Economics Homework Help

Refer to Exhibit 6-4. Suppose the firm has fixed cost of $30. What is the total cost if output is 5 units?

A. $80

B. $104

C. $30

D. $50

E. $62

Refer to exhibit 6-4. if the output price is $14, the profit-maximizing output level is __units

A. 2

B. 5

C. 3

D. 4

E. 6

Refer to exhibit 6-5. Which of the following statements is not true?

A. fixed costs equal total costs when output equals zero

B. the output closes to the profit-maximizing level is Q3

C. profits is the same at Q1 as it is at Q4

D. profit is equal to zero when output equals zero

E. marginal cost is less than marginal revenue at Q2

Refer to exhibit 6-5. The output level most likely to maximize profits is

A. zero

B. Q1

C. Q3

D. Q2

E. Q4

Exhibit 5-3 shows Allison’s total utility from consuming yogurt. Which of the following is true?

A. the marginal utility of the second cup of yogurt is 1 unit of utility

B. the marginal utility of the third cup of yogurt is 20 units of utility

C. the marginal utility of the fourth cup of yogurt is 1 unit of utility

D. the marginal utility of the fourth cup of yogurt is 21 units of utility

E. the marginal utility of the first cup of yogurt is 0