{"id":8187,"date":"2021-10-15T05:02:41","date_gmt":"2021-10-15T05:02:41","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/econ-3-business-finance-homework-help\/"},"modified":"2021-10-15T05:02:41","modified_gmt":"2021-10-15T05:02:41","slug":"econ-3-business-finance-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/econ-3-business-finance-homework-help\/","title":{"rendered":"Econ 3 | Business & Finance homework help"},"content":{"rendered":"
\n

28) Refer to Figure 8.2. The marginal product of the sixth worker is ________. 28) ______<\/span><\/p>\n

A) 50 <\/span><\/p>\n

B) 0 <\/span><\/p>\n

C) -5 <\/span><\/p>\n

D) 5<\/span><\/p>\n

\u00a0<\/span><\/p>\n

29) Accounting profit is equal to: 29) ______<\/span><\/p>\n

A) total revenue plus accounting cost. <\/span><\/p>\n

B) total revenue minus implicit costs.<\/span><\/p>\n

C) total revenue minus economic cost.. <\/span><\/p>\n

D) total revenue minus explicit costs.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

30) Refer to the below diagrams which pertain to a purely competitive firm producing output q<\/em> and the industry in which it operates. In the long run we should expect: 30)____<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>A)firms to enter the industry, market supply to rise, and product price to fall. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>B)firms to leave the industry, market supply to rise, and product price to fall. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>C)firms to leave the industry, market supply to fall, and product price to rise. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>D)no change in the number of firms in this industry. <\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0 <\/span><\/span>\"\"<\/span><\/p>\n

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31)\u00a0 <\/span><\/span><\/p>\n

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\"\"<\/span><\/p>\n

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Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic: 31)____<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>A)\u00a0 <\/span>loss of $320.\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>B)\u00a0 <\/span>profit of $480.\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>C)\u00a0 <\/span>loss of $480.\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>D)\u00a0 <\/span>profit of $600.\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\"\"<\/span><\/p>\n

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32) Refer to Figure 9.7. This firm’s short-run supply curve is the firm’s: 32) ______<\/span><\/p>\n

A) AVC <\/em>curve to the left of Point B<\/em>. <\/span><\/p>\n

B) marginal cost curve above Point D<\/em>.<\/span><\/p>\n

C) marginal cost curve above Point A<\/em>. <\/span><\/p>\n

D) marginal cost curve above Point B<\/em>.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\"\"<\/span><\/p>\n

\u00a0<\/span><\/p>\n

33) Refer to Figure 9.2. If Buffy gives 17 perms per day, her daily profit is: 33) ______<\/span><\/p>\n

A) $51. <\/span><\/p>\n

B) $45. <\/span><\/p>\n

C) $3. <\/span><\/p>\n

D) $10.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

34) Verde Inc. has a monopoly over the production of emeralds in Ecuador. Verde Inc. will find it profitable to increase<\/span><\/p>\n

the mining production of emeralds as long as marginal cost: 34) ______<\/span><\/p>\n

A) is greater than marginal revenue. <\/span><\/p>\n

B) is positive.<\/span><\/p>\n

C) equals marginal revenue. <\/span><\/p>\n

D) is less than marginal revenue.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

35) The process of using public policy to gain economic profit is: 35) ______<\/span><\/p>\n

A) rent seeking. <\/span><\/p>\n

B) deadweight loss.<\/span><\/p>\n

C) never successful. <\/span><\/p>\n

D) illegal.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

36) When a profit-maximizing firm in monopolistic competition is producing its long-run equilibrium quantity:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\u00a0<\/span>36)______<\/span><\/p>\n

A) its marginal revenue will exceed its marginal cost.<\/span><\/p>\n

B) its price will be equal to its average total cost.<\/span><\/p>\n

C) its price will equal its marginal cost.<\/span><\/p>\n

D) it will be earning economic profit.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

