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5. Distinguish between explicit and implicit costs, giving examplesof each. What are the explicit and implicit costs of attendingcollege? Why does the economist classify normal profit as a cost?Is economic profit a cost of production?
6. What is a sunk cost? Provide an example of a sunk cost otherthan one found in the text. Why are such costs irrelevant in makingdecisions about future actions?
5. Distinguish between explicit and implicit costs, giving examplesof each. What are the explicit and implicit costs of attendingcollege? Why does the economist classify normal profit as a cost?Is economic profit a cost of production?
6. What is a sunk cost? Provide an example of a sunk cost otherthan one found in the text. Why are such costs irrelevant in makingdecisions about future actions?
6. What is a sunk cost? Provide an example of a sunk cost otherthan one found in the text. Why are such costs irrelevant in makingdecisions about future actions?
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manhokwe tawandaLv10
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Related textbook solutions
Related questions
- Complete Table 1. Summarize your calculations and use Microsoft Excel.
- Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.
- Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.
- What is a normal profit? What is an economic profit? Explain your answer using examples. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.
- Given the data in the table and the graph, how could you determine or identify the optimal plant size?
- What is the difference between explicit and implicit cost? Explain your answers.
- How would we determine if a cost is a fixed cost or a variable cost?
Output | Average Fixed cost | Average Variable Cost | Average Total Cost | Marginal Cost | Price | Total Revenue | Marginal Revenue |
0 | $ 345.00 | ||||||
1 | $ 180.00 | $ 135.00 | $ 315.00 | $ 300.00 | |||
2 | $ 90.00 | $ 127.50 | $ 217.50 | $ 249.00 | |||
3 | $ 60.00 | $ 120.00 | $ 180.00 | $ 213.00 | |||
4 | $ 45.00 | $ 112.50 | $ 157.50 | $ 189.00 | |||
5 | $ 36.00 | $ 111.00 | $ 147.00 | $ 165.00 | |||
6 | $ 30.00 | $ 112.50 | $ 142.50 | $ 144.00 | |||
7 | $ 25.71 | $ 115.70 | $ 141.41 | $ 126.00 | |||
8 | $ 22.50 | $ 121.90 | $ 144.40 | $ 111.00 | |||
9 | $ 20.00 | $ 130.00 | $ 150.00 | $ 99.00 | |||
10 | $ 18.00 | $ 139.50 | $ 157.50 | $ 87.00 |