like it.
Answers
There are two types of characterization and they include:
Direct characterization.Indirect characterization.What is Characterization?This refers to the way a character is described and the way in which their role develops and changes.
Hence, we can note that with the characterization used to describe a character, one can make accurate predictions about their actions and also through the use of hints make use of foreshadowing.
Please note that your question is incomplete so I gave you a general overview to help you get a better understanding of the concept.
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Answer:
sorry im late but the answer is C. Rachel would say that she liked a present even if she did not like it
Explanation:
i got it right in my assignment
Why is cobalt a natural resource that is continuously in demand?
]
It is used in makeup and other beauty products.
It is used to power cars and homes.
It is used to make batteries in computers & cellphones.
It is used to make aluminum.
Answers
Answer:it us used to make batteries in computers and cellphones.
Explanation:
Suppose the government passes a new law providing companies with low-cost alternative energy sources such as solar and wind. This would lead to a(n):
a) increase in aggregate demand
b) decrease in aggregate demand
c) increase in aggregate supply
d) decrease in aggregate supply
Answers
Investments may increase over time, and we need to consider the incentives created with the law
Which is not a principle of the cell theory
1.All living things are made of one or more cells
2.The cell is The basic unit of life
3.All cells are exactly the same
4. All new cells come from pre-existing cells
HELPPPPPP
Answers
laura can use a toy car to demonstrate the force of gravity by doing which of these
Answers
Answer:
letting the toy car roll down a ramp
Explanation:
correct me if im wrong
hope its help
Answer:
Letting the toy car roll down the ramp.
Explanation:
This is the only option that includes an act of gravity.
placing it on the floor- no movement is made
lifting it- movement is made but she is acting against gravity and the car is not needed
pushing the car- she is placing force on it rather than letting gravity work
1. Sulfo industries incurred the following costs.
A. Wood used in the production of furniture.
B. Straight-line depreciation on factory building
C. Screws used in the production of furniture
D. Sales staff salaries
E. Sales commissions
F. Property taxes
G. Insurance on buildings.
H. Hourly wages of furniture craftsmen
I. Salaries of factory supervisors
J. Utilities expense.
K. Telephone bill.
Identify the costs above as variable, fixed or mixed
Answers
Answer STRAGHT LINE DEPRCIATION ON FACTORY BUILIDING
Explanation:
The following are costs incurred by Sulfo industries:
Variable costs - A. Wood used in the production of furniture, D. Sales staff salaries, E. Sales commissions, H. Hourly wages of furniture craftsmen, J. Utilities expense, K. Telephone billFixed costs - B. Straight-line depreciation on factory building, F. Property taxes, G. Insurance on buildings,Mixed costs - C. Screws used in the production of furniture, I. Salaries of factory supervisorsWhat is Variable, Fixed, and Mixed Costs?Variable costs are costs of production that changes with the volume of production.
Fixed costs are costs that do not change with the volume of production in the short run.
Mixed costs are the combination of fixed and variable costs. They can remain fixed in the short run, and can also change with the volume of production in the short run.
Therefore, the following are costs incurred by Sulfo industries:
Variable costs - A. Wood used in the production of furniture, D. Sales staff salaries, E. Sales commissions, H. Hourly wages of furniture craftsmen, J. Utilities expense, K. Telephone billFixed costs - B. Straight-line depreciation on factory building, F. Property taxes, G. Insurance on buildings,Mixed costs - C. Screws used in the production of furniture, I. Salaries of factory supervisorsLearn more about variable, fixed, and mixed costs on:
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what is a government describe at least four forms of government.
Answers
Answer:
Oligarchy, aristocracy, monarchy, and democracy.
Explanation:
The four types of government are oligarchy, aristocracy, monarchy, and democracy. An oligarchy is when a society is ruled by a few people, usually the rich. An aristocracy is when a country is ruled by the upper class, or nobility.
All of these represent the process by which a bill becomes a law in Georgia. Place the items in the correct order in which they must take place. You may write only the underlined portion if you choose.
Answers
The process by which a bill becomes law in Georgia is:
A bill is filed with the House Clerk. The bill is read to the House of Representatives and assigned to a committee for research. The bill is debated by the House of Representatives. The House of Representatives votes on the bill. If the bill passes the House, it is sent to the Senate. The bill is amended by the Senate and sent back to the House of Representatives. The House approves the changes made by the Senate without additional changes. The bill passes the Senate and is sent to the govenor. The Governor chooses to veto or pass the bill. How are laws passed in Georgia?First a bill is introduced to the House of Representatives which decides on a committee to handle it. Based on the Committee's recommendations, the House then votes on the bill and sends it to the Senate.
After the Senate amends the bill, they will then vote on it and if it passes the Senate, it is sent to the Governor who can choose to approve the bill or veto it.
Find out more on the Georgia House of Representatives at https://brainly.com/question/3149451.
Consider: What role did Claudette Colvin and others play in the civil rights movement?
Answers
Answer:
Explanation:
Claudette Colvin (b, September 5, 1939) is a African American woman from Alabama. In 1955, at the age of 15, she refused to give up her seat on a Montgomery bus to a white person, in violation of local law. Her arrest preceded civil rights activist Rosa Parks' (on December 1, 1955) by nine months.
what are the to majer branchs of economics
Answers
Answer:
The first way to split economics is microeconomics and macroeconomics.
Microeconomics – concerned with individual markets and small aspects of the economy.
Macroeconomics – concerned with the whole aggregate economy. Issues such as inflation, economic growth and trade.
Explanation: Hope the picture helps