Homework Answers
Q20
Answer
Option 4
all of these are true
The long-run is a period where all the inputs can vary and there
is no fixed input.
The period can be an hour to years as per the industry.
======
Q21
Option 4
All of these are true
Economics considers explicit and implicit costs
Implicit costs are the opportunity cost of an activity or
investment decision.
It is the forgone benefit of the decision.
Explicit costs are costs accounting costs and paid.
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Saved Question 20 (1 point) The long run: O is longer in industries that take longer...
What is the distinction between the economic short run and the economic long run? A. In...
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent payment to a landlord for retail space. Implicit Costs Explicit Costs points Print Question 2: A firm has provided you with the following information: Total Revenue $700 Implicit Costs $450 Explicit Costs $50 What is the firm's accounting profit? $ What is the firm's economic profit? $ Question 3: An industry is said to be in the long-run when: all prices have become variable....
please do 123456 correctly Question 1 (1 point) An example of an intermediate product is O...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
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,...
Saved Question 20 (1 point) What is a bank run? O A) A situation where a...
Saved Question 20 (1 point) What is a bank run? O A) A situation where a commercial bank is holding zero reserves. B) A panic situation where many depositors rush simultaneously to withdraw their deposit money in the form of cash. OC) A situation where all commercial banks in the system are simultaneously short of reserves. O D) The collapse of a non-commercial bank as a result of non-payment of loans. E) The collapse of a commercial banks as a...
The firm type that involves sole decision maker power for the owner, unlimited liability for the...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
Question 20 20. In economics, the long run is a time period longer than one financial...
Question 20 20. In economics, the long run is a time period longer than one financial year in which all fixed costs have been recovered in accounting book in which a manager can freely adjust all inputs O at the end of which all people who work now have retired
QUESTION 4 The term variable costs refers to O prices of inputs that vary a lot...
QUESTION 4 The term variable costs refers to O prices of inputs that vary a lot increases in the prices of any input costs that vary with the type of final product being produced costs that vary with the quantity of output being produced QUESTION 5 If a firm's marginal cost exceeds its marginal revenue, then O profit is negative the firm should shut down cutting back production will increase profits the firm should reduce its per-unit cost by increasing...
Question 8 (1 point) 8. Total variable cost is the sum of all O costs that...
Question 8 (1 point) 8. Total variable cost is the sum of all O costs that rise as output increases. O costs of the firm's fixed factors of production. O costs associated with the production of goods. implicit costs. Question 10 (1 point) ATC; ATCA Average cost (cents per copy! 2 10 Quantity (thousands of copies per day 10. Dustin's copy shop can utilize four different levels of capital in the long run. The figure above shows the average total...
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...
What is the distinction between the economic short run and the economic long run? A. In the short run, the firm incurs only explicit costs, but in the long run, the firm incurs explicit and implicit costs. OB. In the short run, the firm can vary all inputs, but in the long run, at least one input is fixed. O c. In the short run, the firm incurs only variable costs, but in the long run, the firm incurs fixed...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent payment to a landlord for retail space. Implicit Costs Explicit Costs points Print Question 2: A firm has provided you with the following information: Total Revenue $700 Implicit Costs $450 Explicit Costs $50 What is the firm's accounting profit? $ What is the firm's economic profit? $ Question 3: An industry is said to be in the long-run when: all prices have become variable....
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
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,...
Saved Question 20 (1 point) What is a bank run? O A) A situation where a commercial bank is holding zero reserves. B) A panic situation where many depositors rush simultaneously to withdraw their deposit money in the form of cash. OC) A situation where all commercial banks in the system are simultaneously short of reserves. O D) The collapse of a non-commercial bank as a result of non-payment of loans. E) The collapse of a commercial banks as a...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
Question 20 20. In economics, the long run is a time period longer than one financial year in which all fixed costs have been recovered in accounting book in which a manager can freely adjust all inputs O at the end of which all people who work now have retired
QUESTION 4 The term variable costs refers to O prices of inputs that vary a lot increases in the prices of any input costs that vary with the type of final product being produced costs that vary with the quantity of output being produced QUESTION 5 If a firm's marginal cost exceeds its marginal revenue, then O profit is negative the firm should shut down cutting back production will increase profits the firm should reduce its per-unit cost by increasing...
Question 8 (1 point) 8. Total variable cost is the sum of all O costs that rise as output increases. O costs of the firm's fixed factors of production. O costs associated with the production of goods. implicit costs. Question 10 (1 point) ATC; ATCA Average cost (cents per copy! 2 10 Quantity (thousands of copies per day 10. Dustin's copy shop can utilize four different levels of capital in the long run. The figure above shows the average total...
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...
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