| $ Home x |Gradebook x Question 2 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] i Saved Help Save & Exit Submit 2 Answer the question on the basis of the following cost data. Average Fixed Output Cost Average Variable Cost 1 6 50.00 $ 100.00 2 25.06 30.00 Book 3 16.67 56.67 4 12. 50 65. 06 5 10. 00 58. 0e 6 8.37 73.33 7.14 80. 00 8 6.25 37.50 The average total cost of 7 units of output is Multiple Choice O $94.14. O $120.00. O $8714. O $7.14. OneDrive X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82.F 6:25 PM sunny 4/6/2022 4| Home x |Gradebook x Question 10 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A 16 ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] i Saved Help Save & Exit Submit Answer the question on the basis of the following information. 10 Number of Total Marginal Workers Product Product - - - 1 8 8 2 10 Book 3 25 4 30 5 3 6 34 The average product when there are five workers Multiple Choice O is 3. O is 6.6 O is 33. O cannot be determined from the information given. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82.F 6:26 PM sunny 4/6/2022 4| Home x | Gradebook x Question 11 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 11 The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $60,000 Annual lease on building = $30,000 Annual revenue from operations = $250,000 Payments to workers = $100,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's total revenues exceed its total costs, including a normal profit, by Multiple Choice O $284,000. O $138,000. O $112,000. O -$34,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4/6/2022 4 sunny| Home x |Gradebook x Question 12 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr * + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit The following is cost information for the Creamy Crisp Donut Company. 12 Entrepreneur's potential earnings as a salaried worker = $48,000 Annual lease on building = $20,000 Annual revenue from operations = $280,000 Payments to workers = $118,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's explicit costs are Multiple Choice O $280,000 O $146,000. O $0. O $152,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 sunny 4/6/2022| Home x |Gradebook x Question 13 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] i Saved Help Save & Exit Submit The question is based on the following table, which provides information on the production of a product that requires one variable input. 13 Input Total Product 1 5 2 20 Book 32 42 5 50 55 58 58 56 With the addition of the sixth unit of input, the marginal product is Multiple Choice O 5 and the average product is 55. O 105 and the average product is 9.17. O 5 and the average product is 9.17. OneDrive ... X O 9.17 and the average product is 5. Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 sunny 4/6/2022| Home x |Gradebook x Question 14 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit The following is cost information for the Creamy Crisp Donut Company. 14 Entrepreneur's potential earnings as a salaried worker = $40,000 Annual lease on building = $25,000 Annual revenue from operations = $420,000 Payments to workers = $150,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's implicit costs, including a normal profit, are Multiple Choice O $126,000. O $183,000. O $111,000. O $189,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 sunny 4/6/2022| Home x |Gradebook x Question 15 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit The following is cost information for the Creamy Crisp Donut Company. 15 Entrepreneur's potential earnings as a salaried worker = $55,000 Annual lease on building = $23,000 Annual revenue from operations = $320,000 Payments to workers = $130,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 If, other things equal, Creamy Crisp's revenue fell to $302,000, Multiple Choice O its implicit costs would exceed its economic costs. O it would earn a normal profit but not an economic profit. O it would suffer an economic loss. O its accounting profit would fall to $0. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM sunny 4/6/2022 4| Home x |Gradebook x Question 16 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit : Answer the question on the basis of the following cost data. 16 Output Total Cost $ 24 1 33 2 41 Book 3 48 54 5 61 6 69 The average fixed cost of producing 6 units of output is Multiple Choice O $7.50. O $24. O $11.50. O $4.00. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. 82. F 6:26 PM sunny 4/6/2022 4| Home x | Gradebook x Question 17 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 17 The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $38,000 Annual lease on building = $20,000 Annual revenue from operations = $280,000 Payments to workers = $118,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp Donut Company Multiple Choice O has lower explicit costs, than implicit costs. O is earning a normal profit but not an economic profit. O is earning an economic profit. O is suffering an economic loss, when implicit costs are considered. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4/6/2022 4 sunny| Home x |Gradebook x Question 18 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit The following is cost information for the Creamy Crisp Donut Company. 