1.Which of the following explains why marginal cost curves are upward sloping? Increasing marginal benefit Total costs increase as output increases Diminishing marginal product of inputs This statement is true only for inferior goods 2. If a firm generates $232844 in revenue, earns $95728 in economic profit, and its explicit costs are $80,000, how much are its implicit costs? $152844 $57116 $137116 $175728 3. Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. Q MC MR TC TR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5 If the firm chooses Q to maximize short-run profit, what will the profit be? ?=−6\pi = -6 ?=−3\pi = -3 ?=3\pi = 3 ?=6
1.Which of the following explains why marginal cost curves are upward sloping? Increasing marginal benefit Total costs increase as output increases Diminishing marginal product of inputs This statement is true only for inferior goods 2. If a firm generates $232844 in revenue, earns $95728 in economic profit, and its explicit costs are $80,000, how much are its implicit costs? $152844 $57116 $137116 $175728 3. Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. Q MC MR TC TR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5 If the firm chooses Q to maximize short-run profit, what will the profit be? ?=−6\pi = -6 ?=−3\pi = -3 ?=3\pi = 3 ?=6
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 4PA
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1.Which of the following explains why marginal cost
Increasing marginal benefit
Total costs increase as output increases
Diminishing marginal product of inputs
This statement is true only for inferior goods
2.
?=6
If a firm generates $232844 in revenue, earns $95728 in economic profit, and its explicit costs are $80,000, how much are its implicit costs?
$152844
$57116
$137116
$175728
3. Consider the table of firm costs and revenue below. It may be useful to calculate the missing values.
| Q | MC | MR | TC | TR |
|---|---|---|---|---|
| 1 | 3 | 5 | 13 | 5 |
| 2 | 2 | 5 | 15 | 10 |
| 3 | 3 | 5 | ||
| 4 | 5 | 5 | ||
| 5 | 8 | 5 | ||
| 6 | 12 | 5 |
If the firm chooses Q to maximize short-run profit, what will the profit be?
?=−6\pi = -6
?=−3\pi = -3
?=3\pi = 3
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