ECO 365T Wk 4 - Practice: The Microeconomics of Product Markets Quiz

Click Here To Download Your Files :

https://hwsell.com/category/eco-365/

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

You can buy more tutorials from the below link

https://www.hwsell.com/

ECO 365T Wk 4 - Practice: The Microeconomics of Product Markets Quiz

Complete the Week 4 The Microeconomics of Product Markets Quiz in McGraw-Hill Connect®. These are randomized questions. 

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner.

 Cheeseburger Production Costs

Quantity(burgers per hour)    Average Variable Cost (dollars)     Average Total Cost (dollars)  Marginal Cost (dollars)

0     —    —    —

10    $1.00      $6.60      $1.00

20    0.703.500.40

30    0.702.570.70

40    0.782.181.00

50    0.882.001.30

60    1.072.002.00

70    1.342.143.00

80    1.742.444.50

90    2.232.866.20

100  2.813.378.00

1. and the marginal cost of cheeseburger production is rising  .

1. and the average total cost of cheeseburger production is at a minimum  .

A business owner makes 50 items by hand in 40 hours. She could have earned $20 an hour working for someone else. Her total explicit costs are $200. If each item she makes sells for $15, her economic profit equals:

Instructions: Enter your answer as a whole number. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

A young Thomas Edison produces and sells 20 light bulbs a week in his dorm room. The parts for each light bulb cost $2.00. He sells each light bulb for $5.00. General Electric offers Thomas an executive job that pays $50.00 a week. Thomas’s weekly economic profit from making light bulbs is equal to:

Instructions: Enter your answer as a whole number.

Which of the following costs is an explicit cost for you?

You spend your time running your own business even though a large corporation offered you a generous contract.

You raise cattle on your family-owned farm even though you could sell your land to a developer.

You hire a worker who could have received the same wage working for your competitor.

You decide to use an extra room for your business that you could have rented out to your neighbor.