Question 8 Which of the following is most likely to be an implicit cost for Hosp

Question

Question 8

Which of the following is most likely to be an implicit cost for Hospital X?

depreciation charges on hospital-owned equipment

rental payments for computer equipment

payments for raw materials purchased from Company Y

transportation costs paid to a nearby trucking concern

Question 9

For which of the following would the price elasticity of demand be greater?

Salt

Beer

Gasoline

Coca-Cola

Question 10

The price of cassette tapes will decrease when

the price of CDs increase.

the price of an important input increases.

quantity demanded increases.

tastes of consumers change such that they like CDs more than they did before.

Explanation / Answer

Ans 8

A) depreciation....equipment

Ans 9

Beer

Because this is not necessity, sugar and gasoline is necessity so their elasticity will be lower. Beer is expensive and mere show off in comparison to coke so elasticity of beer will be greater

Ans 10

D) tastes....,.before

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