Which of the following does NOT represent a fırm's explicit costs? O the firm's total accounting costs. O the amount paid by the firm for employee health benefits. O costs related to workers salaries. O the value of the CEO's time

Which of the following does NOT represent a fırm's explicit costs? O the firm's total accounting costs. O the amount paid by the firm for employee health benefits. O costs related to workers salaries. O the value of the CEO's time

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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$22 00 20.00 18.00 Which size bookstore is more likely to experience diseconomies of scale? Long-run Average cost OA Abookstore selling 1,000 books per month B. Abookstore seling 20,000 books per month C. Abookstore selling 40,000 books per month 1,000 20.000 Quantity of books sokd per month 40,00D,000 D. Abookstore seling 80,000 books per month Average cost
Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
2. Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table. Locations A B C D Fixed Cost 60,000 80,000 100,000 130,000 Variable Costs/units 30 20 15 10 a. i. Write an equation to represent the total costs for each location.ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis. iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?
• Calculate TC, AC, MC, AVC, AFC, and graphically shows the calculated and given costs. Quantity Fixed Costs S Variable Costs $ 300 1 300 50 300 90 300 120 300 150 300 190 300 240 300 290 8. 300 350 N3 4 56 70
19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. C) Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not. anscribed Text C 20) Megan used to work at the local pizzeria for $15,000 per year but quit in order to start her own deli. To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percent interest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of $50,000. She asked her dad the accountant and her mom the economist to calculate her costs for her. A) Dad says her cost is $31,000 and Mom says her cost is $47,600. B) Dad says her cost is $31,000 and Mom says her cost is $35,000. Dad says her cost is $9,000 and Mom says her cost is $2,400. D) Dad says her cost is $25,000 and Mom says her cost…
The difference between accounting profit and economic profit total revenue. O marginal product. O explicit costs. O implicit costs.
What type of cost is included in economic costs, but not included in accounting costs?a. Explicit costsb. Negative costsc. Normal profitd. Marginal coste. Unit costs
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
1. Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table.Locations A B C DFixed Costs 60,000 80,000 100,000 130,000Variable Costs/unit30 20 15 10 i. Write an equation to represent the total costs for each location.ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis.iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?
If a business is experiecing diminishing marginal product of labor then A. its fixed costs must be increasing B. its total cots must be decreasing C. its marginal costs must be increasing D. its implict costs must be decreasing (please explain each choice)
Use the following information: Cost Volume $15,000 3,000 $18,000 4,000 $20,000 7,000 The fixed cost element for the firm is a. $11,250 b. $10,250 c. $12,250 d. $11,350
ips Under decreasing returns to scale, average cost cost curve. as the quantity produced increases. Over this range of output, the marginal cost curve is Grade It Now the average Save & Continue