Principles of Microeconomics ECON2302_600_202320
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Module D Assignments
Review Test Submission: Chapter #13 Quiz
Review Test Submission: Chapter #13 Quiz
User
Damon Edward Garza
Course
Principles of Microeconomics
Test
Chapter #13 Quiz
Started
4/10/23 11:27 PM
Submitted
4/10/23 11:40 PM
Due Date
4/10/23 11:59 PM
Status
Completed
Attempt Score
16 out of 20 points
Time Elapsed
12 minutes out of 15 minutes
Instructions
Select the option that answers the question or best describes the statement.
Results
Displayed
Submitted Answers, Correct Answers, Feedback, Incorrectly Answered
Questions
Question 1
2 out of 2 points
Total revenue equals
Selected Answer:
d. price x quantity.
Correct Answer:
d. price x quantity.
Question 2
2 out of 2 points
Table 13-1
Alyson’s Pet Sitting Service
Number of Output (number
Workers
of pet visits)
0
0
1
20
2
45
3
60
4
70
Refer to Table 13-1. Alyson’s pet sitting service experiences diminishing
marginal productivity with the addition of the
← OK
Selected Answer:
a. third worker.
Correct Answer:
a. third worker.
Question 3
0 out of 2 points
Table 13-10
Jimmy’s Gigaplots Factory
Quantity
of
Fixed Variable
gigaplots Cost
Cost
1
$13
2
$28
3
4
$64
5
6
$108
7
$133
8
Total
Cost
$38
Average Average Average
Fixed Variable Total Marginal
Cost
Cost
Cost
Cost
$70
$110
$185
Refer to Table 13-10. What is the marginal cost of the 4th gigaplot at Jimmy's
Gigaplot factory?
Selected Answer:
b. $13
Correct Answer:
c. $19
Question 4
2 out of 2 points
Table 13-10
Jimmy’s Gigaplots Factory
Quantity
of
Fixed Variable
gigaplots Cost
Cost
1
$13
2
$28
3
4
$64
5
6
$108
7
$133
8
Total
Cost
$38
Average Average Average
Fixed Variable Total Marginal
Cost
Cost
Cost
Cost
$70
$110
$185
Refer to Table 13-10. What is the average �xed cost of producing 8 gigaplots
at Jimmy's Gigaplot factory?
Selected Answer:
c. $3.13
Correct Answer:
c. $3.13
Question 5
2 out of 2 points
Fixed costs can be de�ned as costs that
Selected Answer:
d. are incurred even if nothing is produced.
Correct Answer:
d. are incurred even if nothing is produced.
Question 6
2 out of 2 points
Scenario 13-1
Joe wants to start his own business, which will require that he purchase a
factory that costs $400,000. Joe currently has $500,000 in the bank earning 3
percent interest per year.
Refer to Scenario 13-1. Suppose Joe purchases the factory using $200,000 of
his own money and $200,000 borrowed from a bank at an interest rate of 6
percent. What is Joe’s annual opportunity cost of purchasing the factory?
Selected Answer:
d. $18,000
Correct Answer:
d. $18,000
Question 7
2 out of 2 points
If Kelsey sells 300 glasses of lemonade at $0.50 each, her total revenues are
Selected Answer:
b. $150.
Correct Answer:
b. $150.
Question 8
0 out of 2 points
When marginal cost is rising, average variable cost
Selected Answer:
d. must be rising.
Correct Answer:
a. could be rising or falling.
Question 9
2 out of 2 points
An example of an opportunity cost that is also an implicit cost is
Selected Answer:
c. the value of the business owner’s time.
Correct Answer:
c. the value of the business owner’s time.
Question 10
2 out of 2 points
Average total cost (ATC) is calculated as follows:
Selected Answer:
d. ATC = (total cost)/(quantity of output).
Correct Answer:
d. ATC = (total cost)/(quantity of output).
Friday, May 5, 2023 4:25:58 PM CDT