1 1 pts A production function describes how firms Group of answer choices combine capital, labor and other inputs to create products. describe demand conditions in their markets. determine the profit-maximizing quantity of output. Flag this Question Question 2 1 pts Capital is a factor of production that has been produced for use in the production of other goods and services. Which of the following are examples of capital? Group of answer choices computer software money airports Flag this Question Question 3 1 pts What are three of factors of production? Group of answer choices equipment, natural resources and land labor, capital and natural resources labor, capital and equipment Flag this Question Question 4 1 pts The marginal cost curve is generally ________, because diminishing marginal returns implies that additional units are ________. Group of answer choices upward-sloping; more costly to produce downward-sloping; more costly to produce upward-sloping; less costly to produce Flag this Question Question 5 1 pts A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. What was the firm's accounting profit? Group of answer choices $50,000 $150,000 $100,000 Flag this Question Question 6 1 pts Implicit costs are ________. Group of answer choices a foregone opportunity to do something else with your resources the monetary value of all the inputs used for an activity a cost you consciously pay Flag this Question Question 7 1 pts Suppose that a firm produces 10 units of output. Its Average Variable Cost (AVC) = $25, Average Fixed Cost (AFC) = $5, and Marginal Cost (MC) = $30. The firm's ________. Group of answer choices Total cost is $300 Total cost is $30 Average total cost (ATC) is $60 Average total cost (ATC) is $35 Flag this Question Question 8 1 pts The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in Table for total cost, average variable cost, average total cost, and marginal cost. Complete the chart by filling in the missing numbers: What is the marginal cost in C? Quantity Variable Cost Fixed Cost Total Cost Average Variable Cost Average Total Cost Marginal Cost 0 0 $30 1 $10 $30 2 $25 $30 A 3 $45 $30 C 4 $70 $30 5 $100 $30 B 6 $135 $30 Group of answer choices $15.00 $20.00 $22.50 Flag this Question Question 9 1 pts If a solar panel manufacturer wants to look at its total costs of production in the short run, which of the following would provide a useful starting point? Group of answer choices divide total costs into two categories: variable costs that can't be changed in the short run and fixed costs that can be divide the variable costs of production by the quantity of output divide total costs into two categories: fixed costs that can't be changed in the short run and variable costs that can be divide the total costs of production by the quantity of output Flag this Question Question 10 1 pts Suppose you own a profitable tailoring company that hires two workers. The combined production of the two workers is ten shirts per day. You decide to double the amount of capital and labor and see that the total number of shirts produced each day has increased to 22. This implies that your company is exhibiting ________. Group of answer choices Diminishing marginal product Decreasing returns to scale Constant returns to scale Economies of scale