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Q1 What are the production costs of your economics class?
What are the fixed costs? The variable costs? What's the
marginal cost of enrolling more students?
Production costs for the economics class include the following costs:
Faculty cost Fixed
Teaching assistant cost Fixed
Lecture room cost Fixed
Library usage cost Fixed
Course web page Fixed
Other ammenities and overheads Fixed
Cost of book Variable
Study material cost Variable
The marginal cost of enrolling more students is the sum of all variable costs i.e. cost of book and study material
Q2 Suppose all your friends offered to help wash your car.
Would marginal physical product decline as more friends
helped? Why or why not?
Initially when the no of friends working on car washing increases the marginal product increases but when more and more friends join the marginal physical product will decline. As more friends join they will be cramped for space. They would be distrubing each other and creating more duplication of work rather than helping the work. Thus, the marginal physical product will decline.
Q9 What is the economic cost of doing this homework?
The economic cost is the opportunity cost of alternative use of time. If I can take up a part time job at the nearest service station, then by doing this assignment I am losing the money I can earn. Alternatively, if I could be the cost of two hours of football session. The economic cost is the opportunity that I am losing because I am using this time to do the assignment while I could have used this time to date my girlfriend.
P1 (a) Complete the following cost ...
This posting examines total accounting cost.