Which of the following is an implicit cost

PS-7Part 1 of 2 1.0 PointsQuestion 1 of 16Which of the following is an implicit cost?(i) A business owner forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm.(ii) Interest on debt.(iii) Uncollected revenue.A.(ii) and (iii)B.(i) and (iii)C.(i) onlyD.all of the aboveReset SelectionMark for Review What’s This?Question 2 of 16Diminishing marginal product of labor occurs when adding another unit of labor1.0 PointsA.increases output, but not by as large a margin as previous units of labor.B.decreases output.C.increases output by more than the margin of previously employed labor.D.none of the above.Reset SelectionMark for Review What’s This?Question 3 of 16Graph 13-1The figure shown depicts a production function for a firm that produces cookies. Use thefigure to answer the following questions.Refer to Graph 13-1. As the number of workers increases,1.0 PointsA.marginal product increases, but at a decreasing rate.B.total output increases, but at a decreasing rate.C.marginal product increases.D.total output decreases.Reset SelectionMark for Review What’s This?Question 4 of 161.0 PointsGraph 13-1The figure shown depicts a production function for a firm that produces cookies. Use thefigure to answer the following questions.Refer to Graph 13-1. The slope of the total product curve reveals information about theA.average product of workers.B.marginal product of workers.C.total product of workers.D.fixed product of workers.Reset SelectionMark for Review What’s This?1.0 PointsQuestion 5 of 16Suppose Jan is starting up a small lemonade stand business. Variable costs for Jan’s lemonade stand wouldincludeA.lemonade mix.B.cost of building the lemonade stand.C.cost of hiring an artist to design a logo for her sign.D.all of the above.Reset SelectionMark for Review What’s This?1.0 PointsQuestion 6 of 16One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firmis that in the short run,A.output is not variable.B.the size of the factory is fixed.C.the number of workers used to produce the firm’s product is fixed.D.there are no fixed costs.Reset SelectionMark for Review What’s This?Question 7 of 161.0 PointsTable 13-4Adrian’s Premium Boxing Service subcontracts with a chocolate manufacturer to box premium chocolates for theirmail order catalogue business. She rents a small room for $150 a week in the downtown business district thatserves as her factory. She can hire workers for $275 a week.Refer to Table 13-4. During the week of July 4th, Adrian doesn’t box any chocolates. What are her costs during theweek?A.0B.75C.150D.425Reset SelectionMark for Review What’s This?Question 8 of 161.0 PointsTable 13-4Adrian’s Premium Boxing Service subcontracts with a chocolate manufacturer to box premium chocolates for theirmail order catalogue business. She rents a small room for $150 a week in the downtown business district thatserves as her factory. She can hire workers for $275 a week.Refer to Table 13-4. What is the total cost associated with making 890 boxes of premium chocolates per week?A.975B.1,100C.1,250D.1,375Reset SelectionMark for Review What’s This?Question 9 of 16Table 13-3Use the information below to answer the following questionsMeasures of Cost for ABC Inc. Widget Factory.Quantityof Widgets0123456FixedCosts$10$10VariableCosts$1$3$6$10$211.0 PointsTotalCosts$13$16$25Refer to Table 13-3. The average total cost of producing 4 widgets isA.$2.00.B.$2.50.C.$4.00.D.$5.00.Reset SelectionMark for Review What’s This?Question 10 of 16Table 13-3Use the information below to answer the following questionsMeasures of Cost for ABC Inc. Widget Factory.Quantityof Widgets0123456FixedCosts$10$10VariableCosts$1$3$6$10$21TotalCosts$13$16$251.0 PointsRefer to Table 13-3. What is the variable cost of producing 5 widgets?A.$10.00B.$15.00C.$25.00D.It can not be determined from the information given.Reset SelectionMark for Review What’s This?Question 11 of 16An example of a fixed cost would be(i) rent paid on the factory.(ii) raw materials supplied at a government regulated price.(iii) machine maintenance.1.0 PointsA.(i) onlyB.(i) and (ii)C.(i) and (iii)D.all of the above.Reset SelectionMark for Review What’s This?Question 12 of 161.0 PointsGraph 13-6The figure shown depicts average total cost functions for a firm that produces automobiles. Use the figure toanswer the following questions.Refer to Graph 13-6. In the long run, the firm can operate on which of the following average total cost curves?A.ATCAB.ATCBC.ATCCD.Any of the aboveReset SelectionMark for Review What’s This?Question 13 of 161.0 PointsGraph 13-6The figure shown depicts average total cost functions for a firm that produces automobiles. Use the figure toanswer the following questions.Refer to Graph 13-6. Assuming the firm is currently operating on ATCB, what options does it have if it wants tochange its level of automobile production over the next couple of weeks?A.It can operate at any level of output as long as it stays on ATCB.B.It can operate at any level of output between points M and N.C.It can operate at any level of output, as long as it stays on ATCD.D.The firm has no options. It cannot change output level in the short run.Reset SelectionMark for Review What’s This?Question 14 of 16Graph 13-61.0 PointsThe figure shown depicts average total cost functions for a firm that produces automobiles. Use the figure toanswer the following questions.Refer to Graph 13-6. This firm experiences economies of scale at what output levels?A.output levels above NB.output levels between M and NC.output levels below MD.all of the above, if the firm is operating in the long runReset SelectionMark for Review What’s This?Question 15 of 16Constant returns to scale occur when1.0 PointsA.long-run average total costs are constant as output increases.B.marginal product of labor is falling.C.the firm’s long-run average cost curve is falling as output increases.D.the firm’s long-run average cost curve is rising as output increases.Reset SelectionMark for Review What’s This?Question 16 of 16Graph 13-61.0 PointsThe figure shown depicts average total cost functions for a firm that produces automobiles. Use the figure toanswer the following questions.Refer to Graph 13-6. Which of the curves is most likely to characterize the short-run average total cost curve ofthe biggest factory?A.ATCAB.ATCBC.ATCCD.ATCDReset SelectionMark for Review What’s This?Part 2 of 2 – PS 7No QuestionsSaveExit

 

CLICK HERE TO ORDER A SIMILAR PAPER

We pride ourselves in writing quality essays

CLICK HERE TO CONTACT US

Lets Start Working

Plagiarism Free

We use anti-plagiarism software to ensure you get high-quality, unique papers. Besides, our writers have a zero plagiarism mentality

On Time Delivery

Your essay will be delivered strictly within the deadline.  If you have an urgent order, we can do it!

Money Back Guarantee

We offer warranty service, including free revisions, and a right to request a refund incase your expectations are not met!

THE BEST PAPER WRITER HELPER

Our Advantage

  • Say “NO” to plagiarism – FREE plagiarism report as an addition to your paper
  • The lowest prices that fit excellent quality
  • Authorship – you are the one who possesses the paper. We DO NOT re-sale or re-use any of them.

OUR PAPER WRITER HELPER GOODIES

Our Freebies

  • Free Cover Page
  • Free Revisions
  • Free Reference Page
  • Free 24/7 support

Pin It on Pinterest

Share This