The cookie company in the mall hires workers to produce cookies

Question 1The cookie company in the mall hires workers to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $250 per day. Number of workersDaily output (cookies)1200240036004700The fixed costs of production area.$0b.$75c.$250d.$300e.$3251 points Question 2The cookie company in the mall hires workers to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $250 per day. Number of workersDaily output (cookies)1200240036004700If two workers are hired, the variable costs area.$75b.$100c.$150d.$200e.$225f.$250g.$300h.$400i. $4751 points Question 3As a waiter you earn $60,000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. In order to be a consultant, you’ll need to rent an office and purchase supplies and new computer equipment. We can conclude which of the following?a.If the explicit cost for the consulting job is $30,000 per year, your accounting profit is equal to $10,000.b.If the explicit cost for the consulting job is $25,000 per year, your economic profit is equal to $15,000.c.If the explicit cost for the consulting job is $20,000 per year, your economic profit is equal to $80,000.d.If the explicit cost for the consulting job is $20,000 per year, your accounting profit is equal to $20,000.1 points Question 4A pizza business has the cost structure described below. The firm’s fixed costs are $20 per day. Output (pizzas per day)Total cost of output (fixed + variable)0$205$8010$12015$15020$17525$19530$21035$23040$255What are the firm’s average variable costs (AVC) at an output of 25 pizzas?a.$0.80b.$7.00c.$7.80d.$20.00e.$195.001 points Question 5A pizza business has the cost structure described below. The firm’s fixed costs are $20 per day. Output (pizzas per day)Total cost of output (fixed + variable)0$205$8010$12015$15020$17525$19530$21035$23040$255What are the firm’s marginal costs (MC) at an output of 35 pizzas?a.$0.57b.$4.00c.$9.20d.$230.001 points Question 6A pizza business has the cost structure described below. The firm’s fixed costs are $20 per day. Output (pizzas per day)Total cost of output (fixed + variable)0$205$8010$12015$15020$17525$19530$21035$23040$255What are the firm’s average total costs (ATC) at an output of 10 pizzas?a.$10b.$12c.$100d.$1201 points Question 7The local ice cream shop is trying to figure out how many workers to hire, and part of the decision will be based on the marginal product of labor. The following table shows a short-run production function for quantity of ice cream tubs produced. Diminishing marginal returns begins after hiring which worker? Workers hiredQuantity of ice cream tubs produced1110220032704300532063307300a.1stb.2ndc.3rdd.4the.5thf.6thg.7thh.never1 points Question 8The cookie company in the mall hires workers to produce cookies. The workers are paid $75 per day, and the cost of renting the space in the mall is $250 per day. Number of workersDaily output (cookies)1200240036004700The total costs when three workers are hired isa.$75b.$100c.$150d.$200e.$225f.$250g.$300h.$400i. $4751 points Question 9A pizza business has the cost structure described below. The firm’s fixed costs are $20 per day. Output (pizzas per day)Total cost of output (fixed + variable)0$205$8010$12015$15020$17525$19530$21035$23040$255What are the firm’s average fixed costs (AFC) at an output of 5 pizzas?a.$4b.$20c.$80d.$1001 points Question 10A semiprofessional baseball team near your town plays two home games each month at the local baseball park. They split the concessions 50/50 with the city, but keep revenue from ticket sales for themselves. The city charges the team $100 each month for the three-month season. The team pays the players and manager a total of $1,000 a month. The team charges $10 for each ticket, and the average customer spends $7 at the concession stand. Attendance averages 30 people at each home game.In order to break even, how many tickets does the team need to sell for each game?a.33b.37c.41d.45e.49f.2441 points Question 11The following table shows a short-run production function for laptop computers. Use the data to determine where diminishing product begins.001502120320042605310632573208310Diminishing product begins after you hire worker number _____.a.0b.1c.2d.3e.4f.5g.6h.7i.8

 

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