Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit costs of her bakery business. a. rent she pays for the commercial space b. teaching salary she gave up to start her bakery c. monthly payments she makes for bakery equipment d. wages she pays her
Q: The single entity of interest is a single Sample O Unit Variable Statistic
A: When talking about entity of interest, it implies the parties or stakeholders related to a specfiic ...
Q: The market supply curve of shoes is given by QS=350,000+10,000P. The demand for shoes can be segment...
A:
Q: Define the three types of taxes (Proportional tax, Progressive tax, Regressive tax)
A:
Q: Signaling (1 of 3) Suppose that 10 percent of workers are low-productivity types and 90 percent of w...
A: Disclaimer “Since you have asked multiple questions, we will solve the first question for you. If yo...
Q: why do technological improvements only increase population and not the long-run standard of living?
A: In an economy, technological improvement refers to the situation when their is an enhancement in the...
Q: The difference between private cost and social cost is that A) social cost only considers the extern...
A: Private Cost is the cost of producing a good or service. Social Cost is the sum of private and exte...
Q: 5.) In the flow of funds model, households make cash payments in the cash payments in the market and...
A: Note:- Since we can only answer one question at a time, we'll answer first one. Please repost the qu...
Q: Explain neoclassical theory of distribution.
A:
Q: You want to save the down payment required to purchase a vacation home at the end of five years. If ...
A: Given: Down payment=$25000 Interest rate=5% To find: Amount to be set aside at the end of each year ...
Q: Assume this economy is producing only one product and year 4 is the base vear. Output and price data...
A: Here, the given table shows the price and output in different years where year 4 is considered as th...
Q: Using a standard normal distribution (mean=0, sd=1), calculate the following. (Answers in percentage...
A: A normal distribution with mean =0, and standard deviation =1 is called a standard normal distributi...
Q: 1 2 Quantity of Books Suppose the solid line in the graph above illustrates Michael's budget line. W...
A: (Since you have asked many questions, we will solve the first one for you. If you want any specific ...
Q: Discuss the goals of regulatory frameworks with regards to reasons governments manage regulate-es an...
A: There are many reasons behind the regulatory framework of government, government intervention is nee...
Q: The Mercantilists advocated balance of trade for each country engaged in trade. O True O False
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...
Q: Describe how to establish the "approximate price level" using demand-oriented, cost-oriented, profit...
A: Methods for estimating a "price-lever" include: Demand-driven strategy We determine an approximate p...
Q: suppose that the first $5000 income earned is not taxed at all, the next $10000 earned is taxed at t...
A: Marginal tax is calculated by multiplying the tax rate with the income. In the given case, Tax on in...
Q: When studying pollution and the environment, economists O A) emphasize costs and benefits. B) attemp...
A: Pollution is treated as a negative externality in economics. Negative externality means that it is a...
Q: You are a manager of an advertising company. The company is running short of funds, so you decide to...
A: The revenue of a firm can be calculated by multiplying the price of goods by quantity. Total Revenue...
Q: what step should BC government take to support students who have lost their job due to covid 19.( ex...
A: Answer -
Q: 24. What is the GDP of country X? 25. What is the per capita GDP of Country X?
A: The term GDP means the aggregate total output produced by a country in the current year. This produc...
Q: Answer the folowing questions in relation rade a. Determine the opportunity costs for cach nation b....
A: Given The production possibility curve of both nations is a straight line which means that the oppo...
Q: 1. If "Apparent Consumption" is adjusted with captive consumption and effect of abnormal factors, on...
A: Answer -
Q: A situation where everybody plays a dominant strategy must be a Nash Equilibrium True False
A: "Statement given in question is TRUE."
Q: 3. Suppose the total cost of q units produced by an increasing-cost industry is given by C(q) =g + 8...
A: Total cost function: C(q) = q2 + 8q The function of aggregate willingness to pay: WTP(q) = 100q - 2q...
