Moodle X ( ) X C @ A Q E Question 4 Not yet answered Marked out of 2 P Flag question The total output of a firm will be at a maximum where Select one: O a. MP is at a maximum. O b. AP is at a minimum. O c. MP is zero. O d. AP is at a maximum. Next page Previous page Quiz navigation 6 left 1:59:00+ + X C | 0 B Q B Question 8 Not yet answered Marked out of 2 P Flag question If you operated a small bakery, which of the following would be a variable cost in the short run? Select one: O a. baking ovens O b. interest on business loans O c. annual lease payment for use of the building O d. baking supplies (flour, salt, etc.) Previous page Next page Quiz navigation Time left 1:58:06Moodle X ( 7 X C O B Q B Question 3 Not yet answered Marked out of 2 P Flag question Which of the following is a short-run adjustment? Select one: O a. A local bakery hires two additional bakers. O b. Six new firms enter the plastics industry. O c. The number of farms in the United States declines by 5 percent. O d. BMW constructs a new assembly plant in South Carolina. Previous page Next page Quiz navigation Time left 1:59:09Moodle X X Answer the question on the basis of the following cost data. WEBCAM RECORDING Output Average Fixed Cost Average Variable Cost 1 $50.00 $100.00 2 25.00 80.00 w 16.67 66.67 4 12.50 65.00 10.00 68.00 6 8.37 73.33 7.14 30.00 V 87.50 8 6. 25 The total cost of four units of output is D Select one: O a. $260. Ob. $77.50. Oc. $310. Od. $215. SMoodle X Question 9 Not yet answered Marked out of 2 P Flag question Which of the following holds true? Select one: O a. There is no relationship between AP and AVC. O b. When MP is rising, AVC is falling, and when MP is falling, AVC is rising. O c. When AP is rising, AVC is falling, and when AP is falling, AVC is rising. O d. When AP is rising, AVC is rising, and when AP is falling, AVC is falling. Previous page Next page Quiz navigation 13 14 6 8 19 10 11 12 2 72 82 12 12 02 61 81 21 91 51 71 81 32 33 34 35 36 37 38 39 40 41 4 43 4 5 46 1 5 0 5 Time left 1:57:56 28 29 30 31Moodle X The following is cost information for the Creamy Crisp Donut Company. WEBCAM RECORDING Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's economic profit is Select one: O a. $150,000. O b. $80,000. O c. $230,000. O d. $94,000. Time left 1:59:23Moodle X The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's total economic costs are Select one: O a. $286,000. Ob, $150,000. O c. $94,000. O d. $156,000. SMoodle X ( 7 X C @ B Q B Question 6 Not yet answered Marked out of 2 P Flag question Which of the following best expresses the law of diminishing returns? Select one: O a. Because large-scale production allows the realization of economies of scale, the real costs of production vary directly with the level of output. O b. Population growth automatically adjusts to that level at which the average product per worker will be at a maximum. C. As successive amounts of one resource (labor) are added to fixed amounts of other resources (capital) beyond some point the resulting extra or marginal output will decline. O d. Proportionate increases in the inputs of all resources will result in a less-than-proportionate increase in total output. Previous page Next page Quiz navigation Time left 1:58:37Moodle X Answer the question on the basis of the following information. Number of Workers Total Product Marginal Product 0 1 8 2 18 w 25 4 30 3 6 34 The marginal product of the fourth worker Select one: O. a. is 5. O b. is 7. O c. is 7'/2. O d. cannot be calculated from the information given. Time left 1:58:49Moodle X ( ) X U O B Q E X . ATSCAM RECORDING Answer the question on the basis of the following cost data. Output Total Cost $24 1 33 2 41 3 48 4 54 5 61 6 69 The total variable cost of producing 5 units is Select one: O a. $61. O b. $48. O c. $37. Od. $24