What is an example of a fixed cost? Group of answer choices Expenditures for raw materials. Wages for unskilled labor. Shipping charges. Property insurance premiums.
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- Which of the following illustrates a fixed cost?: wages paid to a temporary worker website design costs insurance payments raw material expensesThe following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $55,000 Annual lease on building = $23,000 Annual revenue from operations = $320,000 Payments to workers = $130,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp Donut Company Multiple Choice has lower explicit costs, than implicit costs. is earning a normal profit but not an economic profit. is earning an economic profit. is suffering an economic loss, when implicit costs are considered.At the profit maximizing level of input use, Which of the following are true? (i) MVP=0 (ii) MVP=MIC (iii) MPP=MVP (iv) MVP=MVIC
- Everything U Want Stores is trying to decide whether to keep or drop the hardware department in its megastore. If the department is dropped, the manager will be fired. The manager's salary, in relation to the decision to keep or drop the department, is Group of answer choices sunk and therefore not relevant an opportunity cost and therefore not relevant avoidable and therefore relevant the same for both alternatives and therefore not relevantCalculus is a powerful tool used in economics. One of the initial applications areas is the study of a firm, a topic in microeconomics. An important function is the cost function function C(x), the cost of producing x items (of whatever they are selling). This question deals with just the cost function C(x). Problem Set question: The cost, in dollars, of producing x units of a certain item is given by C(x)=5x−4x−1−−−−√. Find the production level that minimizes the average cost per unit. The number of units that minimizes the average cost is .A firm is thinking of hiring an additional worker to their organization who can increase total productivity by 100 units a week. The cost of hiring him is $1,500 per week. If the price of each unit is $12, which of the following is correct? Group of answer choices the MR of hiring the worker is $1,500. The MC of hiring the worker is $1,200. The worker should be hired at that wage because the marginal benefit exceeds the marginal cost. All of the above are correct. None of the above is correct.
- The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential earnings as a salaried worker - $60.000 Annual lease on building = $30,000 Annual revenue from operations = $250,000 Payments to workers = $100,000 Utilities (electricity, water disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 If, other things equal, Creamy Crisp's revenue rose to $284.000 A. its implicit costs would exceed its economic costs B.it would earn a normal profit but not an economic profit C. it would suffer an economic loss D. it's accounting profit would fall to $0Which of the following sources of low costs is most popular? Group of answer choices Economies of scale "Technology" software Differential access to low-cost inputs Learning curvesA fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won& buy it because they done like the taste. From an economic perspective, the company should.......... keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.
- A print shop wants to expand production. It currently has 20 employees and 8 copy machines and recently added two new copiers which increased the daily output by 100,000. They also added 4 employees which increased output by 80,000. Each copier costs twice as much as hiring an extra employee. What is the best course of action: hire an additional worker or purchase an extra copier? Show workWhat are economic costs? Group of answer choices Any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. All costs exclusive of payments to fixed factors of production. A payment that must be made to obtain and retain the services of a resource. Any contractual obligation to labor or material suppliers.What does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs that remain constant regardless of production level c) Variable expenses incurred in production d) Opportunity costs of production