Q: Consider the following IS-LM model set up C = 300 + 0.8(Y − 2500) I = 3500 − 400(r) G = 3000 T = 250...
A: IS LM model shows the shows the both goods and money market in equilibrium simultaneously. Each and ...
Q: Suppose that many varieties of lettuce have been damaged in a particular season by disease. Only gre...
A: According to the question, percentage change in price of green leaf lettuce is 50% and percentage ch...
Q: The price of pasture-raised chicken decreases (assuming they're substitutes). Select all that apply....
A: Consider the below points: *The factor other than price leads to shift in curve.*The factor price is...
Q: 7 A local tavern in a perfectly competitive market was in a long-run equilibrium. Then, a scientific...
A: Answer -
Q: In Norway, one worker can produce either 8 pounds of smoked fish or 8 barrels of oil. In Saudi Arabi...
A: Given:- Production in Norway=8 pound of fish or 8 barrels of oil Production in Saudi Arabia=5 pound ...
Q: Amy has $24.00 a week to spend on coffee and Quantity (cups of coffee per week) рop. 24- The price o...
A: Budget line: - it is the graphical representation of different combinations of two goods that a cons...
Q: You’ve been hired as a consultant by a monopoly. You discover that the demand curve facing the monop...
A: A monopoly is a sole producer of a good in the market thus acting as a price maker whereas in a comp...
Q: his question requires a (very modest) amount of reading ahead in the early section h of the followin...
A: The Multiplier can be defined as the change in income due to the change in the investment in the eco...
Q: How do we proper manage economy especially to adverse or international economic shocks?
A: Economy An economy is a complex system of interrelated production, consumption, and trade activities...
Q: what is differentiation? What are some forms of differentiation in washing detergents? How does diff...
A: A differentiation strategy is a methodology organizations create by giving clients something special...
Q: R-61 [Review Question] I. F=A(F/A, 1%, 6) II. F=A(F/A, 1%, 5)(P/F, 1%, 1) III. F=A(P/A, 1%, 5)(F/P, ...
A: Given information: Annuity = A Years = 6 Interest rate = %
Q: Suppose that in 2003, 995 workers were employed in the public sector, 691 of which were unionized. A...
A: The correct answer is given in the second step.
Q: 4. Some economists believe that the CPI overstates inflation compared to the GDP deflator due to: a....
A: The Consumer Price Index (CPI) measures the average change in prices over time that consumers pay fo...
Q: How can UNIDO address the negative environmental impact of the semiconductor industry while preventi...
A: Answer -
Q: 21.)Which of the four principles of indifference curves implies consumers prefer mixtures to extreme...
A: Answer 21) "Correct option is c)" because when indifference curves are convex/bowed in then they wil...
Q: What's the current yield of a 3.8 percent coupon corporate bond quoted at a price of 102.08
A: Current Yield The yearly income (interest or dividends) from an investment is divided by the current...
Q: 5. In a Cournot duopoly model where both firms have the same marginal cost and produce identical pro...
A: Answer -
Q: On a [0.1] linear segment, two firms A and B selling the same good are located symmetrically at loca...
A: Consumer Utility = 10 - 4d - p Firm A is (L) = 0.2 (Given ) Firm B is at (1-L) = 0.8 Let us ...
Q: 26. When as a result of decrease in price of good, the total expenditure made on it decreases we say...
A: "Correct option is A."
Q: Final goods or services used to corpute GDP refer to O the value of outstanding shares of stock of m...
A: Let's first understand about two broad categories of goods which are final goods and intermediate go...
Q: In Year 2, what happens to each of the following when 1 million job seekers become “discouraged work...
A: The unemployment rate is the percentage of the total labor force that is unemployed but actively see...
Q: Is there a connection between the concepts of Long Run Aggregate Supply and the Natural Rate of Unem...
A:
Q: Consider a production firm whose production function has the isoquant shown in the following graph. ...
A: Given is the graph of the production firm's isoquant. The isoquant is a downward sloping curve in th...
Q: Discuss how health care (to include sanitation and immunizations) leads to population growth, how po...
