Chapter 9

Question 1

Used table marginal benefit of sweaters. The marginal benefit of producing the fourth sweater is.

Answer 1

13

Question 2

The marginal benefit curve. The total benefit of cleaning six pools is approximately.

Answer 2

$154

Question 3

The amount by which an additional unit of an activity increases total cost is the

Answer 3

Marginal cost

Question 4

The cost and benefits of producing Artisanal whiskey. How many bottles of whiskey surgery produce?

Answer 4

Four

Question 5

Money that is paid for the use of factors of production, such as labor and capital is a

Answer 5

Explicit cost

Question 6

Giordanos Pizza in Chicago computed its profits without taking into account it’s implicit costs, it would then only be considering it’s—— profits

Answer 6

Accounting

Question 7

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.

Answer 7

Exhibiting bounded rationality

Question 8

——-is the mistaken belief that an unrecoverable cost represents an opportunity cost

Answer 8

The sunk cost fallacy

Question 9

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

Answer 9

Marginal benefit, marginal cost

Question 10

And upward sloping marginal cost curve indicates that marginal costs are

Answer 10

Increasing

Question 11

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

Answer 11

Explicit

Question 12

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.

Answer 12

$376,000

Question 13

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

Answer 13

15

Question 14

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

Answer 14

$62,600, implicit

Question 15

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

Answer 15

$30 or more

Question 16

To maximize her grade in anthropology, Genevieve should study until her

Answer 16

Marginal benefit of studying equals marginal cost of studying

Question 17

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.

Answer 17

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.)

Question 18

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

Answer 18

1

Question 19

Marginal cost of sweaters. The marginal cost of the fourth sweater is.

Answer 19

$15

Question 20

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

Answer 20

Implicit

Question 21

The ——-of a good or service is the additional benefit to drive from producing one more our unit of that good or service

Answer 21

Marginal benefit

Question 22

To determine the quantity of an activity that will maximize total profit, economists employ

Answer 22

Marginal analysis

Question 23

In economics, the total profit of an activity is maximized when

Answer 23

MB equals MC

Question 24

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.

Answer 24

Mow the 10th lawn

Question 25

Part of the—— used by the Las Vegas raiders football team. Is there tackling dummies used in practice.

Answer 25

Capital

Question 26

How about of mentally assigning dollars to different accounts so that some dollars are worth more than others is

Answer 26

Mental accounting

Question 27

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——-

Answer 27

Cost, right, increase

Question 28

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.

Answer 28

15 points