11.2 Q&A

What is the difference between the short run and the long run? Is the amount of time that separates the short run from the long run the same for every firm?

Any cost that remains unchanged as output changes represents a firm's..? Any cost that changes as output changes represents a firm's..? Which of the following is most likely to be a fixed cost for a farmer..? Which of the following is s most likely to be a variable cost for a business firm...?

What are implicit costs? How are implicit costs different from explicit costs?

A firms production function is best described as...? A short-run production function holds constant...?

Can we conclude from this information that Apple is making a profit of about $619 per IPhone? Briefly explain. Apples profit is...?

[Related to making the connection] Many firms consider wages to be variable costs. Why do academic book publishers usually consider their wage and salary costs to be fixed costs? Academic book publishers typically consider the cost of travel...?

[Related to making the connection] For Jill Johnsons pizza restaurant, explain whether each of the following is a fixed or variable cost.: a. Payment she makes on fire insurance policy? b. payment she makes to buy pizza dough c. wages she pays her workers? d. The lease payment to her landlord..? e. The $300 per month payment she makes to her local newspaper for weekly advertising

[Related to making the connection] ... How can these companies sell the same book for a lower price than the government and still cover their costs?

What was the opportunity cost to Bennett of his team playing in Seattle rather than Oklahoma city?

Suppose Jill Johnson operates in a building she owes in the center of the city. Similar buildings in the neighborhood rent for $4000 per month. Jill is considering selling her building and renting space in the suburbs for $3000 a month. Jill decides not to make the move. She reasons {..} What do you think of Jills reasoning?

When DuPint chemical company first attempted [...] Why did this report includes as part of the company's loss the amount it had expected to earn (but didn't) on its investment in manufacturing paint?

Which costs are affected by the level of output produced?

Refer to the table below. Which of the following cots are implicit costs? Which of the following are sometimes called accounting costs?

The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs is called the

Which of the Graphs represents a typical avg. total cost curve?