A: Healthcare plays a significant role in population growth. Population growth refers to the rate at wh...
Q: A firms labor demand and labor supply equations are shown below. Labor demand equation: Ld = 40- 2(w...
A: The information given is as follows:- Labor demand = Ld = 40 - 2(w) Labor supply = Ka = 20 + 3(w) We...
Q: What is the Average Variable Cost if the firm produces 17 units
A: The formula for Average Variable Cost (AVC): AVC = Total Variable Cost (TC) / Quantity (q)
1. Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit
costs of her bakery business.
a. rent she pays for the commercial space
b. teaching salary she gave up to start her bakery
c. monthly payments she makes for bakery equipment
d. wages she pays her counter assistant
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for total cost, average variable test, average total cost, and marginal cost.What is the difference between fixed costs and variable costs?Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
- Megan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost AVC ATC MC 0 $0 $30 - - - 1 10 40 10 40 10 2 25 55 12.5 27.5 15 3 45 75 15 25 20 4 70 100 17.5 25 25 5 100 130 20 26 30 6 135 165 22.5 27.5 35 a) What are Megan’s fixed costs? Given the nature of sidewalk shoveling production, why does Megan’s marginal cost curve look like it does in your graph? b)Suppose the market price for shoveling a sidewalk is $20 per sidewalk. How many sidewalks will Megan shovel each day to maximize profit? c)Suppose the market price of shoveling a sidewalk rises to $25 because it has been a snowy winter. How many sidewalks will Megan shovel each day to maximize profit?Programmers Websites Marginal Product Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 0 - - 4000 - - - - 1 2 2 2000 6000 2 6 4 4000 8000 3 14 8 6000 10000 4 20 6 8000 12000 5 24 4 10000 14000 6 26 2 12000 16000 Webby pays $4,000 a month in rent for office space and equipment. It pays each programmer $2,000 a month. There are no other production costs. Fill in the rest of the columns.4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Quantity (Houses Painted per Month) Variable Cost (Dollars) 10 2 3 20 40 80 5 160 6 320 7 640 The efficient scale is houses Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars)
- . Write the word or phrase that best completes each statement or answers the question. Table 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total cost Average total cost Marginal cost 0 0 1 10 2 25 3 45 4 60 5 70 4) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 4) computer- controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months' notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 277783. Calculate TOC, AFC, AVC, ATC and MC. Average Average Average Marginal Fixed Units of Fixed Product | Costs Total Variable Total the Costs Costs Variable Total Costs Variable Costs Costs Costs (ТР) (FC) (VC) (TC) (М) Factor (AFC) (AVC) АТC) (Labor) 50 1 50 20 12 50 40 19 50 60 4 25 50 80 3.
- Labor (mechanics) 0 1 2 3 4 Output (bikes) Jan's total cost of producing 60 bikes is $ 0 20 50 60 64 Total fixed costs (dollars) 140 Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Jan's Bike Shop. While Jan is a bike enthusiast, unfortunately, Jan's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the total cost of producing 60 bikes?3. A firm manufactures women clothing. The following costs are incurred by the firm: (i) Cloth and Pablos $45 000 S1 200 (ii) (ii) Permanent workers (salary) (iv) Part-time worker Thread $22 000 S 1300 $20 000 $89 500 (v) Rent (a) Calculate the total fixed cost of the firm. (b) Calculate the total variable cost of the firm.2. Fill in the table below. Output Fixed Cost 0 $120 1 2 Vanable Cost SO $60 $80 $90 $105 Total Cost Marginal Cost SO 3. Gary wants to buy gas and get a car wash. He pulls into a gas station and notices a sign that says if he buys 9 gallons of gas at $3.00 per gallon (what a deall), the car wash is $2, but if he buys 10 gallons of gas, the car wash is free. a. For Gary, what is the marginal cost of the 10th gallon of gas? b. Will Gary go ahead and purchase 10 gallons of gas? Why or why not?
