Питання | Сторінка 140254

Which of the following items completes the calculation of economic profit?

Economic profit equals total revenue minus

the firm's opportunity cost of production.

✅

the implicit rental rate of the firm's capital.

❌

the cost of resources supplied by the owner.

❌

the cost of resources bought in the market.

❌

the cost of resources owned by the firm.

❌

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Table 10.3.2

Short Description: A table shows Tania's Teapots' total cost schedule.Long Description: The column heading from left to right are labour (workers per day), output (teapots per day), T F C (dollars per day), T V C (dollars per day), and T C (dollars per day). The row entries are as follows. Row 1. 0, 0, 30, 0, 30. Row 2. 1, 3, 30, 20, blank. Row 3. 2, 8, 30, 40, blank. Row 4. 3, 12, 30, 60, blank. Row 5. 4, 14, 30, blank, 110. Row 6. 5, 15, 30, blank, 130.

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. When the firm increases output from 8 to 12 teapots per day, what is the firm's marginal cost of one of these 4 additional teapots produced per day?

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Table 10.3.2

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. What is the firm's average total cost of producing 14 teapots per day?

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