Which of the following is an implict cost? Salaries paid to owners who work for

Question

Which of the following is an implict cost? Salaries paid to owners who work for the frm b) Interest on money borrowed to finance equipment purchases )Cash payments for raw materials d) Foregone rent on office space owned and used by the fim The marginal product of an input in the production process is the increase in a)sotal revenue obtained from an additional unit of that input b) profit obtained from an additional unit of that input c) total revenue obtained from an adtional unit of that input d) quantity of output oblained from an additional unit of that input 3) On a 100-ecre farm, a farmer is able to produce 3,000 bushels of wheat when he hit workers. He is able to produce 4,400 bushels of wheat when he hires 3 workers. Wh ollowing possibilies is consistent with the property of diminishing marginal p the a) The farmer is able to produce 5,600 bushels of wheat when he hires 4 womers b) The famer is able to produce 5,800 bushels of wheat when he hires 4 Morkers cThe famer is able to produce 6,000 bushels of wheat when he h 4 workers All of the above are correct Which of the following costs do not vary with the amount of gmeut a firm produces? average fixed costs bfixed costs and average foxed costs c) marginal costs and average fixed costs fxed costs Marginal cost is equal to average total a) average variable cost is fa cost when average fixed cos minimum st is at its minimum.

Explanation / Answer

Answer: D: Forgone rent on office space owned and used by the firm.

Explanation: Implicit cost is that cost which is associated with an expense that is an opportunity cost if the company had applied its resources somewhere else.

Hence, Option D is correct.

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