5. Which of these is a variable cost for a restaurant? Insurance against damages on the...
5. Which of these is a variable cost for a restaurant?
Insurance against damages on the rental space
Rent for dining space
Wages for the servers Tax accountant's salary
-
If Marginal Cost (MC) is higher than Average Cost (AC), average cost is
Falling
Rising
Constant
None of the above
QUESTION 7
-
Which of the following is FALSE?
Increase production if MR>MC
Produce where MR=MC
Average cost is total cost per unit of production
Produce where MR=AC
Homework Answers
(5) (B)
The higher (lower) the number of customers, the bigger (smaller) the dining space and so, the higher (lower) the rent.
(6) (B)
Assuming both curves are U-shaped, the MC intersects ATC at its minimum point. So, when MC > ATC, it means ATC is rising.
(7) (D)
Profit is maximized when MR = MC. If MR is higher than (lower than) MC, firm should increase (decrease) output. Also, ATC equals TC divided by output.
Add Answer to:
5. Which of these is a variable cost for a restaurant?
Insurance against damages on the...
If Marginal Cost (MC) is higher than Average Cost (AC), average cost is a. falling b....
If Marginal Cost (MC) is higher than Average Cost (AC), average cost is a. falling b. rising c. constant d. none of the above
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Classify each cost as variable, fixed, or mixed. 1. Insurance on the buildings FixedVariableMixed 2. Property...
Classify each cost as variable, fixed, or mixed.
1.
Insurance on the buildings
FixedVariableMixed
2.
Property tax bill
VariableMixedFixed
3.
Sales commission
FixedMixedVariable
4.
Nails used to produce furniture
FixedVariableMixed
5.
Fuel needed to operate the machinery
MixedVariableFixed
6.
Hourly wages of the assembly-line workers
MixedVariableFixed
7.
Rental of U-Haul charged based on daily rate plus km
driven
VariableMixedFixed
8.
Depreciation on the building
FixedMixedVariable
9.
Rent paid for office space
MixedFixedVariable
10.
Maintenance costs of delivery vans
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A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The restaurant is using the amount of machinery and labor such that MPk/MP-12. Is the restaurant minimizing its cost of production? Show your work. 2. 3. Conigan Box Company produces cardboard boxes that are sold in bundles of 1000 boxes. The market is highly competitive, with boxes currently selling for $100 per thousand. Conigan's total and marginal cost...
QUESTION 49 A firm is currently producing where MC=$5 and MR=$10. This firm is O profit-maximizing under-producing over-producing O no conclusion can be made QUESTION 50 A firm should increase its production when O marginal revenue rises and marginal cost stays the same O marginal cost rises and marginal revenue stays the same O both marginal cost and marginal revenue are falling both marginal cost and marginal revenue are rising
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Classify each cost as variable, fixed, or mixed.
1.
Insurance on the buildings
FixedVariableMixed
2.
Property tax bill
VariableMixedFixed
3.
Sales commission
FixedMixedVariable
4.
Nails used to produce furniture
FixedVariableMixed
5.
Fuel needed to operate the machinery
MixedVariableFixed
6.
Hourly wages of the assembly-line workers
MixedVariableFixed
7.
Rental of U-Haul charged based on daily rate plus km
driven
VariableMixedFixed
8.
Depreciation on the building
FixedMixedVariable
9.
Rent paid for office space
MixedFixedVariable
10.
Maintenance costs of delivery vans
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