ec-25 - Homework#10 E201 Spring 2009 1 There are many...

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Homework #10 E201 Spring 2009 1. There are many different types of costs discussed in Chapter 13: in alphabetical order, they are average total cost, explicit cost, fixed cost, implicit cost, marginal cost, opportunity cost, total cost, and variable cost. Fill in the type of cost that best completes the statements below: a. The true cost of taking some action is its _________. b. _________ is falling when marginal cost is below it , and rising when marginal cost is above it. c. A cost that does not depend on quantity of output is a _________. d. In the ice-cream industry in the short run, _________ includes the cost of cream and sugar, whereas _________ includes the cost of the factory. e. Profits equal total revenue minus _________. f. The cost of producing an extra unit of output is _________. g. The cost of an owner-supplied resource is _________. 2. a. If accounting profit is $45,000 and economic profit is $20,000, what is the $25,000 difference between the two called? b. What items might be included in the difference between accounting and economic profit. 3.
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ec-25 - Homework#10 E201 Spring 2009 1 There are many...

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