You are watching: Which of the following costs is an explicit cost for you?
A young thomas Edison produces and also sells 20 irradiate bulbs a mainly in his dorm room. The components for every light bulb price $2.00. The sells every light pear for $5.00. General electrical offers cutting board an executive project that pays $50.00 a week. Thomas"s weekly financial profit indigenous making light bulbs is equal to:
Suppose that you could either prepare your own tax return in 15 hrs or rental a tax specialist come prepare it for you in 2 hours. You value your time at $11 one hour; the taxes specialist will certainly charge you $55 an hour. The opportunity price of preparing your own tax return is
Implicit costs areopportunity expenses of utilizing owned resources.always greater in the quick run than in the lengthy run.equal to full fixed costs.composed entirely of variable costs.
Monetary payments a firm makes to salary for resources are calledexplicit costs.implicit costs.opportunity costs.normal profit.
To one economist, the financial costs connected with the use of sources includeexplicit, yet not implicit, costs.explicit and also implicit costs.neither implicit no one explicit costs.implicit, but not explicit, costs.
If the short-run median variable price of production for a firm is decreasing, then it follows thataverage variable cost must be better than mean fixed cost. Marginal cost must it is in decreasing.average fixed cost must it is in constant.average variable expense must be higher than marginal cost.
If the marginal price curve is listed below the median variable price curveaverage variable expense is much less than mean fixed cost.average complete cost is increasing yet average variable expense is decreasing.both average full cost and also average variable expense are increasing.both average total cost and average variable price are decreasing.
Variable prices arecosts that change with the quantity of calculation a firm produces. Costs that adjust every day.the readjust in total cost associated with the production of secondary unit of output. Sunk costs.
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Fixed costs are those prices that arezero if the firm produces no calculation in the quick run. Dependence of the lot of calculation a firm produces in the brief run.independent the the amount of output a certain produces in the short run.unchanging with time.