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\u00a0<\/span><\/p>\n

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\"\"<\/span><\/p>\n

37) Refer to Figure 11.2. In the long run the monopolistic competitor would generate total revenue equal to the area:<\/span><\/p>\n

37) ______<\/span><\/p>\n

A) 0BGD. <\/span><\/p>\n

B) AHE0. <\/span><\/p>\n

C) 0AFD. <\/span><\/p>\n

D) AFGB.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

38)Fill in the blanks:\u00a0 <\/span>Higher wages lead to higher output price, lower quantity demanded, and therefore fewer workers hired.\u00a0 <\/span>This effect is particularly strong when the product\u2019s demand is ___________ and labor costs are a ________ fraction of the costs.\u00a0 <\/span>38)_____<\/span><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>A)\u00a0 <\/span>inelastic; large. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>B)\u00a0 <\/span>elastic; large. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>C)\u00a0 <\/span>inelastic; small. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>D) elastic; small.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

39) In a competitive labor market, 39) ______<\/span><\/p>\n

A) the market wage rate is the marginal revenue product of labor.<\/span><\/p>\n

B) the firm can hire all the labor it wants at the going market wage rate.<\/span><\/p>\n

C) firms will hire as long as the marginal revenue product of labor is less than or equal to the market wage.<\/span><\/p>\n

D) all of the above<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

40)<\/span><\/p>\n

\"\"<\/span><\/p>\n

Table 17.3<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Refer to Table 17.3. If the market price of the product is $4 and the firm can hire as many workers as it wants at a wage<\/span><\/p>\n

of $40, the firm should hire ________ workers. 40) ______<\/span><\/p>\n

A) 3 <\/span><\/p>\n

B) 2 <\/span><\/p>\n

C) 4 <\/span><\/p>\n

D) 5<\/span><\/p>\n

\u00a0<\/span><\/strong><\/p>\n

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\u00a0<\/span><\/strong><\/p>\n

II. SHORT ANSWER (5 questions, 4 points each). Write the phrase that best completes each statement or<\/span><\/strong><\/p>\n

answers the question.<\/span><\/strong><\/p>\n

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41) What is the opportunity cost of investing $10,000 of your own money in a business you wish to start? <\/span><\/p>\n

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42) Figure 6.9 below shows the market for tobacco. If the government has no restrictions on imported tobacco, what will be the<\/span><\/p>\n

price of tobacco and the level of tobacco produced? If the government passes a law banning tobacco imports, what<\/span><\/p>\n

happens to the price of tobacco and the quantity of tobacco sold? <\/span><\/p>\n

\u00a0<\/span><\/p>\n

\"\"<\/span><\/p>\n

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43) Comment on the following statement: “In the short run, a firm’s total costs will be zero if the firm chooses to produce<\/span><\/p>\n

nothing.” 43) _____________<\/span><\/p>\n

\u00a0<\/span><\/p>\n

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44) Refer to the above diagram. <\/span><\/p>\n

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    \n
  1. If the price in the above market, prior to reaching equilibrium, is initially $20, what will be the Quantity Supply and the Quantity Demanded?<\/span><\/li>\n<\/ol>\n

    \u00a0<\/span><\/p>\n

      \n
    1. What is this out-of-equilibrium situation called?<\/span><\/li>\n<\/ol>\n

      \u00a0<\/span><\/p>\n

      \u00a0<\/span><\/p>\n

        \n
      1. What will be the eventual Equilibrium Price and Quantity in the above market?<\/span><\/li>\n<\/ol>\n

        \u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        45) Why does Price = MR in perfect competition? <\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        28) Refer to Figure 8.2. The marginal product of the sixth worker is ________. 28) ______ A) 50 B) 0 C) -5 D) 5 \u00a0 29) Accounting profit is equal to: 29) ______ A) total revenue plus accounting cost. B) total revenue minus implicit costs. C) total revenue minus economic cost.. D) total revenue minus […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-8187","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/8187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=8187"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/8187\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=8187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=8187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=8187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}