Bill mows lawns for money and he can mow up to 5 lawns in a day. The following table shows Bill's total benefit and total cost of mowing lawns. What is Bill's optimal number of lawns mowed in a day?

Quantity on Lawns Mowed	Total Cost	Total Benefit
0	$0	$0
1	$12	$15
2	$22	$30
3	$32	$45
4	$45	$60
5	$59	$75

Question 1 options:

	4
	3
	2
	5

Question 2 (1 point)

You run a business with annual revenue of $5,000 and expenses of $1,400. You have a job offer from one of your competitors to work for an annual salary of $2500. The equipment for the business could be sold and the funds invested to generate $100 in annual interest earnings if the proceeds were invested.

What is your economic profit from running the business?

Question 2 options:

	$2,100
	$1,400
	$1,000
	$1,700

Question 3 (1 point)

A house painting firm uses three inputs - labor, painting supplies and a room to store its supplies. The firm hires labor on weekly contracts, it can buy the painting supplies daily, and it has a monthly lease on the storage room.

Which of the following time periods would be considered long-run for this firm?

Question 3 options:

	2 months
	3 days
	24 hours
	2 weeks

Question 4 (1 point)

The local coffee shop is collaborating with the neighborhood soup kitchen to raise funds to provide free meals. The coffee shop finds that compared to asking for donations at the register, people donate more if a donation amount is automatically added to the bill and customers are given the option to have it removed. What behavioral bias does this represent?

Question 4 options:

	Overconfidence
	Risk Aversion
	Status Quo Bias
	Loss Aversion

Question 5 (1 point)

David's current salary is $20,000. He has two job offers from company X and company Y. The accounting and economic profit for David for taking each of these jobs compared to his current job are given below. What should David do?

Job Economic Profit Accounting Profit

X -$2000 $25,000

Y $1000 $22,000

Question 5 options:

	Switch to either Job X or Job Y as both are equally good
	Switch to Job X
	Stay in his current job
	Switch to Job Y