A. Answer the following: 36. Explicit and implicit costs: Juan and Julia contributed $50,000 of their own money to the c
Posted: Thu May 19, 2022 9:53 am
A. Answer the following:
36. Explicit and implicit costs:
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
If the income of the previous company is $200,000, what is the
economic profit?
____________.
37. Which of the following statements is true?
a. The average fixed cost is equal to the fixed cost per unit of
product.
b. The average fixed cost is equal to the total cost per unit of
fixed factor of production.
c. The total average cost is equal to the average fixed cost minus
the average variable cost.
d. The average variable cost is equal to the total variable cost
per unit of variable factor of production
38.
Based on the data above, if the cost of capital is $200 and the
wage is $50, what is the marginal cost of producing 60 units?
__________.
39. An employee who does not work diligently unless constantly
supervised and thinks he is underpaid is an example of a
__________________.
a. Diminishing returns to work
b. The master-subordinate problem
c. Inefficient hiring practices
d. The law of diminishing returns
40. The opportunity cost of a business _________________.
a. Include explicit costs and implicit costs
b. They are equal to their explicit costs
c. They do not include implicit costs because implicit costs have
no monetary value.
d. Increase when there are economies of amplitude
Job Capital 1 1 Product 20 45 60 2 3 4 65
36. Explicit and implicit costs:
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
If the income of the previous company is $200,000, what is the
economic profit?
____________.
37. Which of the following statements is true?
a. The average fixed cost is equal to the fixed cost per unit of
product.
b. The average fixed cost is equal to the total cost per unit of
fixed factor of production.
c. The total average cost is equal to the average fixed cost minus
the average variable cost.
d. The average variable cost is equal to the total variable cost
per unit of variable factor of production
38.
- A Answer The Following 36 Explicit And Implicit Costs Juan And Julia Contributed 50 000 Of Their Own Money To The C 1 (14.43 KiB) Viewed 42 times
wage is $50, what is the marginal cost of producing 60 units?
__________.
39. An employee who does not work diligently unless constantly
supervised and thinks he is underpaid is an example of a
__________________.
a. Diminishing returns to work
b. The master-subordinate problem
c. Inefficient hiring practices
d. The law of diminishing returns
40. The opportunity cost of a business _________________.
a. Include explicit costs and implicit costs
b. They are equal to their explicit costs
c. They do not include implicit costs because implicit costs have
no monetary value.
d. Increase when there are economies of amplitude
Job Capital 1 1 Product 20 45 60 2 3 4 65