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What is the level of output every firm strives for?
The level of output every first strives for is when marginal revenue equals marginal cost.
8. The marginal output rule states that if a firm does not shut down then it should produce output at a level where?
[object Object]
When a firm produces a level of output on the production function?
Marginal physical product is zero
In the long run the firm will likely if it decides to keep the amount of output at its initial level?
Shutdown
What determines the level of output in the long-run versus the short run?
In the long run, the level of output is determined by the capacity of a firm to adjust all of its inputs, such as labor and capital, to reach its optimal production level. In the short run, output is influenced by fixed factors like plant size and technology, which limit the firm's ability to adjust production quickly.
What is the level of output every firm strives for?
The level of output every first strives for is when marginal revenue equals marginal cost.
8. The marginal output rule states that if a firm does not shut down then it should produce output at a level where?
[object Object]
When a firm produces a level of output on the production function?
Marginal physical product is zero
How do you find a monopolist's profit maximising...?
The monopolist's profit maximizing level of output is found by equating its marginal revenue with its marginal cost, which is the same profit maximizing condition that a perfectly competitive firm uses to determine its equilibrium level of output. Indeed, the condition that marginal revenue equal marginal cost is used to determine the profit maximizing level of output of every firm, regardless of the market structure in which the firm is operating.
In the long run the firm will likely if it decides to keep the amount of output at its initial level?
Shutdown
What determines the level of output in the long-run versus the short run?
In the long run, the level of output is determined by the capacity of a firm to adjust all of its inputs, such as labor and capital, to reach its optimal production level. In the short run, output is influenced by fixed factors like plant size and technology, which limit the firm's ability to adjust production quickly.
When an organization can get optimal production?
this is obtained when a firm equates its marginal revenue to its marginal cost.At a level of output where MR exceeds MC,then the firm should increase output since the addition to revenue is greater than the addition to revenue.Where a firm's MR is less than its MC,the firm should lower its output since the addition to costs is greater than the addition to revenue.
When a firm hired its tenth worker its factory output increased by four units per month Would you expect the firm's output to increase by eight more units per month if the firm hired two more wo?
Depending on the marginal output of the workers at that level of output, an additional two could increase output my more than 8, exactly eight, or less than 8 units.
What is firm equilibrium?
Firm equilibrium refers to a situation where a firm achieves a balance between its costs and revenues, maximizing profits. This is attained when the firm produces the level of output where marginal cost equals marginal revenue. It represents the point of optimization for the firm.
When a perfectly competitive firm is at its profit maximizing level of output you can say that it is?
is producing where price exceeds marginal costs
When profit is maximized in a perfectly competitive firm?
At the output level at which the slopes of the total revenue and total cost curves are equal, provided the firm is covering its variable cost
What categories of costs combine to create a firm's total cost?
A firm adds its fixed costs and capable costs to determine its todal cost at each level of output.
