Answer Happy

A. Answer the following:
16. As more and more of the factor of production is used
______________. The total product curve rises rapidly at first
because _______________ product rises and then more slowly because
__________________.
a. Permanent; average; the average product decreases
b. Variable; average; average product reaches a maximum
c. Permanent; marginal; marginal product reaches a maximum
d. variable, borderline; marginal product decreases
17. The four-firm concentration ratio is the percentage of
______ represented by ______________________ in an industry.
a. The profit or economic benefit: the 4 largest companies
b. The value of sales, the 4 largest companies
C. The profit or normal profit, any of the four companies
d. The profit or economic benefit, any of the 4 companies
18. Some of the alternative ways to wash 100 shirts are:
19. Explicit Cost (bought in the market) and implicit (owned by
the company and the owner)
Juan and Julia contributed $50,000 of their own money to the
company
They bought equipment for $3,000
They hired an employee with a salary of $20,000
Juan quit his job where he earned $30,000
Julia quit part of her job where she earned $15,000
· Purchases of materials for the business were $10,000
At the end of the year the value of the equipment is $28,000
· A business loan of $100,000 pays 6% annual interest
According to the data, what is the explicit limit or bought in the
market?
____________.
20. Some of the alternative ways to wash 100 shirts are:
METHOD Capital-machine 10 A B WORK-HOURS 1 5 20 50 8 C 4 D 2
METHOD Capital-machine 10 A B WORK-HOURS 1 5 20 50 8 C 4 D 2