1The WXY Corporation has actually fixed costs of $50. Its full variable costs (TVC) vary with output as shown in the complying with table.

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Refer to the table. The average total cost of 4 units of output is:
A)$27.50
B)$40.00
C)$52.50
D)$210.00
2Use the following graph come answer the next question:

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The diagram shows the short-run average complete cost curves because that five different plant sizes because that a firm. The firm experiences economic climates of range over the selection of plant sizes:
A)1 with 2 only
B)1 with 3 only
C)1 through 5
D)3 with 5 only
3Explicit costs and also implicit costs:
A)are alike in the both represent possibility costs
B)are alike in that both reflect an outlay of cash
C)are alike in the both space deducted indigenous revenue come find accountancy profit
D)differ in that only explicit costs are deducted from revenue to uncover economic profit
4Suppose that a company incurred implicit expenses of $300,000 and explicit prices of $1,300,000 end the past year. If the for sure earned $1,400,000 in revenue, its:
A)accounting revenues were $400,000 and its economic profits were $100,000
B)accounting losses were $200,000 and also its economic profits to be $100,000
C)accounting profits were $100,000 and its economic profits to be zero
D)accounting earnings were $100,000 and its economic losses were $200,000
5Which among the following short-run cost curves would certainly not be affected by an increase in the wage paid to a firm"s labor?
A)Average change cost
B)Average resolved cost
C)Average complete cost
D)Marginal cost
6If marginal product is positive however falling:
A)marginal cost must also be falling
B)average product should be falling
C)total product is increasing at a decreasing rate
D)total product is falling
7The distinguishing feature that the short run is that:
A)at least one input is fixed
B)output is fixed
C)input prices room variable
D)technology is variable
8The WXY Corporation has actually fixed expenses of $30. Its full variable costs (TVC) vary with output as shown in the adhering to table.

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Refer come the table. The marginal cost of the 4th unit of calculation is:
A)$30
B)$40
C)$50
D)$60
9Use the following average total cost data come answer the next question. The letters A, B, and also C designate three successively larger plant sizes.

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Refer come the data.


You are watching: Suppose that a business incurred implicit costs of


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In the lengthy run, the firm have to use plant size "A" for:
A)all feasible levels the output
B)100 come 200 devices of output
C)300 come 600 devices of output
D)600 or much more units that output
10Suppose a specific firm exhibits consistent returns to scale as it boosts its calculation over any reasonable range. If it boosts all its inputs by 10%, its:
A)total expense will increase by less than 10%
B)average complete cost will rise by 10%
C)output will rise by 10%
D)long run average cost curve will shift to the appropriate by 10%