Chapter 9 Flashcards
Used table marginal benefit of sweaters. The marginal benefit of producing the fourth sweater is.
13
The marginal benefit curve. The total benefit of cleaning six pools is approximately.
$154
The amount by which an additional unit of an activity increases total cost is the
Marginal cost
The cost and benefits of producing Artisanal whiskey. How many bottles of whiskey surgery produce?
Four
Money that is paid for the use of factors of production, such as labor and capital is a
Explicit cost
Giordanos Pizza in Chicago computed its profits without taking into account it’s implicit costs, it would then only be considering it’s—— profits
Accounting
Suppose Genevieve buys a new vacuum to replace her old one that suddenly quits working. If Genevieve buys the model on closeout sale and doesn’t take time to research the repair records and energy efficiency of various other models, she is.
Exhibiting bounded rationality
——-is the mistaken belief that an unrecoverable cost represents an opportunity cost
The sunk cost fallacy
Generally, when economics are interested in finding a solution to a how much decision they compare the—— of an action to the——— of that action
Marginal benefit, marginal cost
And upward sloping marginal cost curve indicates that marginal costs are
Increasing
Generally, if you wish to hire an accountant to assist you in an economic decision, you were, considering, the accountant would use only—— cost in her analysis
Explicit
Suppose your local Walmart has explicit costs of $5 million per year and implicit costs of $174,000 per year. If the store earned an economic profit of $202,000 last year, the stores accounting profit was.
$376,000
Expected exam scores from studying microeconomics and marketing. The marginal benefit of spending the first hour, studying microeconomics in terms of your microeconomics score is.—— points
15
David’s financial planner tell him that he made a profit of $31,300 running a ballroom dance studio in Sacramento. David’s wife an actuary, claims David lost $31,300 running his ballroom dance studio. This means his wife is claiming that he incurred.——-in——-costs
$62,600, implicit
Some airports have only one runway others have two, three, or more. If each run away costs $10 million, the total benefit of a three runway airport must be.—— million
$30 or more
To maximize her grade in anthropology, Genevieve should study until her
Marginal benefit of studying equals marginal cost of studying
Do you plan to attend a player on Saturday night. You buy a ticket for $47 and then lose it. According to marginal analysis you should.
Buy another ticket and 10 to the play. Only if you’re marginal benefit of seeing the place is more than $94.. (but I believe it is buy another ticket and attend the play. Only if you’re marginal benefit of seeing the place is more than $47 as their initial ticket purchased is a sunk cost.)
Expanded exam scores from studying microeconomics and marketing. If you study for a total of three hours, your combined score as will be maximized by spending.——-hours, studying marketing
1
Marginal cost of sweaters. The marginal cost of the fourth sweater is.
$15
Suppose the Boston Red Sox could rent out for a park to local youth legs for $11,000 per month. The $11,000 per month is the.—— cost of capital
Implicit
The ——-of a good or service is the additional benefit to drive from producing one more our unit of that good or service
Marginal benefit
To determine the quantity of an activity that will maximize total profit, economists employ
Marginal analysis
In economics, the total profit of an activity is maximized when
MB equals MC
Suppose Ben has a part-time business mowing lawns. He has mode nylons on a given day, the marginal benefit of the 10th on his $20 in the marginal cost is $12 Bob should.
Mow the 10th lawn
Part of the—— used by the Las Vegas raiders football team. Is there tackling dummies used in practice.
Capital
How about of mentally assigning dollars to different accounts so that some dollars are worth more than others is
Mental accounting
The optimal quantity. If the cost of lawnmowing decreases for all quantities of lawns mowed, the marginal.——-curve in the figure with shift to the——-and the total profit would——-
Cost, right, increase
Expected exam scores from studying microeconomics and marketing. At the opportunity or marginal cost of spending the first hour of studying microeconomics in terms of your marketing score is.
15 points
