Economics - August 2007

Output/day workers/day total cost
0 0 10
5 1 20
15 2 30
18 3 40
20 4 50

what is the fixed cost at 15 units of output

what are the variable cost at 15 units of output

are the answers 10 dollars

2007-08-13 17:56:30 · 3 answers · asked by italia9062 1

inputs that can be increased or decreased in the short run are called

1) normal inputs
2) fixed inputs
3) variable inputs
4) accounting inputs
5) economic inputs

2) which of the following probably has the shortest long run?
a) aircraft engine factory
b) a law firm
c) a steel mill
d) an automobile plant
e) tire factory

3) the law of diminishing marginal returns states that

a) if marginal product is positive, total product rises
b) as units of a variable input are added to a given amount of fixed inputs, the marginal product of the variable input eventually diminishes
c) as a person consumes more of a good, the marginal satisfication from that good eventuall diminishes
d) long-run cost declines as output increases
e) if the marginal product is above the average product, the average will rise

are the answers c, a, b

2007-08-13 17:26:10 · 1 answers · asked by Anonymous

Two friends, diance and sam, own and run a bar. diane tends the bar on MWF and receives a wage in addition to tips. Same tends bar on T, Thurs, Sat and receives only tips. which of the following represents an implicit cost of operatin the bar?

a) sams time
B) both dianes and sams tips
c) dianes wage
d) sames tips
e) dianes tips

is the answer a or c, im thinking c
2) amanda opens a lemonade stand. she makes all the lemonade from a mix she found in her parents pantry. her stand is a old box she found in the garage and the pitcher and paper cups were taken from the kitchen. which of the following is true?

1) the only opp cos of the lemonade is amandas time
2) the implicit costs of amandas lemonade are zero
3) amandas explicit costs are zero
4) the opp. cost of lemonade is zero
5) revenue amanda gets will be pure economic profit

answer a??

2007-08-13 17:17:01 · 1 answers · asked by Anonymous

2007-08-13 14:45:40 · 5 answers · asked by John D 1

A young chef is considering opening his own sushi bar. To do so, He would have to quit his current job, which pays $20000 a year, and take over a store building he owns and currently rents to his brother for 6,000 dollars a year. His exspenses at the sushi bar would be $50000 for food and $2000 for gas and electricity. What are the expliciit costs?

1) 66000
2) 52000
3) 26000
4) 72000
5) 78000

is the answer b since her forgone salary and the rental of hius brother place are implictit costs

2007-08-13 14:39:23 · 3 answers · asked by Anonymous

which of the following are implicit costs for a typical firm?
a) cost of raw materials
b) opportunity costs of capital owned and used by the frim
c) cost of labor hired by firm
d) electricity costs
e) insurance costs


A firm's opportunity costs of using resources provided by the firm's owners are called?

1) entrepreneurial costs
2) implicit costs
3) explicit costs
4) fixed costs
5) sunk costs

are both answers b??????????

2007-08-13 14:29:06 · 3 answers · asked by Anonymous

Upon opening a printing and copy shop, a firm budgets a $40,000 for copy machines and labor. If the price of labor is $15 per hr, how many hours of labor can the firm hire if it spends nothing on machinery?

1) 2, 667 hrs
2) 300,000 hrs
3) 3/4 hr
4) 75 hrs
5) 20,000 hrs

is the answer a

2007-08-13 14:24:36 · 2 answers · asked by Anonymous

what is the standard or benchmark for good economic performance worldwide? is there anyone doing better than us?

2007-08-13 13:44:36 · 1 answers · asked by Gruntled Employee 6

It seems that central planning has greater management but less dynamic, while laissez faire economies have greater dynamics but less overall control, direction, and management. More people pulling in different directions.

2007-08-13 13:04:05 · 3 answers · asked by Ayn L. 1

They're not just buying T-Bills right now, they are however pumping billions into a credit-crunched economy. How?

