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Table 1 Production of pizza data
Workers Pizzas
0 0
1 4
2 10
3 15
4 18
5 19
2. Table 1 shows the change in the short run production of pizzas as more workers are hired. The table shows marginal product increasing between the 0 to 2 hired workers. A possible reason for this increased marginal product is:
a. increased wages.
b. increases in plant size.
c. decreases in fixed cost.
d. increased division of labor as additional workers are hired.
e. increased product price.
Workers Pizzas
0 0
1 4
2 10
3 15
4 18
5 19
2. Table 1 shows the change in the short run production of pizzas as more workers are hired. The table shows marginal product increasing between the 0 to 2 hired workers. A possible reason for this increased marginal product is:
a. increased wages.
b. increases in plant size.
c. decreases in fixed cost.
d. increased division of labor as additional workers are hired.
e. increased product price.
Table 1 Production of pizza data
Workers Pizzas
0 0
1 4
2 10
3 15
4 18
5 19
1. Table 1 shows the change in the production of pizzas as more workers are hired. The marginal product of the second employee equals:
a. 4.
b. 10.
c. 14.
d. 6.
e. 15.
2. Table 1 shows the change in the production of pizzas as more workers are hired. The marginal product of the labor input begins to fall with the employment of the ____ worker.
a. first
b. second
c. third
d. fourth
e. fifth.
Workers Pizzas
0 0
1 4
2 10
3 15
4 18
5 19
1. Table 1 shows the change in the production of pizzas as more workers are hired. The marginal product of the second employee equals:
a. 4.
b. 10.
c. 14.
d. 6.
e. 15.
2. Table 1 shows the change in the production of pizzas as more workers are hired. The marginal product of the labor input begins to fall with the employment of the ____ worker.
a. first
b. second
c. third
d. fourth
e. fifth.
A farm is able to produce 9,000 pints of strawberries per season on 10 acres. It adds one more acre and is able to produce 12,000 pints per season. The marginal product of land for this farm is:
a. 900 pints per acre per year.
b. 1,000 pints per acre per year.
c. 3,000 pints per acre per year.
d. 12,000 pints per acre per year.
Marginal product measures the change in:
a. total cost brought about by changing production by one unit.
b. product price brought about by changing production by one unit.
c. a firm's revenue brought about by changing production by one unit.
d. the firm's output brought about by employing one additional unit of input.
e. the firm's profit brought about by employing one more input.
a. 900 pints per acre per year.
b. 1,000 pints per acre per year.
c. 3,000 pints per acre per year.
d. 12,000 pints per acre per year.
Marginal product measures the change in:
a. total cost brought about by changing production by one unit.
b. product price brought about by changing production by one unit.
c. a firm's revenue brought about by changing production by one unit.
d. the firm's output brought about by employing one additional unit of input.
e. the firm's profit brought about by employing one more input.
Narrate the duties of an auditor in connection with cash sales.
1. An economist left her BAM 100,000 - a - year teaching position to work full - time in her own consulting business. In the first year, she had total revenue of BAM 200,000 and business expenses of BAM 100,000. She made a(n):
a. economic profit.
b. economic loss.
c. implicit profit.
d. accounting loss but not an economic loss.
e. zero economic profit.
2. Which of the following statements is true ?
a. Economic profit equals accounting profit minus implicit costs.
b. The short run is any period of time in which there is at least one fixed input.
c. A fixed input is any resource for which the quantity cannot change during the period under
consideration.
d. In the long run there are no fixed costs.
e. All of these.
a. economic profit.
b. economic loss.
c. implicit profit.
d. accounting loss but not an economic loss.
e. zero economic profit.
2. Which of the following statements is true ?
a. Economic profit equals accounting profit minus implicit costs.
b. The short run is any period of time in which there is at least one fixed input.
c. A fixed input is any resource for which the quantity cannot change during the period under
consideration.
d. In the long run there are no fixed costs.
e. All of these.
1. Two friends, Lejla and Tarik, own and run a bar. Lejla tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Tarik tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Lejla's wage.
b. Tarik's time.
c. Lejla's tips.
d. Tarik's tips.
e. Both Lejla's and Tarik's tips.
