Economics questions can anyone answer them?

Question

1. Rent payments and property taxes would be counted as:
Total cost
Variable costs
Fixed costs
Marginal costs

2. Profit will be maximized when marginal revenue:
Is double marginal cost
Equals marginal cost
Is one half marginal cost
Exceeds marginal cost

3. The mix of variables costs and fixed costs that a business faces affects the way business operates? true or false?

4. Marginal cost is the change in total revenue when one or more unit of output is sold? true or false?

5. The four important measures of costs are: total cost, fixed cost, variable cost, and marginal cost? True or false?

6. The profit maximizing quantity of output occurs when marginal cost is exactly equal to total revenue? True or false?

7. Marginal analysis compares the additional benefits of an action to its additional costs? True or false?

Answer 1

This takes me back to my A-level days :-S



I think Question 1 is fixed costs. They are do not depend on the level of output.



Question 2: Profit will be maximised when marginal revenue equals maginal cost.



Question 3 I would say it TRUE. Variable Cost and Fixed Costs are the two components of Total Cost. Total Cost obvious must have an impact on how a company operates, or if it operates at all!



Question 4 is FALSE. Marginal cost is the change in Total COST when one or more unit of output is sold, not the change to Total Revenue!



Question 5 is tricky. Those mentioned are measurable, but what about Opportunity Cost? Economics measures opportunity cost, which accounting does not measure.



Question 6 I am not sure on, read the profit maximisation page I have linked.



Question 7 I think is true. I believe it looks and includes such things as positive and negative externalities as well as costs etc.



Hope that helps, my brain needs a rest now :-|

Answer 2

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Of course understanding economics is important! You learn about why prices are the way they are, like why oil prices fluctuate so much. You learn about the economic part of governments around the world (this can vary depending on the course you're taking). You learn about corporate America and other major corporations around the world and learn why they act the way they do. Economics benefits you whether you're going into a business field or just for daily life. You can understand the tough times during a recession and are able to make your own calls on what's best for you depending on the economy. You can learn about the different types of economies, like Market and Command, helping you see how different societies handle economics. Understanding the economy is extremely important, regardless of what time period. I think it's just as important now as it was 50 years ago and as it will be 50 years from now. The economy is an important part of our daily lives. Just simply going to the grocery store and buying some produce is putting money into the economy. Hope this helps! :-)

Answer 3

Rent Payments And Property Taxes Would Be Counted As