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I need help on these 5 microeconomic questions: Question 21 (2.5 points) Which one of the following goods is excludable? O Canada Day reworks O
I need help on these 5 microeconomic questions:
Question 21 (2.5 points) Which one of the following goods is excludable? O Canada Day reworks O a road that does not charge a toll O tornado sirens O protection from the police force 0 Banff National Park Question 22 (2.5 points) Suppose Wendy decides to quit her $50,000 a year job to start her own company. In its first year, her company generates sales revenue of $160,000 and its operating expenses are $100,000. Given this information, what is her economic profit for the first year? $-30,000 $60,000 $160,000 $110,000 $10,000Question 23 (2.5 points) The maximum amount of total product that any particular set of inputs can produce during a given time period is described by: O The marginal product. O The average cost. O The producer surplus. O The production function. O Diminishing marginal returns. Question 24 (2.5 points) The cost information for a firm is given by the following table. Assume that labor is paid a constant wage and capital is paid a constant price, i.e., this firm is a price-taker both in the labor and capital markets. Note: L is labor; K is capital; Q is output; VC is variable cost; FC is fixed cost; TC is total cost; AVC is average variable cost; AFC is average fixed cost; ATC is average total cost; MC is marginal cost; and MPL is the marginal product of labor. K L Q FC VC TC AFC AVC ATC MC MPL 2 0 10 2 1 18 0.25 units of output/unit of labor 2 5 W N 2 6 2 A 4 2 5 32 2 6 38 2 20 7 Given the above information and holding everything else constant, how much does one unit of capital cost to the firm?2 10 O 0.25Question 25 (2.5 points) The cost information for a firm is given by the following table. Assume that labor is paid a constant wage and capital is paid a constant price, i.e., this firm is a price-taker both in the labor and capital markets. Note: L is labor; K is capital; Q is output; VC is variable cost; FC is fixed cost; TC is total cost; AVC is average variable cost; AFC is average fixed cost; ATC is average total cost; MC is marginal cost; and MPL is the marginal product of labor. K L Q FC VC TC AFC AVC ATC MC MPL 2 0 10 2 18 0.25 units of output/unit of labor 2 U 6 NN UI A W/N 4 2 32 N a 38 2 20 7 What is the minimum price for an output at which the firm is willing to stay in the market in the short run?Step by Step Solution
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