Can you answer my question 24, 25 and 28 please? I do not need an explanation. Thank you. 24) Assume that you bet £20 on the roll of a die. If the die lands with a six facing upwards you win £100, if any other number lands face-up you lose your £20. To an economist you would be operating under A) uncertain conditions. B) conditions of risk. C) a black market. D) It is not possible to say from the information provided. 25) Which of the following is most likely to be a variable cost for a firm? A) The monthly rent on office space that it leased for a year B) The taxes that are paid on employee wages C) The interest payments made on loans D) The franchiser's fee that a restaurant must pay to the national restaurant chain 28) The following table shows costs and revenue schedules for a firm. QuantityAC (£)MC (£) AR (£) MR (£) 100 3.20 3.00 3.00 3.00 200 2.80 2.80 3.00 3.00 300 2.84 3.00 3.00 3.00 400 3.00 3.60 3.00 3.00 500 4.00 6.00 3.00 3.00 600 6.00 9.00 3.00 3.00 At what output will the firm maximise profit? A) 400 B) 300 C) 600 D) 200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Can you answer my question 24, 25 and 28 please? I do not need an explanation. Thank you.

24) Assume that you bet £20 on the roll of a die. If the die lands with a six facing upwards you win £100, if any other number lands face-up you lose your £20. To an economist you would be operating under

A) uncertain conditions.
B) conditions of risk.
C) a black market.
D) It is not possible to say from the information provided.

25) Which of the following is most likely to be a variable cost for a firm?

A) The monthly rent on office space that it leased for a year
B) The taxes that are paid on employee wages
C) The interest payments made on loans
D) The franchiser's fee that a restaurant must pay to the national restaurant chain

28) The following table shows costs and revenue schedules for a firm.

QuantityAC (£)MC (£) AR (£) MR (£)

100 3.20 3.00 3.00 3.00

200 2.80 2.80 3.00 3.00

300 2.84 3.00 3.00 3.00

400 3.00 3.60 3.00 3.00

500 4.00 6.00 3.00 3.00

600 6.00 9.00 3.00 3.00

At what output will the firm maximise profit?

A) 400 B) 300 C) 600 D) 200

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