WorksheetsLONG QUIZ
Total questions: 20
Worksheet time: 10mins
2. What is the formula for MC?
MC = TC2-TC1
Q2-Q1
MC= TC2- TC1 + Q2-Q1
3. What is the formula for AFC?
AFC= TCF
Q
ATC = TCF + Q
4. What is the formula for AVC?
AVC= TVC
Q
AVC= TVC+Q
5. What is the formula for ATC?
ATC= AFC
AVC
ATC= AFC + AVC
6. Compute for TC, for first line
where:
Q TFC
1 100
2
3
4
5
100
101
7. Compute for TC, for second line
where:
Q TFC
1 100
2
3
4
5
101
102
8. Compute for MC, for first line
where:
Q TFC
1 100
2
3
4
5
100
101
9. Compute for MC, for last line
where:
Q TFC
1 100
2
3
4
50
2.17
2.18
10. Also called "overhead' or supplementary cost.
Fixed cost
Variable cost
11. Are sometimes called "sunk cost"
Fixed cost
Variable cost
12. The producer is presented as one whose objective is profit maximization
false
true
13. the firm pays a price by using its stock of assets and the value foregone is called
opportunity cost
cost
imputed cost
14. , the firm earns ________ through the sale of goods or services
rewards
resale
revenue
15. The positive net effect or the difference between revenue and cost is called __________ and accrues as said reward to the entrepreneur.
income
profit
revenue
16. profit is a creation of entrepreneurship
true
false
maybe
17. A firm maintains a stock of assets that it can use for production.
(a)
18. Cost Concepts
A firm maintains a stock of assets that it can use for production.
false
true
maybe
19. Give Classifications of Assets
(a)
20. Example of Real assets
stock
bond
machineries
1. What is the formula for Total Cost or TC?
TC = TFC / TVC
TC= TFC + TVC
