Homework Answers
7) A) it is explicit cost paid by firm.
these are production cost, lease payment, marketing budget and payroll.
8) C) actual expenditure that a firm must make.
explicit cost is cost paid by firm to all the factors for running the business like wage, rent etc
9) C) Average fixed cost decline with increase in output
average fixed cost decline as output rise as cost get divided into more units of output. variable cost increase only with increase in per unit output.
10) A) short run is period in which at least one of the firms input usually plant size is fixed
in short run one input is fixed while others are variable.
Add Answer to:
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm....
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...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve...
1. Explicit costs ______. do not involve outlays of cash are greater than implicit costs involve outlays of cash are less than implicit costs 2. Opportunity costs can vary from person to person and ______________________. can be calculated easily most of the time can even be different for the same person at different points in time are always known and predictable represent explicit costs only 3. An example of an implicit cost would be ______. transportation expenses salaries rental costs...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as output increases. long-run average total costs are decreasing as output increases. long-run average total costs are increasing as output increases. O marginal costs are equal to average total costs for all levels of output. Question 6 1 pts
Please help with these questions, Question 21 0.16 pts One difference between implicit costs and explicit...
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Most firms will eventually face increasing average costs as they try to increase output. The firm...
Most firms will eventually face increasing average costs as they try to increase output. The firm finds that each extra unit of output requires more inputs to produce than previous units, an outcome described as the law of diminishing marginal returns. The law of diminishing marginal returns states that as you try to expand output, your marginal productivity (the extra output associated with extra inputs) eventually declines The law of diminishing returns can limit the economies of scale and economies...
Which of the following is true with respect to a perfectly competitive firm? It will make...
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
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...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
Question 5 1 pts Diseconomies of scale occur when a firm's marginal costs are constant as output increases. long-run average total costs are decreasing as output increases. long-run average total costs are increasing as output increases. O marginal costs are equal to average total costs for all levels of output. Question 6 1 pts
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Most firms will eventually face increasing average costs as they try to increase output. The firm finds that each extra unit of output requires more inputs to produce than previous units, an outcome described as the law of diminishing marginal returns. The law of diminishing marginal returns states that as you try to expand output, your marginal productivity (the extra output associated with extra inputs) eventually declines The law of diminishing returns can limit the economies of scale and economies...
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
Most questions answered within 3 hours.
-
Calculate the specific heat of a certain unknown metal, if it
requires 195 joules of heat...
asked 8 minutes ago -
Identify the characteristics of a successful
project.
Describe the phases the project lifecycle.
Define the roles...
asked 18 minutes ago -
1. In Module 2 "headers" and "footers" are
described. Explain the difference between them and how...
asked 12 minutes ago -
Three polarizing filters are stacked with the polarizing axes of
the second and third at 58.5...
asked 21 minutes ago -
The capacitance in a series RCL circuit is C1 = 3.3 μF, and
the corresponding resonant...
asked 31 minutes ago -
A 357.7-gram sample of an unknown substance (MM = 92.41 g/mol)
is heated from -23.1 °C...
asked 30 minutes ago -
The project aims to design a network for a casino. The casino
has 10 floors including...
asked 35 minutes ago -
Combustion of an unknown compound containing only carbon and
hydrogen produces 54.9 g of CO₂ and...
asked 51 minutes ago -
A basketball player achieves a hang time, the total time of
flight, of 0.748 s when...
asked 52 minutes ago -
A processor of carrots cuts the green top off each carrot,
washes the carrots, and inserts...
asked 1 hour ago -
Please help me find the coefficient of kinetic and static
friction of two masses (500kg and...
asked 1 hour ago -
Stanley Department Stores reported net income of $815,000 for
the year ended December 31, 2018.
Additional...
asked 1 hour ago