Questions 1: Which of the following is an implicit cost?

a) You quit your job to got to college, losing your hourly wage of $10

b) You have to pay $20 in library late fees

c) You have to pay $350 for textbooks

d) You have to pay $4000 for tuition

Question 2: An attorney supplies 40 hours of work per week when her fee rises to $120 per hour. Using the midpoint formula, her price elasticity of supply is equal to _________.

a) 0.45

b) 2.2

c) 1

d) 0.8

Question 3: Consider the firm's total costs shown in the table below. What is the firm's cost and variable cost when the quantity produced is 20 units?

Qty	Total Cost
0	200
10	400
20	700
30	800
40	1100

a) Fixed Cost = 200, Variable Cost = 500

b) Fixed Cost = 200, Variable Cost = 700

c) Fixed Cost = 350, Variable Cost = 350

d) Fixed Cost = 0, Variable Cost = 700

Question 4: The local coffee shop is collaborating with the neighbourhood 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 behavioural bias does this represent?

a) Status Quo Bias

b) Overconfidence

c) Loss Aversion

d) Risk Aversion

Question 5: Which of the following is true at minimum cost output/

a) Average total cost is equal to marginal cost

b) Average variable cost is equal to marginal cost

a) Average total cost is higher than marginal cost

b) Average variable cost is higher than marginal cost