Microeconomics
11th Edition
ISBN: 9781260507041
Author: Colander, David
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 8QE
To determine
Determine the type of costs.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which of the following is not a fixed cost?
OA. Athlete pay
O B. Stadium costs
OC. Front office pay
O D.Advertising
What are the short-run and long-run costs of the production of Adidas?
Rob quit his $4,000/month coffee shop position and started an ice-cream business. Rob does not get paid a salary for running the ice-cream business. When calculating the economic profit of the ice-cream business, his old $4,000 coffee shop salary is
Select one:
a. counted as part of the total revenue.
b. counted as part of the implicit costs.
c. counted as part of the explicit costs.
d. ignored.
Chapter 11 Solutions
Microeconomics
Ch. 11.1 - Prob. 1QCh. 11.1 - Prob. 2QCh. 11.1 - Prob. 3QCh. 11.1 - Prob. 4QCh. 11.1 - Prob. 5QCh. 11.1 - Prob. 6QCh. 11.1 - Prob. 7QCh. 11.1 - Prob. 8QCh. 11.1 - Prob. 9QCh. 11.1 - Prob. 10Q
Ch. 11 - Prob. 1QECh. 11 - Prob. 2QECh. 11 - Prob. 3QECh. 11 - Prob. 4QECh. 11 - Prob. 5QECh. 11 - Prob. 6QECh. 11 - Prob. 7QECh. 11 - Prob. 8QECh. 11 - Prob. 9QECh. 11 - Prob. 10QECh. 11 - Prob. 11QECh. 11 - Prob. 12QECh. 11 - Prob. 13QECh. 11 - Prob. 14QECh. 11 - Prob. 15QECh. 11 - Prob. 16QECh. 11 - Prob. 17QECh. 11 - Prob. 18QECh. 11 - Prob. 19QECh. 11 - Prob. 1QAPCh. 11 - Prob. 2QAPCh. 11 - Prob. 3QAPCh. 11 - Prob. 4QAPCh. 11 - Prob. 5QAPCh. 11 - Prob. 1IPCh. 11 - Prob. 2IPCh. 11 - Prob. 3IPCh. 11 - Prob. 4IPCh. 11 - Prob. 5IP
Knowledge Booster
Similar questions
- Use the following table for questions 7-10 Carving knives Home users Professional Chefs No-name brand $40 $70 High-end professional series $60 $130 Given that the firm wants to sell both the versions, how should it price its products to have the users self-sort themselves profitably?arrow_forward3-1 Fixed-Cost Fallacy Describe a decision made by your company that involved costs that should have been ignored. Why did your company make the decision? What should it have done? Compute the profit consequences of the change.arrow_forwardIf Redstone wishes to maximize its profit margin, how many units should it produce?arrow_forward
- You turned down a job at ABC Corp last year that would have paid you $125,000 per year and started your own company. When you calculated your economic profit, it came out at $0. You expect the business will be exactly the same next year. ABC called and said you could still take the job. You should... A. Keep running your company as-is. B. Keep running your company but pay yourself less. C. Keep running your company but pay yourself more. D. Shut down your company and take the job at ABC.arrow_forwardthe total cost is constant and the total revenue will increase, Explainarrow_forwardPrice equals $20, quality equals 400 units, unit cost equals $15, implicit cost equals $4000. What does economic profit equal?arrow_forward
- Organizers of an Internet training session will charge participants $200 to attend. It costs $3000 to reserve the room, hire the instructor, bring in the equipment, and advertise. Assume it costs $25 per student for the organizers to provide the course materials.a.Write a math model for total cost.b.Write a math model for total revenue.c.Write a math model for total profit.d.Find the break-even point. And also I need the Excel solver solution and sensitivity report too .arrow_forwardThe CDE Co. manufactures widgets which it sells for $9.00 each. The variable cost of each unit is $5.00. The firm's fixed costs are $60,000 per year. What is the firm's break-even quantity per year?arrow_forwardHow General Motors improve or operate their economies of scale?arrow_forward
- If marginal cost is zero and marginal revenue is positive a team should A. decrease price to zero B. increase price and sell less OC. increase price and sell more D. decrease price and sell morearrow_forwardIn the long run, which plan has the higher payout? Plan A Payout P(Payout) −$35,000 0.57 $30,000 0.07 $65,000 0.36 Plan B Payout P(Payout) −$35,000 0.17 −$20,000 0.49 $90,000 0.34arrow_forwardNote: The answer should be typed.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning