Exam 14: Production and Cost

-The above table gives some production and cost information for Flaming Fernando's,a restaurant that sells Fiery Frijoles.What is the total fixed cost of producing 4,500 frijoles?

The figure above shows some of a firm's cost curves. -Based on the figure above,curve A is the firm's

-Anna owns a dog grooming salon in Brunswick,Georgia.The above table has Anna's total product schedule.Anna pays each worker $300 per week and she pays rent of $600 a week for her salon.These are her only costs.When Anna has a staff of 6 workers,her total cost equals

To produce more output in the short run,a firm must employ more of

When the slope of the total product curve is steep,the marginal product is

Total cost includes

-Kenya owns a lawn mowing company.His total product schedule is in the above table.The marginal product of the fourth worker is ________ lawns mowed per week.

The total product curve shows the relationship between total product and

A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment,is referred to as ________ cost.

-The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table.Based on the table,which of the following is correct?

Diseconomies of scale is a result of

-The table above shows the total product schedule for Rick's Lawn Service,a yard care company.The average product of labor ________ when the 7th worker is hired.

-The above table shows the total product schedule for Hair Today,a hair styling salon. a.What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b.Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?

Dr.Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic.His revenues for the first year are $500,000.He paid $90,000 in rent for the dental office,$60,000 for his office manager's salary,$24,000 for the dental hygienist,$150,000 for insurance,and $6,000 for other miscellaneous costs.The normal profit from running his business is $20,000.

April quit her job as an accountant at Ernst and Young,where she was paid $45,000 per year.She started her own landscaping business.She rents machines and tools for $50,000 and pays $10,000 as wages to her help.These are her only costs.April earned total revenue of $100,000.

________ cost is defined as a cost of production that does not entail a direct money payment.

If 9 workers can produce 1,550 units of output and 10 workers can produce 1,700 units of output,then the average product of 10 workers is

Marginal product equals

Suppose a firm's total revenue is $1,000,000.The firm has incurred explicit costs of $750,000.There is also $50,000 of forgone wages by the owner,$10,000 of forgone interest by the owner,$3,000 worth of economic depreciation,and $20,000 worth of normal profit.What is the firm's economic profit?

Which of the following statements correctly describes a total product curve?