Question: 1. Distinguish between explicit and implicit costs, giving 3 examples of each using the production of higher education. 2. Which of the following are short-run

1. Distinguish between explicit and implicit costs, giving 3 examples of each using the production of higher education.

2. Which of the following are short-run and which are long-run adjustments?

a.Freddie's Frozen Custard builds 5 new restaurants.

b.Pioneer Balloon Corporation hires 200 more production workers.

c.Gaddert Farms increases the amount of fertilizer used on their corn crop.

d.Boeing closes its manufacturing facility in Wichita, sells the plant and moves to Oklahoma City.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Consider the market structures that chapter 8 & 9 and answer the following: 1. How do the costs of production for the automobile manufacturers in China differ from that in the United States? 2. What...

Q:

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

Q:

File Tools View econ . Saved to this PC v X Question 1 (1 point) Because the perfectly competitive firm is a price-taker, its demand curve is downward-sloping Price MC b MRS horizontal ATC AVC - MR....

Q:

3. Below is information regarding Cory's Surfboard Inc. Complete the table and do the following (____/5): a. On a large graph, plot the MC, AFC, AVC, and ATC curves from this data (____/5)b. EXPLAIN...

Q:

THE LONE-RUN INDUSTWV SUPPLVCLIHVE 247 that Mensa has some especially productive input that Densa does not have. For example. suppose that Mensa and Densa both purchase ofce space to begin their...

Q:

*- 'nll-' uni-I'v- 'p---uI--'II Reread pp. 247253 in the Browning and Zupan reading on long run supply and m Consider a highly competitive market where the firms all face the same costs. They start...

Q:

Factors of Production Land, Labor, Capital and entrepreneurship depending on the economist and text are typically the factors of production (Case, Fair, & Oster, 2016). Economists regularly evaluate...

Q:

Suppose that when 3000 units of output are produced, the marginal cost of the 3001 st unit is $2. This amount is equal to the minimum of average total cost, and marginal cost is rising. If the...

Q:

Discussion Board 4 Production Economics and Decisions...

Q:

To answer these questions, you will need to read Chapter 9, Market Equilibrium & Product Price - Imperfect Competition and please good Good format. #. Explain the 3 types of "Imperfect" market...

Q:

A force F in the positive direction of an x axis acts on an object moving along the axis. If the magnitude of the force is F = 10ex/2.0 N, with x in meters, find the work done by F as the object...

Q:

The information systems (IS) department at Jacobsons Inc. consists of eight employees, including the IS Manager, Melinda Cullen. Melinda is responsible for the day-to-day oversight of the IS function...

Q:

What is the free-rider problem? What impact does it have on the markets ability to produce public goods?

Q:

As in the case of the Port of Long Beach strike, unionization of truckers or dockworkers can affect the entire country, and subsequently, cause the loss of perishables and produce enhance the union's...

Q:

=+6. How could you make the site more interactive and engaging? What links would you add?

Q:

=+Think small screen and small space. Less is more. You might have to not only cut copy, but also use fewer subheads per page. Perhaps you would include more links and less copy. Focus on what are...

Q:

=+ What participatory activities would you include? Perhaps a drawing tool to customize a product.