What is the term for what you give up to obtain an item?   Question 4 options:   opportunity cost   implicit cost   applied cost   variable cost

Quantity Marginal Benefit Marginal Cost $50 $2 $45 $15 3 $39 $16 4 $5 $21 $-18 $38 Using the above table, what is the cost of 4 units? $139 None of the answers is correct. $21 $16 $54 2.

Question 35 Suzanne drives to work each day. The best example of an internal cost is the congestion created by Suzanne's car being on the road. amount of pollution emitted by Suzanne's car. amount the government paid to build the road. amount of money Suzanne saves each day by avoiding the toll roads amount Suzanne pays to maintain her car.

Refer to the following table. What is the total cost of producing five (5) units of the good? Output 1 2 3 4 5 Total Fixed Total Variable Total Average Fixed Cost Cost Cost Cost 6 $950 $1,050 $1,000 $1,025 $825 $425 ??? $250 Marginal Cost $25

Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity

1. How does fixed cost affect marginal cost? Why is this relationship important? 2. Is it possible for total utility to increase while marginal utility diminishes? Explain. 3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.

Use the graph from class to find 1. Marginal Cost at 100; 2. Total Cost at 100; 3. Variable Cost at 100; 4. Fixed Cost at 100. Construct your own graphs similar to the ones from class. Use your diagram to show . 5. Whether or not reducing the quantity produced will always reduce the total cost. 6. Whether or not reducing the quantity produced will always reduce the average total cost. 7. Whether or not reducing the quantity produced will always reduce the marginal cost. 59 30 10- 5 MC ATC AVC 100 0

For each lettered space in the following table, determine the appropriate dollar amount.

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In economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average cost