Use the following to answer questions : \[\begin{array}{l} \text { Marginal Cost of Sweatshirts }\\ \begin{array} { l c } \hline \text { Quantity } & \\ \text { of shirts } & \text { Total cost } \\ \hline 0 & \$ 0 \\ 1 & 9 \\ 2 & 20 \\ 3 & 33 \\ 4 & 48 \\ 5 & 65 \\ \hline \end{array} \end{array}\] -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the second sweatshirt is:

A) $9. B) $20. C) $11. D) $29. A) $9. B) $20. C) $11. D) $29.

Use the following to answer questions : \[\begin{array}{l} \text { Marginal Benefit of Sweatshirts }\\ \begin{array} { l c } \hline \text { Quantity } & \\ \text { of shirts } & \text { Total benefit } \\ \hline 0 & \$ 0 \\ 1 & 16 \\ 2 & 31 \\ 3 & 45 \\ 4 & 58 \\ 5 & 70 \\ \hline \end{array} \end{array}\] -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the fifth sweatshirt is:

A) $70. B) $14. C) $13. D) $12. A) $70. B) $14. C) $13. D) $12.

A) less than accounting profit if implicit costs exist. B) always equal to accounting profit. C) greater than accounting profit if implicit costs exist. D) less than accounting profit if implicit costs are zero. A) less than accounting profit if implicit costs exist. B) always equal to accounting profit. C) greater than accounting profit if implicit costs exist. D) less than accounting profit if implicit costs are zero.

Use the following to answer questions : \[\begin{array}{l} \text { Marginal Cost of Sweatshirts }\\ \begin{array} { l c } \hline \text { Quantity } & \\ \text { of shirts } & \text { Total cost } \\ \hline 0 & \$ 0 \\ 1 & 9 \\ 2 & 20 \\ 3 & 33 \\ 4 & 48 \\ 5 & 65 \\ \hline \end{array} \end{array}\] -Constant marginal costs occur when production of each individual unit costs:

A) less than the previous one. B) more than the previous one. C) the same as the previous one. D) more than the next one. A) less than the previous one. B) more than the previous one. C) the same as the previous one. D) more than the next one.

A) are not considered in marginal analysis. B) help to determine the optimal quantity of an activity. C) can dramatically increase marginal costs. D) are the same as variable costs. A) are not considered in marginal analysis. B) help to determine the optimal quantity of an activity. C) can dramatically increase marginal costs. D) are the same as variable costs.

Exam 9: Decision Making by Individuals and Firms

Use the following to answer questions : Marginal Cost of Sweatshirts Quantity of shirts Total cost 0 \ 0 1 9 2 20 3 33 4 48 5 65 -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the second sweatshirt is:

(Multiple Choice)

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Question 41

Use the following to answer questions : Marginal Benefit of Sweatshirts Quantity of shirts Total benefit 0 \ 0 1 16 2 31 3 45 4 58 5 70 -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the fifth sweatshirt is:

(Multiple Choice)

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Question 42

For which decision would marginal analysis be relevant?

(Multiple Choice)

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Question 43

If at a given quantity _,the decision maker should do _ of the activity.

(Multiple Choice)

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Question 44

The dormitories of York University are part of its:

(Multiple Choice)

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Question 45

Accounting profit takes into account explicit costs,but economic profit does not.

(True/False)

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Question 46

Part of the explicit cost of owning a restaurant is rent paid for the kitchen equipment.

(True/False)

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Question 47

Use the following to answer questions : Figure: The Marginal Analysis of Cell Phones -(Figure: The Marginal Analysis of Cell Phones)Use Figure: The Marginal Analysis of Cell Phones.You are considering purchasing cell phones.How many cell phones will you consume?

(Multiple Choice)

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Question 48

To maximize her grade in economics,Stacey should study until her:

(Multiple Choice)

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Question 49

Economic profit is:

(Multiple Choice)

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Question 50

Pauli's Pizza offers one slice for $2,two slices for $3.50,three slices for $4.50,and four slices for $5.00.The marginal cost of the third slice is:

(Multiple Choice)

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Question 51

People are willing to buy insurance because of:

(Multiple Choice)

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Question 52

An "either-or" decision entails:

(Multiple Choice)

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Question 53

Pauli's Pizza offers one slice for $2,two slices for $3.50,three slices for $4.50,and four slices for $5.00.Sal orders two slices.From this,we know that Sal's marginal benefit from the second slice must be at least _ and the marginal benefit from the third slice must be less than _.

