03 Jun Question 1. Barbara owns a small shop where dresses are ma
Question
1. Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable costs for the month are:
A. c and e.
B.$4,000.
C.$32 per dress.
D.$7,500.
E. $8,000.
2. An economist left her $100,000-a-year teaching position to work full-time in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $100,000. She made a(n):
A. economic profit.
B. economic loss.
C. implicit profit.
D. accounting loss but not an economic loss.
E. zero economic profit.
3.Economies of scale can be caused by all of the following except:
A. price discounts for large scale purchases.
B. labor specialization.
C. use of more productive equipment.
D. increases in the firm’s average total cost.
E. more cost-efficient methods of marketing.
4.In Exhibit 7-17, economies of scale exist up to:
A. Q1 units of output per week.
B. Q2 units of output per week.
C. Q3 units of output.
D. Q4 units of output.
5.Given the short-run average total cost curves in Exhibit 7-15, what level of output per week minimizes average total cost?
A. 500 units.
B. 1,000 units.
C. 1,500 units.
D. 2,000 units.
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