Economics Homework

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1.
Mathematically, economic profit is




 
2.
If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000,




 
3.

Refer to Table A. The accounting costs for this firm are










 
4.
Refer to Table A. The accounting profits for this firm are









 
5.
Refer to Table A. The implicit costs for this firm are









 
6.
Refer to Table A. The economic profits for this firm are









 
7.
Dave currently earns a salary of $1,540 per week as an economics instructor. His next best career would have been an assistant manager at Nittany Burger, where he would have earned $24 per hour, and would have worked for 40 hours per week. What weekly economic rent does Dave receive from being an economics instructor?






 
8.

For these next five problems, use the above table. Hint: You may have to add some columns to the table in order to find more numbers. Look at Lessons > Supplements > Cost and Product Math Practice for some great practice in doing this type of problem!  In Table B, what is the APL when 3 workers are hired?





 
9.

In Table B, what is the marginal product of labor for the 4th worker?





 
10.
In Table B, diminishing MPL begins with which worker? In other words, which is the first worker who adds less output than the previous worker?









 
11.
In Table B, assume all workers get paid the same wage rate of w = $60. Assume that there are no costs associated with capital (TFC = 0). Which of the following is true?






 
12.
In Table B, assume all workers get paid the same wage rate of w = $60. Assume that there are no costs associated with capital (TFC = 0). Which of the following is true?





 
13.
Which of the following would be a fixed input to an automobile firm?




 
14.
In economics, how long is the long run?




 
15.
Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur?




 
16.
If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was




 
17.
The law of diminishing marginal product is a statement




 
18.
If average variable costs are increasing while average total costs are decreasing, then




 
19.

Use the above figure. The ATC at output 10 is





 
20.
Use the above figure. The AFC at output level 10 is




 
21.
If a firm gets so large that management of employees and other resources becomes a costly problem, it will be experiencing




 
22.
Suppose a firm doubles its output in the long run. At the same time the average cost of production remains unchanged. We can conclude that the firm is




 
23.

In the above figure, point B is called





 
24.

Video Question. Watch the following video: http://www.youtube.com/watch?v=56dpnShzRhs (skip the advertisement if one pops up).

According to the video, what is a cause of diseconomies of scale?





 

 

 
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