Homework Answers
3) AVC is VC/Q means average variable cost is found when total variable cost is divided by output. Select 2nd option
4) First two workers in total produce 35 cookies so average product is 35/2 = 17.5 cookies. Select 17.5 cookies. Select third option
5) It should be the land that has been planted because the cost incurred on renting / leasing land has to be paid. Select third option.
6) Wages paid to labor because it depends on the number of workers hired which is a variable factor. Select 1st option.
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9:08 1 Exit Question 3 2 pts Average variable costs equal total variable costs divided by...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs Output (Q) Fixed Costs Variable Costs Costs $500 $200 1 $800 2 $875 $75 3 $925 4 $100 5 $625 What is the total cost of producing five units of the good? $1,050 $1,025 $825 $1,000 $950
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Question 26 1 pts Output Fixed (Q) Costs $500 Variable Costs $200 Total Costs Average Fixed...
Question 26 1 pts Output Fixed (Q) Costs $500 Variable Costs $200 Total Costs Average Fixed Average Average Total Marginal Costs Variable Costs Costs Costs $800 $75 $875 $925 $100 $625 What is the fixed cost of producing 3 units of the good? O $700 O $500 O $875 $375 $1,000
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,...
1) If the average product of 14 workers is 50 bushels of wheat and the average...
1) If the average product of 14 workers is 50 bushels of wheat and the average product of 15 workers of wheat is 55 bushels of wheat, then the marginal product of the 15th worker was ___________ bushels of wheat. So What is _____? 2) Which of the following is most likely to be a fixed cost for a bakery firm? A)Wages paid to workers B)Paying for ingredients from a food supplier C)The monthly electricity bill D)Paying rent each month...
Question 9 6 pts The chart below shows production costs including fixed costs, variable costs, and...
Question 9 6 pts The chart below shows production costs including fixed costs, variable costs, and total costs, marginal costs, avg. variable costs and avg. total costs, for a firm in the short run. Use this chart to answer the following questions. Quantity VC MC AVC FC SO TC 50 ATC 0 1 10 10 SO 2 3 A 100 110 50 20 4 50 130 B 5 С 120 40 34 The "A" in the chart is equal to...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
QUESTION 20 Output Fixed Costs Variable Costs $0 Total Costs $100 Average Total Costs Average Variable...
QUESTION 20 Output Fixed Costs Variable Costs $0 Total Costs $100 Average Total Costs Average Variable Costs Marginal Costs 30 50 In the above table, what are the total fixed costs for an output of 4? $220 $0 $100 $120
Question 15 1 pts Table 13-12 Betty's Bakery Quantity Fixed Cost Average Fixed Cost Average Variable...
Question 15 1 pts Table 13-12 Betty's Bakery Quantity Fixed Cost Average Fixed Cost Average Variable Cost Total Cost $38 Average Total Cost Marginal Cost cakes Variable Cost $13 $28 $70 $64 0aWN- $110 $108 $133 $185 Refer to Table 13-12. What is the marginal cost of the 2nd cake at Betty's Bakery? $14 $34 $28 O $15 Question 14 1 pts Table 13-11 Teacher's Helper is a small company that has a subcontract to produce instructional materials for disabled...
1a. Marginal cost is equal to the change in: A. variable cost divided by the change...
1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs Output (Q) Fixed Costs Variable Costs Costs $500 $200 1 $800 2 $875 $75 3 $925 4 $100 5 $625 What is the total cost of producing five units of the good? $1,050 $1,025 $825 $1,000 $950
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Question 26 1 pts Output Fixed (Q) Costs $500 Variable Costs $200 Total Costs Average Fixed Average Average Total Marginal Costs Variable Costs Costs Costs $800 $75 $875 $925 $100 $625 What is the fixed cost of producing 3 units of the good? O $700 O $500 O $875 $375 $1,000
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,...
Question 9 6 pts The chart below shows production costs including fixed costs, variable costs, and total costs, marginal costs, avg. variable costs and avg. total costs, for a firm in the short run. Use this chart to answer the following questions. Quantity VC MC AVC FC SO TC 50 ATC 0 1 10 10 SO 2 3 A 100 110 50 20 4 50 130 B 5 С 120 40 34 The "A" in the chart is equal to...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
QUESTION 20 Output Fixed Costs Variable Costs $0 Total Costs $100 Average Total Costs Average Variable Costs Marginal Costs 30 50 In the above table, what are the total fixed costs for an output of 4? $220 $0 $100 $120
Question 15 1 pts Table 13-12 Betty's Bakery Quantity Fixed Cost Average Fixed Cost Average Variable Cost Total Cost $38 Average Total Cost Marginal Cost cakes Variable Cost $13 $28 $70 $64 0aWN- $110 $108 $133 $185 Refer to Table 13-12. What is the marginal cost of the 2nd cake at Betty's Bakery? $14 $34 $28 O $15 Question 14 1 pts Table 13-11 Teacher's Helper is a small company that has a subcontract to produce instructional materials for disabled...
1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
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