Dan spent $200 on a new computer monitor that he purchased from a local store. The local store had bought it from an area wholesaler for $150. The area wholesaler had bought it from the manufacturer for $85. The manufacturer bought raw materials that cost $10 to produce the monitor. For the raw‑materials provider, the $10 was pure profit. This monitor also had cost the manufacturer $65 in wages, the area wholesaler $20 in wages, and the local store $15 in wages

Q: Ahmed is considering his plans for the coming weekend. He is currently working as a marketing…

A: An incremental cost is the difference in total costs as the result of a change in some activity.…

Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…

A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…

Q: Fay runs a hot dog cart at the sports stadium. Fay has no skills, no job experience, and no…

A: An economic profit is the difference between the revenue a commercial entity has received from its…

Q: Assume a firm is trying to produce q0 units of output at the lowest total cost. The wage decreases,…

A: There is one isoquant (q0) which shows all the possible combinations of L and K that produces the…

Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…

A: Economic profit= total revenue- total cost

Q: Riley runs a successful restaurant chain. However, she is running into a problem whereby some of her…

A: Answer: It is given that where the kitchen staff gets a higher salary there is no shortage of staff…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: The economic cost is the sum of all losses of any goods that have a monetary value attached to them…

Q: A product requires 14 hours to complete the first unit. Managerial experience has estimated the…

A:

Q: If the market value of firm A is $2.2 million and the replacement cost of capital is $605,500, find…

A: Given The market value of firm A=$2.2 million Replacement cost of capital =$605,500 The formula for…

Q: Productivity is best defined as Group of answer choices the quantity of goods and services produced…

A: The four determinants of productivity are physical capital, human capital, natural resources, and…

Q: I was running my ten-oven cupcake business last week. On Monday through Wednesday, I employed 71…

A: The concept used here is the law of diminishing marginal productivity. It states that when we use…

Q: Neha and Lorenzo need to decide which one of them will take time off from work to complete the…

A:

Q: Which of the following would be the best starting point on which to focus if an air conditioner…

A:

Q: The following are correct statements about the Marginal Productivity of Labor (MPL), EXCEPT:…

A: The marginal product of labour in economics is the change in output that results from employing an…

Q: Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000.…

A: Given, Total revenue= $600,000 Job option available forgone= $50,000 or $40,000 Purchasing good for…

Q: The invention of a new machine serves as a mobile station for receiving and accumulating packed…

A: Isoquant refers to the locus of input combination points which provides a certain level of output ,…

Q: In the healthcare economy, as in many other markets, if the firm has a high capital-to-labor ratio,…

A: To show the relationship between capital-labor ratio and the responsiveness to a change in price.

Q: The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential…

A: Explicit Costs or the Accounting Costs refer to the actual monetary payments made during course of…

Q: At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how…

A: The total product of labour divided by the number of units of labour employed, or Q/L, is the…

Q: The Principle of Diminishing Marginal Returns states that     adding one more unit of input, say,…

A: We are going to learn a concept known as Diminishing marginal returns.

Q: Solve the attachment.

A: Opportunity cost is termed as alternative cost. It is the lost gain which can be acquired from the…

Q: Edith is the owner and manager of a small coffee shop that employs three workers who use the shop’s…

A: When the variable factors of production-those whose count can be increased or decreased are employed…

Q: Which of the following examples represents the relationship between division of labor and…

A: The relationship between the division of labor and production refers to when the different tasks are…

Q: You were recently hired to replace the manager of the Roller Division at a major conveyor-…

A: According to the given information, the marginal product of labor (MPL) is 80 roller and the wage…

Q: Which of the following would be considered a fixed cost of Marty Byrde’s Boat Rides & Rental? Group…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is that cost that does not depends…

Q: Paul is a teenager who makes money washing cars. He has 200 cars he needs to wash each week. His…

A: Given: Number of cars=200 Weekly revenue=$ 8000 Power washing kit time: 30 minutes labor cost=$10…

Q: You are the owner of a restaurant, and currently you have only one waiter. While this keeps costs…

A: The production of the goods and services would also result in the producing the output using the…

Q: Ahmed is considering his plans for the coming weekend. He is currently working as a marketing…

A: Scarcity is a basic problem in economics because of the limited availability of resources. Resources…

Q: Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual…

A: When computing the cost associated with a specific task or event, an individual looks into two types…

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: Dina is working for a consulting firm making $60,000 per year but considers starting her own…

A: Implicit cost refers to the cost which is incurred but can not be seen. It is the opportunity cost…

Q: To earn the maximum amount of points, I recommend responding in a 150 to 200 word response. Check it…

A: 1. There will be a temporary closing of three U.S truck assembly plants of the Ford Company to help…

Q: “The legal sector has been among the fastest to race back to the office this year. Amid a rise in…

A: Corporate culture  Corporate culture stands for attitude and practices that determine how the…

Q: of the following statements about worker productivity and labor costs are true, EXCEPT:     A.…

A: Worker productivity refers to total output  divided by quantity of labor employed. It is also known…

Q: Q48 If the marginal product of labor divided by the price of labor is less than the marginal product…

A: Marginal product of labor is defined as the change in the output caused by employing additional…

Q: QUESTION 2 Match each of the following terms and descriptions Explicit Cost A. the opportunity cost…

A: There are two type of cost- implicit cost and explicit cost. Explicit cost includes payment of money…

Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…

A: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…

Q: Once Produced then what? Food, fiber, fuel= ___________________________,…

A: The production agriculture is a process of raising the animal and plants for food, fuel, fibre.  The…

Q: It is now 2020 and Kim decided to keep working at that hospital and has worked another year and…

A: Consumer price index (CPI) measures the price change of a particular bundle of goods from different…

Q: Why would labor be treated as a variable cost? Question 24 options: they are costs…

A: Variable cost is that cost which changes when the output level changes. It depends on the quantity…

Q: As a manager, and selecting any hypothetical project of your choice, clearly demonstrate how the…

A: maximized. The firm can do in either of the two ways – Method 1: Maximize the output level subject…

Q: What do a firm's opportunity costs of production amount to?   Question 13 options:   explicit…

A: Opportunity Cost is the value of next best alternative sacrificed.

Q: Sheila's Sports Shop is a very popular sporting goods store, which has a yearly revenue of $600,000.…

A: Given information: Yearly Revenue =$600,000 Expenses on purchasing of goods = $230,000 Revenue from…

Q: Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents…

A: Opportunity cost of a firm in using any input is what the input could earn in its best alternative…

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

A: Implicit Cost:- The expenditure which have already incurred which isn't shown or acknowledged as a…