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ECON-200-03 Principles of Economics (20243SP)

ECON-200-03 Principles of Economics (20243SP)

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Output	Total Cost
0	15
1	33
2	41
3	48
4	54
5	61

Using the total cost schedule, what is the marginal cost of producing the fifth unit of output?

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Economies to scale refer to

a feature of short-run production functions but not long-run production functions.

the point at which marginal cost equals average cost.

the fact that in the long run, fixed costs remain constant as output increases.

the range of output over which the long-run average cost falls as output increases.

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In the figure above, given a market price of $12, a profit-maximizing firm in the perfect competition will produce

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Explicit costs differ from implicit costs in that

explicit costs are what an accountant would consider costs and are usually less than implicit costs.

explicit costs are more important than implicit costs.

explicit costs are paid in money, but implicit costs are often non-paid opportunity costs.

implicit costs always present while some firms do not have any explicit costs.

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If a firm has total revenues of $100 million, explicit costs of $90 million, and implicit costs of $20 million, its pure economic profit is

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At present output levels, a firm in a perfectly competitive industry is in the following position: output = 200 units, market price = $4, total cost = $420, fixed cost = $200, marginal cost = $4. To achieve optimum output, the firm should:

Increase its selling price

Reduce output to zero

Reduce output but keep producing

Leave output unchanged

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Asics sells shoes for $450. The variable cost is $200 per unit. The

fixed costs are $750,000. What is the breakeven in sales dollars?

937,500

750,000

1,687,500

1,350,000

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A perfectly competitive firm sells its output for $50 a unit. At 500 units of output, its marginal cost is $50 and is decreasing, average variable cost is $55 per unit, and average total cost is $65 per unit. To maximize profit, what should the firm do?

decrease output or shut down temporarily

increase output

maintain its current rate of output

Insufficient information is given for an answer to be reached.

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A firm will choose to exit the market in the short-run when:

marginal cost begins to increase

price is above the minimum point of AVC but below the minimum point of ATC

total revenue is not sufficient to cover the total cost

price is below the minimum point of AVC

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