Huxley's Hams has total revenue of $100,000, explicit costs of $65,000, and economic profits of $20,000. Based on this information, Huxley's implicit costs: O a. are $60,000. h b. cannot be determined with the information given. c. are $15,000. O d. are $35,000.
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- Jeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a bookstore inhis neighborhood. He now pays $500 in rent, $80 in utilities and $120 in wages every month. He also paysthe publisher $5 per book sold. This month Jeremy sold 100 books at the price of $30 per book.a. What was the total revenue this month? Calculate this month’s explicit fixed cost, the variable costand the total cost.b. How much accounting profit did Jeremy make?c. How much economic profit did Jeremy make?d. If Jeremy had not quit his job at the bank, he could have been promoted and got a pay raise of 30percent. How would this affect his accounting profit and his economic profit?Output (Q) 150 200 Total Fixed Cost $500 $500 Total Variable Cost $400 Select one: O a. $2.67 O b. $3.33 O c. $900 d. $6.00 $800 Total Cost $900 Average Variable Cost $2.67 $1,300 $6.50 The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to: Average Total Marginal Cost CostWhat is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costs
- Marginal cost is average variable cost when O a. equal to; average variable cost is minimized. O b. greater than; average fixed cost is minimized O c. equal to; average total cost is minimized O d. less than; total cost is maximized If Mark produces five pairs of earrings, his total costs are Number of TVC MC AVC TFC TC Earnings 100 1 50 2 3 46.67 4 300 5 270 O a. $320. O b. $370. O c. $400. O d. $360.A 85 45 30 25 10 D. 10 18 20 32 Refer to the graph, at quantity 32 Marginal Cost (MC) is Select one: O a. $25 O b. $85 $45 O d. $30Question 13 of 20 $9 MC $8 $7 $6 АТС $5 AVC $4 $3 $2 $1 $0 1 2 3 4 5 Output (Q) In the diagram above, when the firm's Output (Q) increases from 1 to 2, Average Total Cost (ATC) falls from $8 to $5. This is because: O Average Variable Cost (AVC) is falling in this output range. Marginal Cost (MC) is less than Average Total Cost (ATC) in this output range. Marginal Cost (MC) is falling in this output range. Marginal Cost (MC) has reached its minimum in this output range.
- You learn that a firm's average total costs (ATC) and average variable costs (AVC) are exactly equal. What does that mean? O Marginal cost is zero O ATC and AVC must be equal to zero O Average fixed costs (AFC) are zero O Economic profit is positive O Economic profit is negativeX 1 ences If the price of oats is $3.0 per kilo, calculate the total revenue and the total profit (or loss) at the quantities shown in below table. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Leave no cells blank - be certain to enter "0" wherever required. Mc Graw Hill Quantity (kilos) Total revenue Total cost Total profit $ 600 1800 $1,900 700 2100 $2,000 $ 800 2400 $2,400Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?
- A bookstore is selling books for $9.99 each or three for $25. If Evi buys 2 books, what is the marginal cost of the 2nd book? OA. $25.00 OB. $9.99 OC. $5.02 OD. $8.33 OE. $19.98 If Evi buys 3 books, what is the marginal cost of the 3rd book? OA. $25.00 OB. $8.33 OC. $9.99 OD. $19.98 OE. $5.02When large retailers like Costco offer products at a discounted price because they are able to negotiate cheaper rates with their suppliers compared to smaller competitors, they benefit from O Availability of compliments. O Learning-curve effects. O Experience-curve effects. Economies of scale.Nicole purchased a new printing machine and started a small printing shop. As per her calculations, to earn revenue of $6,000 per month, she needs to sell printouts of 27,000 sheets per month. The printing machine has a capacity of printing 35,300 sheets per month, the variable costs are $0.03 per sheet, and the fixed costs are $2,200 per month. a. Calculate the selling price of each printout. Round to the nearest cent b. If they reduce fixed costs by $310 per month, calculate the new break-even volume per month. Round up to the next whole number c. Calculate the new break-even volume as a percent of capacity. ↑ % →
