mr jorge

1265 Words Oct 31st, 2013 6 Pages
Question 1
0 out of 1 points

Root beer Candy bars
Quantity
Total
Marginal
Quantity
Total
Marginal utility utility utility utility 0
0
0
0
0
0
1
60
60
1
80
80
2
110
50
2
150
70
3
150
40
3
200
50
4
180
30
4
230
30
5
200
20
5
240
10
Reference: Ref 6-8

(Table) In the table, the total utility from consuming three root beers and two candy bars is:

Selected Answer:

310 utils.
Correct Answer:

300 utils.

Question 2
1 out of 1 points

Root beer Candy bars
Quantity
Total
Marginal
Quantity
Total
Marginal utility utility utility utility 0
0
0
0
0
0
1
60
60
1
80
80
2
110
50
2
150
70
3
150
40
3
200
50
4
180
30
4
230
30
5
200
20
5
240
10

Reference: Ref 6-8

(Table) In the table, both root beer and candy bars exhibit:
…show more content…
Correct Answer:

the total satisfaction a consumer receives from consuming a certain amount of the good.

Question 16
1 out of 1 points

Utility measures:

Selected Answer:

how much satisfaction is gained from the consumption of a good or service.
Correct Answer:

how much satisfaction is gained from the consumption of a good or service.

Question 17
1 out of 1 points

Economic costs are the sum of _____ and _____.

Selected Answer:

explicit costs; implicit costs
Correct Answer:

explicit costs; implicit costs

Question 18
0 out of 1 points

Economies of scale:

Selected Answer:

are harmful to firms.
Correct Answer:

can only occur in the long run.

Question 19
1 out of 1 points

Economists calculate profits as total revenue minus:

Selected Answer:

explicit and implicit costs.
Correct Answer:

explicit and implicit costs.

Question 20
0 out of 1 points

Fixed costs do not include:

Selected Answer:

normal profit.
Correct Answer:

electricity.

Question 21
0 out of 1 points

If a firm has $9,000 of fixed costs and $21,500 of variable costs, then the time period referred to is:

Selected Answer:

the long run.
Correct Answer:

the short run.

Question 22
0 out of 1 points

In the long run:

Selected Answer:

TC = TFC.
Correct Answer:

TC = TVC.