2007-08-13 12:59:50 · 4 answers · asked by Anonymous

I'm doing a paper on how corruption under Abacha's rule affected the economy of Nigeria from 1995-2000. I need to quantify the information so I'm looking at the factors that show the growth of an economy.

2007-08-13 09:47:39 · 2 answers · asked by Reflection 2

What kinds of things cause the dollar's value to fall in the international markets? Does it have a lot to do with our national debt and the war? Imbalance of trade?

2007-08-13 09:40:54 · 8 answers · asked by topink 6

2007-08-13 07:42:33 · 6 answers · asked by Jennifer 2

2007-08-13 07:41:33 · 3 answers · asked by Jennifer 2

2007-08-13 06:47:14 · 4 answers · asked by Anonymous

This is an economics term, and I think this is the reason why people compete, because of scarce resources. If one person consumes an item, there is one less item for others to consume.

This is also another reason, why people are so reluctant to help others, and I believe that it is because of a fear that someone else may end up taking a scarce resource, instead of themselves, which can also seem like selfishness, which is not necessarily bad.

There are ways to make do with some scarce resources, like land.
However, I have read stuff that says that life is not a zero sum, but for some skeptics this is not true, and wishful thinking.

2007-08-13 04:36:51 · 11 answers · asked by Stan C 1

2007-08-13 04:05:40 · 1 answers · asked by Anonymous

This question is for the people who have read the book "Poor Dad, Rich Dad," by Robert Kiyosaki.

In his book, he states that inflation actually benefits the rich while making the poor even more poor. How is this so when inflation makes money worth less?

2007-08-13 03:28:46 · 5 answers · asked by darkmanx1209 2

If there is one, What is the difference between Gross National Income and Gross Domestic Product.

Thank you

2007-08-13 01:05:14 · 6 answers · asked by Anonymous

2007-08-12 22:16:35 · 7 answers · asked by Anonymous

There is a huge shortage of accomadation in aborigine communities and could be fixed with cool cyclone safe rated aluminium built sheds built by the locals for 25000 dollars on micro economic loans WHY NOT

2007-08-12 20:21:19 · 0 answers · asked by michael anich 1

As high employment & buoyant economy continue to put pressure on everyday living costs a one off review of pension levels would be a major boast to liberal chances with us seniors.

2007-08-12 16:27:29 · 3 answers · asked by Anonymous

Could/would you give up some of our privileged lifestyle?

NOTE: There is no 'proof' of this... there are lots of indications it may be or the OPPOSITE may be true... Consumerism may be bettering lives 'over there'.

2007-08-12 15:44:40 · 4 answers · asked by zingis 6

WHAT IS EVA(Economic value added) & RI(Residual income) ? AND NEED SOME EXAMPLE FOR UNDERSTANDING

2007-08-12 12:04:55 · 2 answers · asked by Cute_mizuko 1

I recently heard that the Fed put additional (billions?) money into the eccomoy to strengthen things in the face of worries over the stock market and mortgage lending troubles.

When they put this money "in" exactly where is it going? Someone or something must be recieveing it correct? Money is what we exchange for goods and services, so the reciever must have provided something that they are recieving money in exchange for?

Scott

2007-08-12 05:12:03 · 8 answers · asked by scott j 2

When will the US dollar become stronger than the euro and pound? What is it that needs to be done, by the people, government, etc?

2007-08-12 04:16:14 · 8 answers · asked by Anonymous 2

Every year, every government produces more money in its mints. How is this then fed into the economy?

2007-08-12 00:12:21 · 3 answers · asked by Simba 2

can anyone tell me what countries are LDC???
what should i talk about those country if i am going to write an essay...?

2007-08-11 22:09:32 · 4 answers · asked by tree19892004 1

2007-08-11 19:28:03 · 5 answers · asked by bea 1

How many standard U.S. one dollar bills are there in circulation throughout the world?

2007-08-11 18:50:17 · 6 answers · asked by Anonymous