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Post quiz4 Mod3 Micro 2012

Post quiz4 Mod3 Micro 2012 - Microeconomics Quiz 4 Name...

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Microeconomics Quiz 4 Name: Eron Lindsey B________1. Economists normally assume that the goal of a firm is to
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a. maximize its total revenue. b. maximize its profit. c. minimize its explicit costs. d. minimize its total cost. C________2. A difference between explicit and implicit costs is that a. explicit costs are greater than implicit costs. b. explicit costs do not require a direct monetary outlay by the firm, whereas implicit costs do. c. implicit costs do not require a direct monetary outlay by the firm, whereas explicit costs do. d. implicit costs are greater than explicit costs. A________3. Kevin quit his $65,000 a year corporate lawyer job to open up his own law practice. In Kevin's first year in business his total revenue equaled $150,000. Kevin's explicit cost during the year totaled $85,000. Using the information from Kevin's first year in business, what is his economic profit? a. $0 b. $20,000 c. $65,000 d. $85,000 Table 1 Alyson’s Pet Sitting Service Number of Workers Output (number of pet visits) 0 0 1 20 2 45 3 60 4 70 A_______4. Refer to Table 1. What is the marginal product of the second worker?
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