Chapter 7 Practice Questions

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average total cost?

(200+5Q)/Q

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the fixed cost?

200

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average fixed cost?

200/Q

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average variable cost?

5

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the marginal cost?

5

The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the variable cost?

5Q

A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The ratio of marginal products (capital to labor) is 12. Determine whether the restaurant is minimizing its cost of production.

No, the restaurant is not minimizing its cost of production because MPK /MPL ≠ r/w.

A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The ratio of marginal products (capital to labor) is 12. What adjustments are called for to improve the efficiency in resource use?

The firm should use more capital and less labor to make the ratios equal.

Which of the following is the user cost of capital

economic depreciation + (interest rate)(value of capital)

An isocost line reveals the

input combinations that can be purchased for a given total cost.


संबंधित स्टडी सेट्स

Fundamentals of Nursing Unit 7 Ch. 41.

View Set

AP Psych Unit II Practice Questions (all)

View Set

Midterm 2 - Psychology 105 - Attachment Theory and Erikson's Psychosocial Development

View Set

Chapter 31- Quiz #5 & Lecture Material

View Set

Chapter 35: The Adolescent and Family

View Set

BIO MIDTERM 1 CHAPTERS 8-9, CHAPTER 8 - PREPU - FINAL, Chapter 8 - PrepU, chapter 8 practice test

View Set

Twisting and turning 🌪💃🏼⭐️

View Set

ACT Prep English (Practice Questions)

View Set

Food Microbiology- Meat and Poultry

View Set

Drugs Affecting Female Reproductive Systems

View Set