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Cengage Homework – Questions & Complete AnswersIn the long run, firms can vary all inputs in the production process. Right
Ans - false
Which of the following is not an explicit cost to the owner of a local pizza
parlor? Right Ans - The cost of using his garage as the parlor
The minimum efficient scale is the level of output at which the long-run
average total costs are maximized. Right Ans - f
The figure below shows how the quantity of bicycles produced per week
varies with the number of workers employed per week. Based on the figure,
the marginal product of the fifth worker hired each week is _____. Right Ans
- -15 bicycles
An explicit cost is: Right Ans - an out-of-pocket expense
An economic profit of zero indicates a satisfactory situation for a firm.
Right Ans - true
A firm produces 1,000 units of output at an average variable cost of
production of 50 cents. The firm's total fixed costs equal $700. The total cost
of producing 1,000 units of output equals: Right Ans - $1,200
When a firm makes zero economic profit, it means that: Right Ans - the
firm is covering the total opportunity costs of its resources
Lintell Inc. earned a total revenue of $10 million for the financial year 2013-
14. The company incurred a total cost of $6.9 million. Lintell Inc. earned a
profit of: Right Ans - $3.1 million.
Fixed costs are costs: Right Ans - that do not vary with the level of output..
The table below shows how total cost varies with output in a factory
producing watches. Based on the table, the marginal cost of producing the
third watch equals _____. Right Ans - $4
,The table below shows the amount of output produced and the costs incurred
by a firm. Based on the table, the average total cost incurred by the firm for 4
units of output is _____. Right Ans - $30
Which of the following is most likely to be a variable cost? Right Ans - The
payment for the raw materials used in manufacturing goods
Sunk costs are important for current business decisions. Right Ans - false
David was taken to a concert by his friend who promised it would be very
good. David paid for his own ticket. However, David did not like the concert
and left before it ended. Therefore, David incurred a(n) _____ in buying the
ticket. Right Ans - sunk cost
The total fixed cost curve is an upward-sloping curve that starts from the
origin. Right Ans - false
Total cost equals total variable cost plus marginal cost. Right Ans - false
The per-unit cost of total output is known as _____. Right Ans - average total
cost
The table below shows the amount of output produced and the costs incurred
by a firm. Based on the table, the average variable cost incurred by the firm for
producing 2 units of output is _____.
Table 6-4 Right Ans - $25
Marginal cost refers to the change in total cost for a one-unit change in output
and also to the change in total variable cost for a one-unit change in output.
Right Ans - true
Which of the following observations is true? Right Ans - Sunk costs are
irrelevant for any future action.
The average fixed cost curve approaches the horizontal axis but never touches
it. Right Ans - true
, The figure below shows the change in the quantity of output produced along
with the change in cost per unit. Based on the figure, D represents _____.
Right Ans - the total fixed cost curve
The figure below shows the relationship between the quantity of output
produced and the cost per unit. Based on the figure, Y represents _____.
Right Ans - average variable cost
The marginal product of capital: Right Ans - is equal to the increase in
output obtained from a one-unit increase in capital, holding other factors
constant.
A firm produces 200 units of output at a total cost of $1,000. The firm's total
fixed cost equals $200.The firm's per-unit average variable cost is _____.
Right Ans - $4
Scarlett recently began running her husband's lumber mill. Last month, the
mill made a revenue of $5,000 and paid $3,400 in out-of-pocket costs. The
lumber mill made an economic profit of $1,600 last month. Right Ans - fasle
Economic profits differ from accounting profits because: Right Ans -
implicit costs are included in economic profit but not in accounting profit.
The short run is: Right Ans - a period in which firms are unable to change
their scale of production.
When economic profits in an industry are zero and implicit costs are positive,
_____. Right Ans - accounting profits will be greater than zero
A difference between the long run and the short run is that: Right Ans - a
firm is unable to vary some of its factors of production in the short run, while
all the factors of production are variable in the long run.
The table below shows the amount of output produced and the costs incurred
by a firm. Based on the table, the total fixed cost incurred by the firm is _____.
Right Ans - $40
Lintell Inc. earned a total revenue of $9.3 million and incurred an explicit cost
of $3.6 million for the financial year 2013-14. The owner of the company
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