Homework Answers
1.A sunk cost is an expenditure on an input with no resale value.
Answer-B
2.A firm's current decisions are based on short run variable cost and long run fixed cost.
Answer-A
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Complete the sentences The past expenditure on a plant that has no resale value is called...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm....
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
9 Firms that exhibit price-taking behavior a wait for other firms to set price, take it...
9 Firms that exhibit price-taking behavior a wait for other firms to set price, take it as given, and charge a higher price. b have outputs that are too small to infuence market price and thus take it as given. c take pricing behavior in their own hands. d are independently capable of setting price. 10 The short run is a a period of time in which at least one input cannot be varied b when firms are stuck with...
QUESTION 2 A firm operating in a T-shirt business has a plant of fixed size and...
QUESTION 2 A firm operating in a T-shirt business has a plant of fixed size and that it can vary its output only by varying the amount of labour it employs. The table below shows the firm’s data on the unit of labour employed and the total product (number of T-shirts) produced. Assume that the cost of labour, which is $50 per unit, is the only variable cost, and the total fixed cost is $100. No. of Labour Total Product...
LO1 LO6 LO7 The Production Process and Costs 03 LEARNING OBJECTIVES ter completing this chapter, you...
LO1 LO6 LO7
The Production Process and Costs 03 LEARNING OBJECTIVES ter completing this chapter, you will be able to: 11 Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process. 2 Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution. Calculate a cost function from a production function and explain how eco- nomic costs differ from accounting costs. LO4 Explain the...
A firm uses labor (L) and capital (K) as inputs, and has a short run cost function C=15+ 10q+ q2. Capital is fixed at K̅
A firm uses labor (L) and capital (K) as inputs, and has a short run cost function C=15+ 10q+ q2. Capital is fixed at K̅ a. Give the formula for the firm's marginal cost function. Any method of deriving the marginal cost function is acceptable. (Hint: When calculating MC, you can assume that increases by a very, very small amount, so that q2 = q1 + ε ≈ q and q1 + q2 ≈ 2q.) b. Give the formula for the firm's...
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has variou...
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has various short-run average cost curves. It also has various MES scales. MES is the scale of operation at which diseconomies of scale starts to dominate. OMES is the scale of operation where at least one short run average cost starts to increase Specialization of labor can contribute to a firm's productivity only after it has reached its MES. D Question...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable input and changes in output B. that concerns the long run C. that concerns changes in profits D. that relates to plant size 2. What does it mean to say that health care may be subject to diminishing returns? A. Health care costs are expensive B. New technology has improved lives, but not by much C. Eventually, higher individual spending on healthcare won’t improve...
please do 123456 correctly Question 1 (1 point) An example of an intermediate product is O...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
9 Firms that exhibit price-taking behavior a wait for other firms to set price, take it as given, and charge a higher price. b have outputs that are too small to infuence market price and thus take it as given. c take pricing behavior in their own hands. d are independently capable of setting price. 10 The short run is a a period of time in which at least one input cannot be varied b when firms are stuck with...
LO1 LO6 LO7
The Production Process and Costs 03 LEARNING OBJECTIVES ter completing this chapter, you will be able to: 11 Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process. 2 Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution. Calculate a cost function from a production function and explain how eco- nomic costs differ from accounting costs. LO4 Explain the...
18. Which of the following is most accurate about the Minimum Encient Scale (MES) of arm? Because a firm has various short-run average cost curves. It also has various MES scales. MES is the scale of operation at which diseconomies of scale starts to dominate. OMES is the scale of operation where at least one short run average cost starts to increase Specialization of labor can contribute to a firm's productivity only after it has reached its MES. D Question...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
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