Economics Homework Six Answers - Student Eleven - Revision history

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2010-02-01T21:06:52Z

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2009-10-25T13:54:18Z

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CougarY10: Created page with 'AllieT. 1. Fixed Costs can be easily identified by seeing what the total costs are when output is _______. A. Zero An example of a variable cost is an electric bill. Dependi...'

2009-10-24T00:46:20Z

Created page with 'AllieT. 1. Fixed Costs can be easily identified by seeing what the total costs are when output is _______. A. Zero An example of a variable cost is an electric bill. Dependi...'

New page

AllieT.

1. Fixed Costs can be easily identified by seeing what the total costs are when output is _______.

A. Zero

An example of a variable cost is an electric bill. Depending upon the business, the bill could be more or less during the month due to the increase or decrease of goods being made.

2. There would be a diminishing return. The possibility of more waitresses could hold to have a negative effect; the waitresses would have more time to talk to one another and get in the way of on another. Even if the business was profitable the previous month, it does not mean that the restaurant would be profitable again this next month. There could be fewer customers or have an unexpected expense arise.

3. A local department store can have the “long run” cost of owning the building in which it sells its goods. A “short run” cost of the department store would be the clothing it sold.

4. MP= $ 48
MC= $ 60
Average Cost per car = $ 4

5. College can be an expensive and trying time for a struggling student. The student may want to drop out because of the expense, time, and effort that college requires. However, the student does not realize the benefits he or she will receive in the long run. The student will have a degree in which will make him or her a better contender when applying for a job. The new job can lead to owning a home and a car or cars. College can give a person life experience and knowledge that could not be found anywhere else.

6. Fixed Cost = $ 1 Million
Average Variable Cost =$20,000
Average Total Cost = $1,020,000
Marginal Cost = $19,960

7. (a) $200 Increase
(b) No effect
(c) $200 Increase

8. Accounting Profit (loss) - $0. There was neither profit nor gain because there were no transactions made.
Economic Profit (loss) - $ 8 loss. There was an economic loss of eight dollars because time was wasted on watching television when you could have made money working.

← Older revision		Revision as of 21:06, February 1, 2010
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	:65/70, with some good answers. Be sure to go over these carefully, using the model answers when available after Sunday.--[[User:Aschlafly\|Andy Schlafly]] 09:54, 25 October 2009 (EDT)		:65/70, with some good answers. Be sure to go over these carefully, using the model answers when available after Sunday.--[[User:Aschlafly\|Andy Schlafly]] 09:54, 25 October 2009 (EDT)
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@@ Line 6: / Line 6: @@
 An example of a variable cost is an electric bill. Depending upon the business, the bill could be more or less during the month due to the increase or decrease of goods being made.
 . There would be a diminishing return. The possibility of more waitresses could hold to have a negative effect; the waitresses would have more time to talk to one another and get in the way of on another. Even if the business was profitable the previous month, it does not mean that the restaurant would be profitable again this next month. There could be fewer customers or have an unexpected expense arise.
 . A local department store can have the “long run” cost of owning the building in which it sells its goods. A “short run” cost of the department store would be the clothing it sold.
 . MP= $ 48
      MC= $ 60
      Average Cost per car = $ 4
 . College can be an expensive and trying time for a struggling student. The student may want to drop out because of the expense, time, and effort that college requires. However, the student does not realize the benefits he or she will receive in the long run. The student will have a degree in which will make him or her a better contender when applying for a job. The new job can lead to owning a home and a car or cars. College can give a person life experience and knowledge that could not be found anywhere else.
 .  Fixed Cost = $ 1 Million
@@ Line 21: / Line 31: @@
       Average Total Cost = $1,020,000
       Marginal Cost = $19,960
 .  (a) $200 Increase
       (b) No effect
       (c) $200 Increase
 .  Accounting Profit (loss) - $0. There was neither profit nor gain because there were no transactions made.
      Economic Profit (loss) - $ 8 loss. There was an economic loss of eight dollars because time was wasted on watching television when you could have made money working.