65. The 1980s were an cra of qucstionable taste in clothing, furniture and politicians as wcll...

Transcribed Image Text:

65. The 1980s were an cra of qucstionable taste in clothing, furniture and politicians as wcll as cconomic thcory. What did Ronald Reagan obviously belicve about the labour supply curve? It was perfectly inclastic. b. It was perfectly clastic. It was relatively inclastic. d It was relatively clastic. a. Scenario 13-1 Tony Masters has given up science and is now a whcat farmer outside of Kaputar, but he also spends part of his day teaching guitar lessons because of the inspiration of his son Mike. Duc to the popularity of his local rock band, Tony has more students requesting lessons than he has time for if he is to also maintain his farming busincss. Tony charges $25 an hour for his guitar lessons. One spring day, he spends 10 hours in his fields planting S130 worth of sceds on his farm. He expects that the sceds he planted will yield 300 worth of wheat. 66. Refer to Scenario 13-1. What is Tony Master's accounting profit from his ventures? OsS- b. S130 C. S170 d. S190 67. Scan Connery is dying to know what would be an example of an implicit cost of production? a the cost of lost income an entreprencur could have earned working for someone else b. the cost of raw matcrials for producing bread in a bakery c. the cost ofra delivery truck in a business that rarely makes deliveries d the cost of cmployce training programs 68. Agatha Christic wants to know which of the following costs would be regarded as an implicit cost? b. the opportunity cost of financial capilal that has been invested in the business c. the cost of compliance with government regulation d all costs that involve outlays of money by the firm 69. The makers of Cadbury chocolate bars love mysteries and the biggest one they face- after how you get the Caramilk inside the little chocolate squares average total cost sell us7 the total cost of the first unit of output. il total cost is divided evenly over all the units produced b. is an understanding of the costs of preduction. What does the cost of a ty pical unit of output, if total cost is divided evenly ever all the units produced the cost of the last unit of output. if total cost does not include a fixed cost component d the variable cost of a firm that is producing at least one unit of output 65. The 1980s were an cra of qucstionable taste in clothing, furniture and politicians as wcll as cconomic thcory. What did Ronald Reagan obviously belicve about the labour supply curve? It was perfectly inclastic. b. It was perfectly clastic. It was relatively inclastic. d It was relatively clastic. a. Scenario 13-1 Tony Masters has given up science and is now a whcat farmer outside of Kaputar, but he also spends part of his day teaching guitar lessons because of the inspiration of his son Mike. Duc to the popularity of his local rock band, Tony has more students requesting lessons than he has time for if he is to also maintain his farming busincss. Tony charges $25 an hour for his guitar lessons. One spring day, he spends 10 hours in his fields planting S130 worth of sceds on his farm. He expects that the sceds he planted will yield 300 worth of wheat. 66. Refer to Scenario 13-1. What is Tony Master's accounting profit from his ventures? OsS- b. S130 C. S170 d. S190 67. Scan Connery is dying to know what would be an example of an implicit cost of production? a the cost of lost income an entreprencur could have earned working for someone else b. the cost of raw matcrials for producing bread in a bakery c. the cost ofra delivery truck in a business that rarely makes deliveries d the cost of cmployce training programs 68. Agatha Christic wants to know which of the following costs would be regarded as an implicit cost? b. the opportunity cost of financial capilal that has been invested in the business c. the cost of compliance with government regulation d all costs that involve outlays of money by the firm 69. The makers of Cadbury chocolate bars love mysteries and the biggest one they face- after how you get the Caramilk inside the little chocolate squares average total cost sell us7 the total cost of the first unit of output. il total cost is divided evenly over all the units produced b. is an understanding of the costs of preduction. What does the cost of a ty pical unit of output, if total cost is divided evenly ever all the units produced the cost of the last unit of output. if total cost does not include a fixed cost component d the variable cost of a firm that is producing at least one unit of output

Answer rating: 100% (QA)

1 Answer c Explanation One of the factors affecting labour supply is the time period In the short ru... View the full answer