18 Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's accounting profit is Multiple Choice O $286,000. O $150,000. O $230,000. O $94,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4/6/2022 4 sunny| Home x |Gradebook x Question 19 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit 19 Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers Units of Output 1 30 2 70 Book 3 122 4 165 5 190 6 210 The marginal product of the fifth worker is Multiple Choice O 38 units of output O 43 units of output. O 25 units of output. O 20 units of output. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82.F 6:26 PM 4/6/2022 4 sunny| Home x | Gradebook x Question 3 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] i Saved Help Save & Exit Submit 3 Use the following data to answer the question. Inputs of Labor Total Product 1 10 2 22 Book 3 36 48 5 58 66 63 The average product (AP) when four units of labor are hired is Multiple Choice O 10 O 12 . O 192. O 24. OneDrive ... X Screenshot saved Mc The screenshot was added to your OneDrive. 82. F sunny 6:25 PM 4/6/2022 4| Home x | Gradebook x Question 20 - Wk 5 - Apply: Sum X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit Harvey quit his job at State University, where he earned $50,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $7,000 a year. To start the business, he cashed in $80,000 in bonds 20 that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 12,000 units of software at $70 for each unit. Of the $70 per unit, $52 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The implicit costs of Harvey's firm in the first year were Book Multiple Choice O $216,000. O $65,000. O $151,000. O $840,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 Sunny 4/6/2022| Home x | Gradebook x Question 4 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 4 : Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers Units of Output 1 45 2 100 Book 3 160 4 230 5 320 6 400 Diminishing marginal returns become evident with the addition of the Multiple Choice O first worker. O fifth worker. O sixth worker. O second worker. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. 82. F 6:26 PM 4/6/2022 4 sunny| Home x |Gradebook x Question 5 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 5 Round Things, Inc.'s production process exhibits constant returns to scale. Currently their long-run average cost is $24/unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be Multiple Choice Book O Less than $20/unit. O $24/unit. O less than $12/unit. O less than $24/unit but greater than $12/unit. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 sunny 4/6/2022| $ Home x | Gradebook x Question 6 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 6 Suppose that you could either prepare your own tax return in 8 hours or hire a tax specialist to prepare it for you in 2 hours. You value your time at $20.00 an hour; the tax specialist will charge you $45 an hour. The opportunity cost of preparing your own tax return is Multiple Choice Book O $250 O $45 O $90. O $160 OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. Hill 82. F 6:26 PM 4 sunny 4/6/2022| Home * | Gradebook Question 7 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr x + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 7 Harvey quit his job at State University, where he earned $45,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The accounting profit of Harvey's firm in the first year was Book Multiple Choice O $220,000. O $60,000. O $160,000. O $825,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. 82. F 6:26 PM 4 sunny 4/6/2022| Home * |Gradebook x Question 8 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr x + X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit 8 Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's Multiple Choice Book O ATC is $35. O ATC is $57. O total cost is $270. O total cost is $30. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. 82. F 6:26 PM sunny 4/6/2022 4| $ Home x |Gradebook x Question 9 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A" to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] Saved Help Save & Exit Submit 9 : Assume that in the short run a firm is producing 800 units of output, has average total costs of $150, and has average variable costs of $100. The firm's total costs are. Multiple Choice Book O $120,000. O $80,000. O $50. O $40,000. OneDrive ... X Screenshot saved The screenshot was added to your Mc OneDrive. 82. F 6:26 PM sunny 4/6/2022 4| $ Home x | Gradebook x Question 1 - Wk 5 - Apply: Sumn X O ECO/365: Principles Of Micr X + X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_299346_1%252Foutline%253Flaunch_id%253D36a04798-a6af-44cb-945f... A to ... Wk 5 - Apply: Summative Assessment: Quiz [due Day 7] @ Saved Help Save & Exit Submit The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $40,000 Annual lease on building = $25,000 Annual revenue from operations = $420,000 Payments to workers = $150,000 Utilities (electricity, water, disposal) costs = $8,000 Book Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's economic profit is Multiple Choice O $309,000. O $183,000. O $237,000. O $111,000. Mc Hill 82. F 6:25 PM sunny 4/6/2022 3