2. Which of the following is most likely to be true of economic and accounting profits?
a. Economic profits are less than accounting profits.
b. Accounting profits are less than economic profits.
c. Economic profits plus accounting profits equal zero.
d. Accounting profits minus economic profits equal zero.
a. Lejla's wage.
b. Tarik's time.
c. Lejla's tips.
d. Tarik's tips.
e. Both Lejla's and Tarik's tips.
2. Which of the following is most likely to be true of economic and accounting profits?
a. Economic profits are less than accounting profits.
b. Accounting profits are less than economic profits.
c. Economic profits plus accounting profits equal zero.
d. Accounting profits minus economic profits equal zero.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays BAM 20,000 a year, and take over a store building that he owns and currently rents to his brother for BAM 6,000 a year. His expenses a t the sushi bar would be BAM 50,000, for food and BAM 2,000 for gas and electricity. What are his implicit costs?
a. BAM 26,000.
b. BAM 66,000.
c. BAM 78,000.
d. BAM 52,000.
e. BAM 72,000.
a. BAM 26,000.
b. BAM 66,000.
c. BAM 78,000.
d. BAM 52,000.
e. BAM 72,000.
Explain answer you choose:
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning BAM
40,000 as a pilot. He withdraws BAM 10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hanger and could rent it out for BAM 5,000 per year. He rents a computer for BAM 1,200, buys office supplies for BAM 500, rents an airplane for BAM 6,000, pays BAM 1,300 for fuel and maintenance, and hires one worker for BAM 30,000. Sam's total revenue from pilot training classes this year equaled BAM 90,400. Sam's explicit costs this year equals:
a. BAM 84,400.
b. BAM 39,000.
c. BAM 55,000.
d. BAM 45,600.
e. BAM 40,000.
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning BAM
40,000 as a pilot. He withdraws BAM 10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hanger and could rent it out for BAM 5,000 per year. He rents a computer for BAM 1,200, buys office supplies for BAM 500, rents an airplane for BAM 6,000, pays BAM 1,300 for fuel and maintenance, and hires one worker for BAM 30,000. Sam's total revenue from pilot training classes this year equaled BAM 90,400. Sam's explicit costs this year equals:
a. BAM 84,400.
b. BAM 39,000.
c. BAM 55,000.
d. BAM 45,600.
e. BAM 40,000.
Explain your circled answer:
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays BAM 20,000 a year, and take over a store building that he owns and currently rents to his brother for BAM 6,000 a year. His expenses at the sushi bar would be BAM 50,000 for food and BAM 2,000 for gas and electricity. What are his explicit costs?
a. BAM 26,000.
b. BAM 66,000.
c. BAM 78,000.
d. BAM 52,000.
e. BAM 72,000.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays BAM 20,000 a year, and take over a store building that he owns and currently rents to his brother for BAM 6,000 a year. His expenses at the sushi bar would be BAM 50,000 for food and BAM 2,000 for gas and electricity. What are his explicit costs?
a. BAM 26,000.
b. BAM 66,000.
c. BAM 78,000.
d. BAM 52,000.
e. BAM 72,000.
Production Costs
1.Explicit costs would include:
a. rent.
b. the interest loss of the business owner on money withdrawn from his/her saving account
and invested in the business.
c. the loss of rent on a building the business owner owns and uses in his/her business.
d. the opportunity costs of the business owner's time.
e. the use of tools owned by the business owner and dedicated to the business.
2. Unlike implicit costs, explicit costs:
a. reflect opportunity costs.
b. include the value of the owner's time.
c. are not included in the accounting statement of the firm.
d. are actual cash payments.
e. do not change with the output rate of the firm.
1.Explicit costs would include:
a. rent.
b. the interest loss of the business owner on money withdrawn from his/her saving account
and invested in the business.
c. the loss of rent on a building the business owner owns and uses in his/her business.
d. the opportunity costs of the business owner's time.
e. the use of tools owned by the business owner and dedicated to the business.
2. Unlike implicit costs, explicit costs:
a. reflect opportunity costs.
b. include the value of the owner's time.
c. are not included in the accounting statement of the firm.
d. are actual cash payments.
e. do not change with the output rate of the firm.
