NameFunctionsassociatedwith each Utility:

** hint - click here to investigate the Grocery assignment info ....scroll through the info - AFTER the 2nd page - to help with these types of questions.

Confirm that Functions and Activities are different. Functions (Exchange, Physical and Facilitating) define thescope of actionwhile the activity captures the "doing" part with animplied outcome that is expected.

Location Utility	Answer 1Choose...ProcessingStandardizationTransportationBuying/SellingStorageExchangeFacilitatingPhysical
Time Utility	Answer 2Choose...ProcessingStandardizationTransportationBuying/SellingStorageExchangeFacilitatingPhysical
Knowledge Utility	Answer 3Choose...ProcessingStandardizationTransportationBuying/SellingStorageExchangeFacilitatingPhysical
Possession Utility	Answer 4Choose...ProcessingStandardizationTransportationBuying/SellingStorageExchangeFacilitatingPhysical
Form Utility	Answer 5Choose...ProcessingStandardizationTransportationBuying/SellingStorageExchangeFacilitatingPhysical

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WhatQuestionsare each Utilityconcernedwith?

Form Utility	Answer 1Choose...How/WhyWhatWhenWhereOwnership/Title Transfer
Place Utility	Answer 2Choose...How/WhyWhatWhenWhereOwnership/Title Transfer
Time Utility	Answer 3Choose...How/WhyWhatWhenWhereOwnership/Title Transfer
Possession Utility	Answer 4Choose...How/WhyWhatWhenWhereOwnership/Title Transfer
Knowledge Utility	Answer 5Choose...How/WhyWhatWhenWhereOwnership/Title Transfer

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NameActivitiesassociatedwith each Utility:

Time Utility	Answer 1Choose...FacilitatingProcessing/StandardizationPhysicalBuying/SellingTransportationExchangePromotion/advertisingStorage
Knowledge Utility	Answer 2Choose...FacilitatingProcessing/StandardizationPhysicalBuying/SellingTransportationExchangePromotion/advertisingStorage
Possession Utility	Answer 3Choose...FacilitatingProcessing/StandardizationPhysicalBuying/SellingTransportationExchangePromotion/advertisingStorage
Form Utility	Answer 4Choose...FacilitatingProcessing/StandardizationPhysicalBuying/SellingTransportationExchangePromotion/advertisingStorage
Location Utility	Answer 5Choose...FacilitatingProcessing/StandardizationPhysicalBuying/SellingTransportationExchangePromotion/advertisingStorage

Which of the following statements aboutmarginal cost iscorrect?

Select one:

A.It isalways belowaverage variable costs.

B.It isalways aboveaverage variable costs.

C.It isalways belowaveragetotal costs.

D.It can beeither above or belowaveragetotal costs.

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Which of the following statements istrueabout theaverage product of labour?

Select one:

A.It is equal to thechangein the marginal product of labour.

B.It is equal to thequantity of labourinputs useddivided bytotal output.

C.It is equal to theincrease in total outputdivided by thequantity of labour used.

D.It is equal to totaloutput dividedby thequantity of labour inputs used.

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Which of the statements below istrueabout the marginal product of labour?

Select one:

A.It is always constant.

B.It is total output divided by the quantity of labour used.

C.It is the increase in total output divided by the quantity of labour used.

D.It is the increase in total output resulting from the use of one more unit of labour.

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What is thesumof the marginal costsofall of the units produced?

Select one:

A.Total fixed costs.

B.Average cost.

C.Total cost.

D.Total variable cost.

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What isaveragefixed cost?

Select one:

A.It istotal costlesstotal variable cost.

B.It isall the coststhatdo not varywith the level of output.

C.It istotal fixed costs less total variable costs.

D.It istotal fixed cost divided by the level of output.