EC2106F08PS13 - Name: _ Class: _ Date: _ ID: A Practice...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Practice Problems for Ch13 Multiple Choice Identify the choice that best completes the statement or answers the question. Scenario 13-5 Samantha has been working for a law firm and earning an annual salary of $80,000. She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annual interest of $500. ____ 1. Refer to Scenario 13-5. Samantha's annual accounting costs will equal a. $55,200. b. $75,200. c. $80,500. d. $165,700. ____ 2. When the marginal product of an input declines as the quantity of that input increases, the production function exhibits a. increasing marginal product. b.
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EC2106F08PS13 - Name: _ Class: _ Date: _ ID: A Practice...

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