ECON 206 HW 7 - Custom Scholars
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# ECON 206 HW 7

question
The lesson of is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
Sunk costs
question
An individual firm's supply curve for a good is derived from:
The marginal cost of producing that good
question
When deciding how much of a good to produce, a producer should:
Always produce an additional unit if price is greater than marginal cost
question
Marcella operates a small, but very successful art gallery. Which of the following is not a variable cost for Marcella's business?
Physical space for the gallery
question
Why is labor considered a variable cost?
Producing larger quantities of a good or service generally requires more workers
question
If a paper mill shuts down its operations for three months so that it produces nothing, its ______________ will be reduced to zero?
Variable costs
question
I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for \$6. To produce the 7,000 can openers, the company incurred variable costs of \$28,000 and a total cost of \$45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was
\$2.43
question
I'MaGadgetCo. produces and sells widgets. Last year, it produced 9,000 widgets and sold each one for \$8. To produce the 9,000 widgets, the company incurred variable costs of \$27,000 and a total cost of \$36,000. I'MaGadgetCo's average fixed cost to produce 9,000 widgets was
\$1.00
question
The marginal cost curve is generally ______________ , because diminishing marginal returns implies that additional units are ______________ .
upward-sloping; more costly to produce
question
Whatever the firm's quantity of production, ______________ must exceed total costs if it is to earn a profit.
Total revenue
question
Fixed costs are important because, at least in the ______________ , the firm ______________.
short run; cannot alter them
question
In order to calculate marginal cost, the change in ______________ is divided by the amount of change in quantity.
Total cost
1 of 12
question
The lesson of is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
Sunk costs
question
An individual firm's supply curve for a good is derived from:
The marginal cost of producing that good
question
When deciding how much of a good to produce, a producer should:
Always produce an additional unit if price is greater than marginal cost
question
Marcella operates a small, but very successful art gallery. Which of the following is not a variable cost for Marcella's business?
Physical space for the gallery
question
Why is labor considered a variable cost?
Producing larger quantities of a good or service generally requires more workers
question
If a paper mill shuts down its operations for three months so that it produces nothing, its ______________ will be reduced to zero?
Variable costs
question
I'MABigCorp. produces and sells kitchen wares. Last year, it produced 7,000 can openers and sold each one for \$6. To produce the 7,000 can openers, the company incurred variable costs of \$28,000 and a total cost of \$45,000. I'MABIGCorp.'s average fixed cost to produce the 7,000 can openers was
\$2.43
question
I'MaGadgetCo. produces and sells widgets. Last year, it produced 9,000 widgets and sold each one for \$8. To produce the 9,000 widgets, the company incurred variable costs of \$27,000 and a total cost of \$36,000. I'MaGadgetCo's average fixed cost to produce 9,000 widgets was
\$1.00
question
The marginal cost curve is generally ______________ , because diminishing marginal returns implies that additional units are ______________ .
upward-sloping; more costly to produce
question
Whatever the firm's quantity of production, ______________ must exceed total costs if it is to earn a profit.
Total revenue
question
Fixed costs are important because, at least in the ______________ , the firm ______________.
short run; cannot alter them
question
In order to calculate marginal cost, the change in ______________ is divided by the amount of change in quantity.
Total cost

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