(Multiple Choice)

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Question 54

Whenever marginal benefit is less than marginal cost,the decision maker should do _____ of the activity.

(Multiple Choice)

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Question 55

Suppose that a local floral shop has explicit costs of $200 000 per year and implicit costs of $50 000 per year.If the store earned an economic profit of $50 000 last year,the store's accounting profit equalled:

(Multiple Choice)

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Question 56

Use the following to answer questions : Marginal Cost of Sweatshirts Quantity of shirts Total cost 0 \ 0 1 9 2 20 3 33 4 48 5 65 -Constant marginal costs occur when production of each individual unit costs:

(Multiple Choice)

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Question 57

Sunk costs:

(Multiple Choice)

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Question 58

Since they have already paid for their tickets,it does not make economic sense for fans to leave before a game is finished.

(True/False)

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Question 59

A "how much" decision is BEST made by comparing the _ of an action to the _ of that action.

(Multiple Choice)

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Question 60

Exam 9: Decision Making by Individuals and Firms

Use the following to answer questions : Marginal Cost of Sweatshirts Quantity of shirts Total cost 0 \ 0 1 9 2 20 3 33 4 48 5 65 -(Table: Marginal Cost of Sweatshirts)Use Table: Marginal Cost of Sweatshirts.The marginal cost of the second sweatshirt is:

Use the following to answer questions : Marginal Benefit of Sweatshirts Quantity of shirts Total benefit 0 \ 0 1 16 2 31 3 45 4 58 5 70 -(Table: Marginal Benefit of Sweatshirts)Use Table: Marginal Benefit of Sweatshirts.The marginal benefit of producing the fifth sweatshirt is:

For which decision would marginal analysis be relevant?

If at a given quantity _____,the decision maker should do _____ of the activity.

The dormitories of York University are part of its:

Accounting profit takes into account explicit costs,but economic profit does not.

Part of the explicit cost of owning a restaurant is rent paid for the kitchen equipment.

Use the following to answer questions : Figure: The Marginal Analysis of Cell Phones -(Figure: The Marginal Analysis of Cell Phones)Use Figure: The Marginal Analysis of Cell Phones.You are considering purchasing cell phones.How many cell phones will you consume?

To maximize her grade in economics,Stacey should study until her:

Economic profit is:

Pauli's Pizza offers one slice for $2,two slices for $3.50,three slices for $4.50,and four slices for $5.00.The marginal cost of the third slice is:

People are willing to buy insurance because of:

An "either-or" decision entails:

Pauli's Pizza offers one slice for $2,two slices for $3.50,three slices for $4.50,and four slices for $5.00.Sal orders two slices.From this,we know that Sal's marginal benefit from the second slice must be at least _____ and the marginal benefit from the third slice must be less than _____.

Whenever marginal benefit is less than marginal cost,the decision maker should do _____ of the activity.

Suppose that a local floral shop has explicit costs of $200 000 per year and implicit costs of $50 000 per year.If the store earned an economic profit of $50 000 last year,the store's accounting profit equalled:

Use the following to answer questions : Marginal Cost of Sweatshirts Quantity of shirts Total cost 0 \ 0 1 9 2 20 3 33 4 48 5 65 -Constant marginal costs occur when production of each individual unit costs:

Sunk costs:

Since they have already paid for their tickets,it does not make economic sense for fans to leave before a game is finished.

A "how much" decision is BEST made by comparing the _____ of an action to the _____ of that action.

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

If at a given quantity _,the decision maker should do _ of the activity.

Pauli's Pizza offers one slice for $2,two slices for $3.50,three slices for $4.50,and four slices for $5.00.Sal orders two slices.From this,we know that Sal's marginal benefit from the second slice must be at least _ and the marginal benefit from the third slice must be less than _.

A "how much" decision is BEST made by comparing the _ of an action to the _ of that action.