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1. Explain the difference between the change in demand and the change in quantity demanded? Bring an example and explain which demand determinant you are talking about?

2. Bring an example of production (any production in any industry), and state which costs do you think will be fixed costs and which ones will be variable costs?

3. Explain the explicit and implicit costs of the business? Explain

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Divya Singh
Divya SinghLv10
28 Sep 2019

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Related questions

1) State and explain the law of diminishing returns. How might this law apply if you were studying for an examination for an online course?

2) What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?

3) Explain the relationship between AP and MP. Be sure to state how they relate to each other when the MP is greater than AP, equal to AP and less than the AP.

1. At any given rate of output, the difference between total cost and fixed cost is:

A. Marginal cost.

B. Average variable cost.

C. Zero in the short run.

D. Variable cost.

 

2. Accounting costs and economic costs differ because

A. Economic costs include implicit costs and accounting costs do not.

B. Accounting costs include implicit costs and economic costs do not.

C. Economic costs include explicit costs and accounting costs do not.

D. Accounting costs include explicit costs and economic costs do not.

 

3. In the short run, which of the following is most likely a variable cost?

A. Contractual lease payments.

B. Labor and raw materials costs.

C. Property taxes.

D. Interest payments on borrowed funds.

3. Cost of Production 1

a. Explain the difference between explicit costs and implicit costs and who would care about these terms and why.

b. From the point of view of a firm, how would you explain the difference between the short run and long run, and their impact on the decision-making of the firm?

i. How do you tell short run from long run and how will those distinctions impact the decision-making of the firm?

c. Your boss asks you to document your companies’ production function. How would you do that? What information would you need? Where would you get that info? Be specific.

i. What does the production function consist of?

ii. What does it tell us?

iii. How would you approach defining your company production function?

d. List and explain the Short Run Production Relationships

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