What do a firm's opportunity costs of production amount to? Question 13 options: explicit costs, implicit costs, and total revenue combined implicit costs only explicit costs and implicit costs combined explicit costs only
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Question 13 options:
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explicit costs, implicit costs, and total revenue combined
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implicit costs only
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explicit costs and implicit costs combined
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explicit costs only
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- When marginal cost exceeds average total cost, which of the following must be true? Question 14 options: Marginal cost must be falling. Average total cost must be falling. Average total cost must be rising. Average fixed cost must be rising.What is the relationship between economies of scale and intra-industry trade? Group of answer choices Intra-industry trade brings competition and diverse products to markets where economies of scale would otherwise promote fewer firms and fewer product options Intra-industry trade reduces competition and product variety in markets where economies of scale would otherwise promote competition and diverse products. As average total cost increases, intra-industry trade increases As average total cost decreases, intra-industry trade decreases.question 2 Student tuition at Boehring University is $160 per semester credit hour. The state supplements school revenue by $90 per semester credit hour. Average class size for a typical 3-credit course is 60 students. Labor costs are $4,500 per class, materials costs are $22 per student per class, and overhead costs are $28,000 per class. The multifactor productivity ratio currently is 1.33 and the labor productivity ratio is $200.89 per hour if the instructors work on an average of 14 hours per week for 16weeks for each 3-credit class of 60 students. Coach Bjourn Toulouse led the Big Red Herrings to several disappointing football seasons. Only better recruiting will return the Big Red Herrings to winning form. Because of the current state of the program, Boehring University fans are unlikely to support increases in the $192 season ticket price. Improved recruitment will increase overhead costs to $33,000 per class section from the current $28,000 per class section. The…
- The explicit cost of production equals: a. economic cost minus opportunity cost. b. opportunity cost minus sunk cost. c. implicit cost minus sunk cost. d. opportunity cost minus implicit cost.When a firm uses resources to produce a particular output, the implicit cost of alternative outputs that could have been produced represent the: a) total accounting cost of using the resources. b) opportunity cost of using the resources. c) explicit cost of using the resources. d) production cost of using the resourcesExplain what a sunk cost is, what an opportunity cost is, and how each cost should be handled when doing project analysis. Give an example of each type of cost. (Answer the question correctly and in-depth.)
- What is the per unit opportunity cost of product X as production moves from point A to point F? A) 2/5 B) -2/5 C) 5/2 D) -7/6A firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x and MC2 = 6+0.1y, where output in production process 1 is x, output in production process 2 is y and hence total output produced is Q = x+y. Show your work to answer the following questions. (i) If it wants to produce 20 units of output, how much should it produce with each process? (ii) If it wants to produce 38 units of output, how much should it produce with each process? (iii) If it wants to produce 108 units of output, how much should it produce with each process?Distinguish between economies and diseconomies of scale, ensuring to differentiate between internal and external economies and diseconomies of scale.
- A furniture firm has the capability to producer chairs and tables. Management wants to evaluate whether producing both products or only one is better. Production and financial analysis show the following: Separate Production Approach Avg Cost of a table when ONLY tables are produced = 28 Avg Cost of a chair when ONLY chairs are produced = 18 Joint Production Approach Avg Cost of a table when BOTH tables and chairs are produced = 30 Avg Cost of a chair when BOTH tables and chairs are produced = 19 In economic terms, we would say the firm faces ______________. diseconomies of scope economies of scope economies of scale diseconomies of scaleYou are planning to start a business. When calculating the costs. You have considered the costs of setting up your manufacturing plant, production, logistics, and all other costs except for the opportunity cost of your initial investment in this business. Which of the below is true? A) You calculated the economic cost. B) You calculated the explict costs. C) You calculated only the variable costs. D) You calculated only the fixed costs.Refer to Table 13-1. What is the average total cost of producing one widget? b. $15 a. S1 c. $16 d. $22 Refer to Table 13-1. What is the marginal cost of producing the sixth widget? a. $1.00 b. $3.50 c. $5.00 d. $6.00 Refer to Table 13-1. What is the average variable cost of producing four widgets? a. $2.00 b. $2.50 c. $3.33 d. $5.00 Refer to Table 13-1. What is the marginal cost of producing the first widget? a. $0 b. $1.00 c. $10.25 d. $11.00 Refer to Table 13-1. What is the variable cost of producing zero widgets? a. $0 b. $1.00 c. $10.25 d. $11.00 Refer to Table 13-1. What is the average fixed cost of producing five widgets? a. $1 b. $2 c. $3 d. $4 Refer to Table 13-1. What is the fixed cost of producing three widgets? a. $0 b. S1 c. $15 d. $18 Refer to Table 13-1. What is the variable cost of producing five widgets? a. $13.00 b. $14.00 c. $15.00 d. $16.00
