Items starting 14 to 20. (Week 5 Summative Assessment Quiz).

Principles of MicroEconomics 365T Questionnaire.

Paragraph Styles 14. 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 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,090 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 $309,000 $183.000 523 7.000 $111,00015. Answer the question on the basis of the following cost data Output Total Cost 0 $ 24 3.3 13 48 54 61 69 The average fixed cost of producing 6 units of output is Multiple Choice $7 50 $11 50. $4100AaBbCCDc |AaBbCEDC AaBbC(|AaBbCct AaB A I Normal T No Spac... Heading 1 Heading 2 Title Paragraph Styles 16. The sole proprietor of the Milwaukee Machine Company receives all accounting profits earned by her firm. She has a standing salary offer of $37,000 a year to work for a large corporation. If she had invested her capital outside her own company. she estimates that would have returned $18.000 this year. If accounting profits for the year were $60.000, then her economic profits were (based solely on the given figures) Multiple Choice $115.000 $5.090 $55.000 $60.000Paragraph Editing 17. 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 WorkersUnits of Output 0 30 70 122 165 190 210 What is the firm's average product when four workers are hured? Multiple Choice 21.5 units of output 43 units of output 41.25 units of output 28.75 units of output Focus18. Use the following data to answer the question Inputs of Labor Total Product 10 22 36 58 66 63 When four units of labor are hired, the marginal product (MP) of the last worker is Multiple Choice 10 12. 192 24 Us Display SettingsParagraph Styles 19. Suppose that you could either prepare your own tax return in 5 hours or hire a tax specialist to prepare it for you in 1 hours. You value your time at $22.00 an hour, the tax specialist will charge you $65 an hour. The opportunity cost of preparing your own tax return 15 Multiple Choice $175. $65. $130 $11020. Answer the question on the basis of the following cost data. OutputAverage Fixed CostAverage Variable Cost $ 50.00 $ 100.00 2 25.00 80 .00 3 16. 67 66. 67 12. 50 65.00 10.00 68.00 6 8.37 73. 33 7. 14 80. 00 6. 25 87 . 50 The total cost of five units of output is Multiple Choice $340.00 STS.00 $390.00 $50 00