标题: Reading 16: Organizing Production-LOS a 习题精选 [打印本页]
作者: 1215 时间: 2011-3-6 15:46 标题: [2011]Session 4-Reading 16: Organizing Production-LOS a 习题精选
Session 4: Economics: Microeconomic Analysis
Reading 16: Organizing Production
LOS a: Explain the types of opportunity cost and their relation to economic profit, and calculate economic profit.
Which of the following most completely describes opportunity costs?
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A) |
Opportunity costs include only implicit costs. | |
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B) |
Opportunity costs include implicit and explicit costs. | |
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C) |
Opportunity costs include only explicit costs. | |
Opportunity costs include implicit and explicit costs. Normal profit is the opportunity cost of owners’ time, resources, and expertise.
作者: 1215 时间: 2011-3-6 15:47
Which of the following most accurately describes economic profit? Economic profits are zero when:
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A) |
implied rental rates equal forgone interest. | |
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B) |
total revenue equals the sum of all opportunity costs. | |
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C) |
implicit costs equal explicit costs. | |
Economic profit are zero when total revenues are just equal to the sum of all opportunity costs, which includes all implicit and explicit costs.
作者: 1215 时间: 2011-3-6 15:47
Assume that a firm used $60 million in labor and materials to generate $100 million in total revenues. Other costs included $200,000 in foregone interest, economic depreciation of $40,000, and normal profit of $130,000. The economic profit to this firm is closest to:
Economic profit = total revenue – opportunity costs = total revenue – (explicit + implicit costs). In this case, the labor and material cost of $60 million is the explicit cost. Implicit costs include the $200,000 in foregone interest, economic depreciation of $40,000, and normal profit of $130,000. So, total implicit costs equal $370,000 = $200,000 + $40,000 + $130,000. Thus, economic profit is $100,000,000 - $60,000,000 - $370,000 = $39,630,000.
作者: 1215 时间: 2011-3-6 15:47
Which of the following is an example of an implicit cost?
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B) |
The opportunity cost of a firm's equity capital. | |
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Implicit costs include the opportunity cost of a firm's equity. Explicit costs are measurable cash flows for operating expenses.
作者: luqian55 时间: 2011-9-29 16:16
thanks a lot
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