Bus 302L Micro Economics Questions and Answer | Latest Update 2024/2025
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Module
Bus 302L
Institution
Bus 302L
Because of scarcity, every economic decision involves
~~> a trade off
Ryan spends an hour studying instead of going for a bike ride. Assume
studying and bike riding were Ryan's only options for that hour. The
opportunity cost to him of studying is
~~> the enjoyment and exercise he wo...
Which of the following is a correct definition of marginal cost (MC)?
✓ ~~> It is the added cost that results from producing one more unit of
a good.
A firm will shut down if
✓ ~~> P < AVC at all levels of output
A negative externality exists when
✓ ~~> Jack buys a good from Bill, and this makes Todd worse off
Hannah runs a manicuring shop. Currently, her shop provides 50 manicures
per day, and the shop's daily total cost (TC) is $600. If Hannah decides to
provide 25 more manicures per day, the total cost will rise by $75 per day. If
Hannah does decide to increase production by this much, what will the
shop's daily average total cost (ATC) be?
✓ ~~> $9.00
If Ross decides to ride his bike this afternoon, he will miss his favorite television
show, and he won't have time to study for his economics test. If Ross doesn't
Master01 | September, 2024/2025 | Latest update
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