Which of the following is not considered production? Developing a marketing plan Building a house Mining coal Eating ice creamWhich of the fol lowing excludes implicit costs? Total cost Accounting cost Opportunity cost Replacement cost Farmer Jimenez is considering opening a golf course on his property, which averaged $75 thousand in sales of soybeans over the last few years. He expects to earn $150 thousand in greens fees and other revenues from the golf course. To operate the course, Jimenez would need to hire two employees for fee management and course upkeep. He can hire the employees for $25 thousand each. Assuming he doesn't have any other expenses for the golf course, what would Farmer Jimenez' economic profits be? $25 thousand $100 thousand $25 thousand $125 thousand Which of the following inputs could be considered a fixed factor of production? The owner/operator of the business The assembly line workers Sales people Delivery peopleMarginal product is defined as The amount of output one more worker could produce The cost of producing one more unit of output The total output of all workersWhile the output of each additional worker may increase at rst, eventually it will decline. This statement is described as: The Law of Diminishing Marginal Utility The Law of Diminishing Marginal Prot The Law of Diminishing Marginal Productivity The Law of Diminishing Total Product Think about the relationships between the various cost curves. (Hint: Draw them.) If at the current level of output, average total cost (ATC) is rising, which of the following could be the reason? MC