Econ

Katherine gives piano lessons for $15 per hour. She also grows flowers, which she arranges and sells at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into flowers, she can sell them for $150 at the farmer's market. Katherine's accounting profits are $100, and her economic profits are $25. $100, and her economic profits are $75. $25, and her economic profits are $100. $75, and her economic profits are $125.

$100, and her economic profits are $25.

The total cost of producing 3 pitchers of lemonade is $5. The total cost of producing 4 pitchers of lemonade is $7. What is the marginal cost of the 4th pitcher of lemonade? $1 $2 $5 $7

$2

Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend Murphy. Together, Eldin and Murphy can paint five houses per week. What is Murphy's marginal product? 2 houses 3 houses 5 houses 8 houses

2 houses

Kate is a florist. Kate can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. William can arrange 18 bouquets per day. What would be the total daily output of Kate's firm if she hired her husband? 18 bouquets 19 bouquets 20 bouquets 38 bouquets

38 bouquets

In the long-run, output is fixed. all inputs can be varied. all inputs are fixed. some inputs are variable and other inputs are fixed.

all inputs can be varied.

The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is an explicit cost. an accounting cost. an implicit cost. foregone accounting profit.

an implicit cost.

Pieology Pizzeria rents out the space of their restaurant for $500 a month. This cost of their rent ($500 a month) would be considered a A. variable cost (it varies with how much pizza is produced that month). B. fixed cost (they have to pay the $500 per month, regardless of how much pizza is produced). C. marginal cost. D. total cost.

fixed cost (they have to pay the $500 per month, regardless of how much pizza is produced).

Economists normally assume that the goal of a firm is to a. maximize its total revenue. b. maximize its profit. c. minimize its explicit costs. d. minimize its total costs

maximize its profit

Profit is defined as total revenue plus total cost. times total cost. minus total cost. divided by total cost.

minus total cost

The ingredients that it takes to make a pizza at Pieology Pizzeria cost $2 per pizza. Some months, Pieology Pizzeria may spend $6000 on ingredients. Some months, Pieoogy Pizzeria may spend $3000 on ingredients. This cost of ingredients is an example of a A. variable cost (it varies with how many pizzas are produced that month). B. fixed cost (they pay the same amount on ingredients in a month, regardless of how many pizzas are produced that month). C. marginal cost. D. total cost.

variable cost (it varies with how many pizzas are produced that month).