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ECON-1010-D1/D2-Introduction to Microeconomics
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Flora's Flowers bought a new van last year for $10,000. It can now sell the van for $8,500. To buy this year's model it would have to pay $11,000. Flora's also had to take out a $9,000 loan to buy the van which had to be paid back in yearly installments of $3,300 per year over three years. What is the implicit rental rate of the first year's use of the van?
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At that amount of output where diminishing marginal returns first sets in,
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Which of the following costs do NOT vary with the amount of output a firm produces?
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A firm's total product curve describes
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What does marginal cost equal?
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If marginal product is increasing, then it must be the case that
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Suppose Jan is starting up a small lemonade stand business. What would be included in variable costs for Jan’s lemonade stand?
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Total cost can be divided into two types. What are those two types?
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The AFC curve shifts upward if
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Suppose that you run a house-painting company and currently have 2 workers painting a total of 4 houses per month. If you hire a third worker, 6 houses can be painted per month. If you hire a fourth worker, 9 houses can be painted, and a fifth and sixth worker will increase the number of houses painted to 13 and 15, respectively. Diminishing returns
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