Microeconomics (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134184241
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Question
Chapter 7, Problem 3RQ
(a)
To determine
Identify whether the statement is true or false.
(b)
To determine
Identify whether the statement is true or false.
(c)
To determine
Identify whether the statement is true or false.
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Check out a sample textbook solutionStudents have asked these similar questions
.Please explain whether the following statements are true or false.
Question (a) if the owner of a business pays himself no salary, then the accounting cost is zero, but the economic cost is positive. (true or false) please explain
Question ( b) A firm that has positive Accounting profit does not necessarily have positive economic profit. ( true or false) please explain
Question (c) If a firm hires a currently unemployed worker, the opportunity cost of utilizing the worker’s service is zero.(true or false) please explain
Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production?
EM.19
Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here?
a
diminishing marginal returns
b
worker fatigue
c
input inefficiency
d
opportunity cost
Chapter 7 Solutions
Microeconomics (9th Edition) (Pearson Series in Economics)
Ch. 7.A - Prob. 1ECh. 7.A - Prob. 2ECh. 7.A - Prob. 3ECh. 7.A - Prob. 4ECh. 7.A - Prob. 5ECh. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - Prob. 5RQ
Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - Prob. 9RQCh. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16E
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Similar questions
- Use of graph, when possible, is strongly encouraged. Answers should be typed, with no specific word limit, but should not be longer than required. Make sure you are explaining your answers clearly, precisely and concisely. Good luck! Define fixed and variable costs of production. Why do you think bigger firms may have a lower average total cost (ATC) than smaller firms? Explain. Define marginal physical product of labour (MPP) and the marginal cost of the product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Why are firms called price takers in a perfectly competitive market? Why do different firms produce different quantities despite having the same price and MR curve in perfect competition? Explain. Being the only producer in a monopoly market, can a monopolist charge a very high price to maximize profit? Why, or why not? From a societal point of view, can we claim that perfect competition and monopoly are equally efficient? Why, or why not?…arrow_forwardExplain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.arrow_forwardwhich of the following best describes marginal product?A.)Left over output- the loaves a bakery makes but does not sell that goes unused. B.) The total number of loaves a bakery can create with 5 workers and a fixed amount of capital. C.) The loaves made by a bakery using a substandard quality flour that ultimately harms business profits. D.) When the number of bakery staff increases from 2 to 3 bakers, 5 additional loaves are made.arrow_forward
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